how long will it take to bring my credit back up?

Question

ok so I gave my credit card to my brother and he puts a 5k bill on it.....
my credit is in the low 400 it was 750....I been paying it off little by little now I'm almost down...how long will it take....and how does it reflect my credit 6 months from now when I want to buy a house?

Answer 1

some years

Answer 2

If everything else is paid current and you say you're nearly finished paying the bill off, in 6 months you may have it up to 500. Give yourself a year.

It's hard to determine because a 5k charge should not have dropped your credit score from a high 700 to 400 unless it took you some time to realize the bill wasn't being paid.

In the meantime, don't use the card and if you do, use it for emergencies only. Pay off whatever other bills are outstanding and do not apply for more credit or allow anyone to run your credit report for 6 months.

Answer 3

You are looking at FICO scores? You are not comparing the FICO scores with other scoring models (FAKO) such as with True Credit, etc.? (the difference between FICO and FAKO can vary widely, but I don't think I've ever heard of more than a 100 point difference)

For your scores to drop 350 points there is probably more going on with your reports than high utilization on one single credit card. I would suggest that you order your reports from each individual CRA and look them over carefully.

Having high utilization on your card will drop your scores (but no where near that much)
When you pay the balance down, your scores should increase the second the creditor updates the payment on your credit reports.
FICO's scoring system is real time and instantly reflects positive or negative changes on credit reports