how long will it take for my credit score to go up?

Question

How long will it take for my credit score to go up after I pay a creditor that has shown a late pay every month for a year, & it shows as 30 one month, 60 the second month 90 the third & so on?

Answer 1

well, even if you pay it now, it was still late then. That will stay on your credit report for 7 years.

Answer 2

When the bill is shown as "paid in full" the score will go up slightly within 30-60 days providing the company properly reports to the bureaus.

The late payments showing on your previous credit card account will disappear 7 years from the date it was reported closed. The same with the collection account.
For example: If your card was closed and sold in 2005 and you payoff the collection agency in 2007, your card will fall off in 2012 and the collection agency in 2014.

Answer 3

I am sad to tell you that the answer is never.

The three credit scoring companies in the US run a scam together with lenders. They use anything on the report, even many years later, as an excuse to overcharge you interest. Lenders get more money, reporting agencies get fees, and YOU pay for them.

My advice - pay off the cards and NEVER use them again. Otherwise, you are just filling the pockets of some of the richest people in America by giving them your hard earned cash as interest. Pay for what you get right away, and you will be much better off in the long run.

I am not kidding. Do the math, and you will see that paying off a $1000 debt using their minimum payment will cost you from $2000 to $5000 dollars total over time, depending on the interest they choose to charge you.

Answer 4

The best way to improve your credit score is to pay rent and mortgage payments on time. They are weighted heavier on the scale than credit cards, etc. If you have an unpaid bill it will stay on there racking up late days until you pay it off or make it current... It should not show a late payment as continueing to rack up lateness if you are current on the account. However,it will show that you WERE late on that account for 7 years. You can still improve your credit rating though, by keeping your payment up.

Answer 5

7 years

Answer 6

Just went through this situation!

First, get your payments ahead. Make an extra payment one month so that unexpected costs don't put you back behind. KEEP YOUR PAYMENTS MADE ON TIME!

Next, get something and make payments on it. Don't pay it off early, because this actually hurts you in the long run! Keep making payments on time until it is paid off.

Finally, put all you can away!! Everything you can save needs to be put away for "rainy days". Figure out what you make minus what you owe (on a monthly basis), and this tells you what you have as far as "discretionary" spending. Judging by this figure, judge how much you can put up, and KEEP IT PUT UP!

Six months after you start following and STICKING TO THE PLAN, you will look at your score and see it rising!

Answer 7

That creditor will show those problems for up to 7 years. If you open up new credit and maintain that and your other accounts, by never being late and not using up much of the existing credit on your cards your score should start increasing.

http://www.how-is-your-credit.info/

http://www.creditandcreditreports.com/your_credit_report_and_score.html

Answer 8

Normally its 7 years but if a creditor keeps sending information on you to a credit reporting agency it could go on forever, it would be best to take care of the debt and then wait for you credit rating to get back to normal.

Answer 9

between the series bill and the mastercard almost maxed out, those are problems. The score ought to bypass up in a pair of 12 months. confirm that once you pay the collections bill, you deliver the great 3 copies of your bill being paid off. in many situations maximum places take a 12 months to get rid of those issues out of your credit. additionally confirm that your application costs are paid ont ime to boot. those do make certain (slightly) the style you're rated. in this time, do no longer open or close any money owed. era. do no longer be conscious for any credit supplies regardless of how tempting it style of feels. every time you be conscious for any a style of your score can do down between 3 and 5 factors. as quickly as you p.c.. your mortgaeg place, that's it. do no longer shop figuring out to purchase. brokers will pull your credit and for this reason you loose some greater factors. 3 to 5 do no longer look liek lots, yet htey upload up rapidly. stable luck

Answer 10

It depends on how far up you're expecting it to go! If you establish a pattern of making regular, timely payments, don't move or change jobs, then your score will rise over the course of several months. You might also want to get a copy of your credit report and see if there are things you can have removed (if they're negative).

Answer 11

On the average, about 6 months, that is about 6 months after you have paid most of them and are making payments on time,,,I don't know what all these other people are talking about because I was in the same situation a couple years ago...and my score is steadily rising.