How long does it take for my credit score to go up? I have paid off alot of the debt that was on my credit report,plus have maintained a checking acct. for 20 years with no bad checks . I have gotten loans with a cosigner,and have never been late once on a payment. My credit score has not gone up even after paying off some of that debt I had in the past. Why is this and shouldn't it go up immediately after paying ? I am unable to get a loan because of that low score.
2007-08-06 09:35:09 · 8 answers · asked by jag 2 in Business & Finance ➔ Credit
It doesnt happen immediately and it depends on when the creditor reports it to the credit bureau. if they only report once a month it will take a while. also the length of time since the delinquencies affects the score. if you just paid it off, your rate may not change. I've paid off all my bad debt and if i apply for credit it still will suggest past delinquencies are affecting my score and its been a few years. if you have any credit cards left try increasing the credit limits you have with them and keep doing what you're doing. Maybe try to save aggressively so you won't need that loan.
And make sure that the delinquency has actually been reported. Once I paid off the collection agency and found out I had to call the actual creditor and tell them it was paid so they would report it.
2007-08-06 09:50:40 · answer #1 · answered by cashmaker81 6 · 0⤊ 0⤋
It does not go up immediately after paying off debt it takes a couple months and if you paid off debt that has stopped reporting to the bureaus then that wouldnt help anyway. Get a secured credit card and make regular ontime payments and your credit will build. Having a checking account in good standings has no bearing on your credit the only way it would effect your credit is if you owed the bank money then it would have negative impact.
2007-08-06 09:46:16 · answer #2 · answered by courtney02908 2 · 0⤊ 0⤋
Negatives stay on your credit report for 7 years. Paying off bad debt is better than unpaid bad debt. But it still takes time to see an improvement in your score.
A factor might be your debt to available credit line. Anything over 50% will kill your score.
Pay down your current debt and be sure to pay on time. Work on settleing old debt, paying the newer ones first and work backwards.
It may take 2 or 3 years before you see a real improvement in your score.
2007-08-06 09:48:19 · answer #3 · answered by bdancer222 7 · 0⤊ 0⤋
I had exactly the same problem. I was in debt, with bad credit rating, eventually managed to pay it off, and couldn't get any credit after. You would think with the amount of money we must pay in interest they'd love to have us back but no. Anyway somehow I managed to get a credit card when a credit card man at heathrow wanted me to sign up to one and i said 'no theres no point as i won't get one because of bad credit' and he said i should try anyway and as i had time to kill i did. I got one, and now i'm in debt again. I have tried applying for another one to move the old balance over for 12 months free credit, but i can't get another. I recently read that if your not registered for voting at your home then you are likely to get turned down as you could be giving a false address. So i registered and i shall try to apply for another soon.
2007-08-06 09:50:27 · answer #4 · answered by willow 6 · 0⤊ 0⤋
until you get a pay to delete letter it won't help that's going to basically seem as paid and nonetheless proceed to be on your document for 7 years. financial ruin won't help the two as that keeps to be on your document for 10 years. If the expenses are previous (5+ years) could only wait until they fall off, collections companies can come once you yet they can't re-age the debt and maximum in all probability are previous the statute of obstacles meaning they are in a position to threaten, yet can't assemble. in case you admit and make fee preparations, then the account is renewed as a sparkling previous due account.
2016-11-11 09:40:38 · answer #5 · answered by ? 4 · 0⤊ 0⤋
How to improve my credit score? Good question. To find out specifically what you must do to raise your score, you can order your score report from all three national credit bureaus. In addition to your scoreyou still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs.
2007-08-07 05:30:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋
These bad debts may still be on your credit report. Go to http://www.your-credit-solution to learn how you can get them removed and improve your credit score in less than 90 days.
2007-08-06 10:21:23 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Not sure why if you are paying loans back it hasn't gone up. Having a checking account does not help improve credit, sorry.
2007-08-06 09:43:20 · answer #8 · answered by frankie b 5 · 0⤊ 0⤋