how long does it take for your credit to improve once youve paid collection accounts?

Answer 1

Just because you paid them does not remove them from your report, unless you received in writing from them that upon payment of these accounts they will be removed from you credit score. If not they will disappear, from your report 7 years after the DOL.

Answer 2

It can take a while. Even though you've paid them, the fact that they went to collection will show on your credit report for 7 years. The best way to handle it is to get a copy of your credit report and verify that all creditors you've paid have reported the account as paid. Once your credit report is correct and you continue to accumulate more recent items on your report that are positive, your credit score will improve. The negative items will do less damage as they get older and then will disappear entirely.

Answer 3

It really depends on how hard you keep track of it. Even though the collection accounts have been paid, a lot of times the agencies will not update the status as "0 balance". I would wait 30 to 45 days and then I would get a copy of my credit report and see if they have even been updated. If they haven't, you will need to dispute those items or maybe even call the agencies. They are quick to put a "BAD" mark on your credit.....but they don't seem to be in such a rush to get the good stuff on there.

Answer 4

It depends on a whole lot of factors.

Once you paid collections, and have been paying everything on time, it will probably be 2 years before you see marginal improvement, and 5 years before you have a chance at a PRIME-RATE loan.

Answer 5

I'm not sure. If you have $15 to $30 and a credit card, go to myfico.com. The most important thing, now that you've taken care of the debts you owed, make sure you pay all of your credit card bills before they are due. It's how you pay your accounts is what improves your credit.