I've been paying on my bills for 5 months now, how long will it take for my pills to balance off?

Question

(My credit score is between 550 - 575

Answer 1

You know, it is so easy to get your credit score up. You can do it yourself in 30 days. Check out the article below to see how to dispute bad items on your credit.

Otherwise, if you don't follow the steps to bring your score up, you are looking at about a year or more to get into the good credit range by making minimum payments. If you want to get your score up faster, you need to get your balances below 35% of what is available to you. This means, if you have a $10K credit card, you do not want to owe more than $3,500.

Hope this helps.

Answer 2

It really depends on how much you owe and how much you are paying. If you are only paying minimum payments on credit cards, it will take you many, many years. Minimum payments tend to cover the interest charge and maybe 1% of the balance. So you could be working on paying off that fast food meal you charged for the next 10 years.

If you are looking to improve your credit score, paying off the credit card balances is the first thing to do. Get those balances below 30% of the available limit and you will see a nice improvement to your score.

But if you are trying to overcome late payments, collections, or other negatives on your credit report, you will need at least 24 months of on time payment history before you get any improvement.

Answer 3

Keep paying on your bills much as you can - the more you pay the faster they will be paid in full.