My husband and I are trying to pay off his bad marks on his credit report. He doesn't have that bad a credit so we are going to pay just the little that he owes. Once he pays off say a credit card for $500.00 how long before it will clear up and show as paid on his credit report? Also by paying this how many points will his credit go up on?
2007-09-18 19:17:51 · 3 answers · asked by Anonymous in Business & Finance ➔ Credit
Please do not send your credit information to someone who seems helpful on Yahoo Answers. There is too much information to be stolen! If you need help reading your credit report, ask your bank if they can help you interpret it. Or you can learn how online. I'm sure the other person is trying to be helpful, but don't be foolish with your information. To answer your questions, most companies report monthly, so it will show up in the next report. It should go up about 20 points: it takes time to build credit. You can't really trust the scores you get with the services, either: they're just estimates. I assume you know you can get a credit report at www.annualcreditreport.com. Get just one, like Transunion, wait four months, and get another, like Experion, and that way you can monitor your credit year-round without paying for it. Or, you can sign up with one of the services for free for 30 days, get your credit score, and then cancel it. I liked Transunion's www.truecredit.com, but you do have to cancel it by phone and they will try and talk you out of it. Unless you're applying for a loan, you don't need the information anyway.
2007-09-18 20:06:08 · answer #1 · answered by Katherine W 7 · 0⤊ 0⤋
I am a loan officer and credit repair agent and a) it will show up on his credit report on the next reporting period for the credit agencies. Lets say he pays it off tomorrow, it will probably show up in about two weeks, at the beginning of the next month. b) no one could even give you a ball park estimate and how many points it could raise him without actually viewing his credit report. there are way too many factors. I could view his credit report for him and then i would be able to tell you approximately. just email me
2007-09-18 19:35:13 · answer #2 · answered by tonytbag 5 · 0⤊ 1⤋
you should never send your personal information to anyone you do not personally know, never. the person probably does just want to help you but what better way to steal identities than to start advertising assistance on yahoo answers.
the first responder gave you excellent advice.
2007-09-19 01:20:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋