I just paid off EVERY creditor owed on my credit report!! I paid in full for most, and one I did a settlement

Question

I'm paying all of my bills ON time...how long till I notice a jump in my credit score?? What can I do to expedite that it moves up? I'm going to check it again in 2 months to make sure all of my debts read "Paid." Can I get them removed after they're paid??

Answer 1

To help your credit rating, the extra money you used to put into bills and debts should go into a savings plan. It doesn't have to be anything big ... just constant.

That way, if 2 years down the track, you want to get a morgage on a house, you can show past debts paid and regular payments continuing into that savings ... then use that for a house or business.

Set your goals ... 2 years ... 5 yrs ... 10 yrs .. and see if you can make them come faster.

Answer 2

Congratulations! That's a huge thing!

Checking back in 2 months is a good time. Also make sure you have a copy of any letters indicating "paid in full" just in case a creditor is late sending the info to the credit bureaus.

Some of the paid bills, strangely, may not result in an immediate jump ahead. They won't be removed because the history actually occurred: the bill was made. However it will work in your favor that it's no longer an issue.

Answer 3

It takes about 6-12 months for credit report to start improving. Don't worry about removing the paid items. After about 24 months the old derogatory items have less and less impact on your credit if you are current on all of your accounts. However, if you get any new lates or any derogatory marks, the old ones will enhance it and the damage will be sever, and the whole game starts from scratch. Anyway, the way credit report works: you can damage it very quickly, but it takes some time to restore, since the creditors want to see that you are CONSISTENTLY good on your promises. That's why they want to see long periods of time of on time payments.

Good luck, you are on the right track.

Answer 4

Congratulations! Great feeling, isn't it?

I, too, paid off my debt - but my credit report didn't update accordingly.

I pulled my credit report from www.creditexpert.com.

They provide a DISPUTE section. I filled out the section and within a few weeks my credit score jumped about 20 points! I was psyched.

Good luck.

Answer 5

CONGRATULATIONS!

You probably won't see much of an improvement in your score for another 2-12 months. As long as you keep paying your current bills on time and keep them up to date your score will reflect this positive pay history.
When you paid off your creditors, did you request a "pay for delete", "paid as agreed", or removal of the negative pay history? If not those will remain baddies on your report. A collection that is marked as "paid in full" or "settled" is just as harmful as not being paid at all. Even an account that is not a collection that reports a negative pay history is just as harmful to your score.
-yes you can still have them removed after paying them off, but it is at their discretion. If all the information they are reporting to the Credit Bureaus is ACCURATE, then they do not HAVE to delete your account but they CAN be removed if the company is willing to do so.
My advice is to send them a "Goodwill" letter stating that you made a mistake in the past, paid them in full and am trying to move on with your life and the derogatory mark is hindering your progress. Ask them to delete in full, and if they don't send another requesting paid as agreed.

Good Luck and Congratulations again :)

Answer 6

Good job on paying your bills off, it will take 7 years from the date u paid them to be removed. and for now on any thing u buy, pay it right away and keep your credit in good standing..

u may see a score change 6 to a year..

Answer 7

Your credit score isnt going to jump just because you pay off all you debts it take TIME. E-mail me and I will send you some helpful information in getting things removed from your credit file [e-mail]

Answer 8

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Answer 9

That settlement you made... was it for much smaller amount than what as owed? In that case, it will appear in your report for the next seven years. But don't worry. Current position ,if favorable, will outweigh the negative remark.

Answer 10

Good for you! It's taken the better part of five(5) years for my credit reports to come up clean. My late wife left me quite a mess,,:-(=