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queenb
LIF Infant
Member since 5/05 359 total posts
Name:
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credit score
i have a question. My husband and i have just paid off all of our credit cards. the only thing we will have left on our credit report will be a line of credit and an auto loan. how quickly do the 3 credit bureaus get these payments. we are trying to get our credit rating up so we can get qualified for a mortage. but as of a few months ago our rating wasnt good. but with all the payments we have made i would think that it would go up considerably (sp?) am i right in that thinking? we had a few late payments after we moved.but all of those things are cleared up now.
this is so hard.
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Posted 11/1/05 11:37 AM  |
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MrsSchwags
Soccer Baseball Lax Mom
Member since 10/05 11240 total posts
Name:
Jennifer
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Re: credit score
i just closed one of my cards and they told me it gets sent to the companies at the end of the month.
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| Posted 11/1/05 12:54 PM |
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queenb
LIF Infant
Member since 5/05 359 total posts
Name:
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Re: credit score
i am so stressed right now. the thought of buying a house is stressng me as it is but than the thought of not being able to is killing me too! I feel like just breaking down lately about this. all of the cc's were paid off last month but they are not showing up on the credit report as of yet.
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| Posted 11/1/05 1:04 PM |
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krashnburn
I am Batman!
Member since 5/05 4093 total posts
Name:
I'm Batman, I tell you!
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Re: credit score
It can take up to 90 days for a change to show on your credit report (that's info straight from Transunion and Equifax). That also doesn't mean it's guaranteed to happen. The best action is to continue to monitor your credit report. A year ago I had identity theft that totally screwed up my credit report. It took me months to get it correct. I got the credit watch online so as soon as something on my credit report changed, they sent me an e-mail so I could keep track. It would take months for some changes to appear, including balances. Then I got married and my name change must have screwed everything up again, because they all changed right after that. I spent months cleaning that up again. The point of this whole thing is that it can take a long time and the best thing to do is to keep an eye on your report. Also, if you are applying for a mortgage and your credit report hasn't changed, you can provide the bank with proof that you made payments and closed things out, even if your report is still showing it.
Credit scores are also based on time. You may have to show some period of time of maintaining your current good status to see more improvement in your score. I'm not sure. The whole thing is a giant pain.
Message edited 11/1/2005 1:20:25 PM.
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| Posted 11/1/05 1:17 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: credit score
There is no guarantee that your score will even go up. Sometimes paying off debt will lower your score believe it or not.
Score increases take major time... could take months if not years for your score to go up significantly.
The only thing paying off all that debt did right now was lower your DTI which is a good thing in itself.
Do you know why your score was low to begin with?
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| Posted 11/1/05 1:26 PM |
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patti08
Happy
Member since 5/05 3893 total posts
Name:
Patti
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Re: credit score
Posted by DjPiLL
There is no guarantee that your score will even go up. Sometimes paying off debt will lower your score believe it or not.
Score increases take major time... could take months if not years for your score to go up significantly.
The only thing paying off all that debt did right now was lower your DTI which is a good thing in itself.
Do you know why your score was low to begin with?
Well said.
There is no instant fix here. Learn about what pulls down your score like too many inquiries, high balances, and what raises it, like longevity of accounts, unused open cushion of credit.
Equifax, Transunion and Experian are all very informative.
We started monitoring our credit 2 years before we began looking for a house, corrected a few errors, paid off a bill we were unaware of and then sat tight, used credit cards minimally, didn't carry a balance from month to month and didn't apply for any new cards or credit increases. Our scores improved but not drastically, maybe 40 points.
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| Posted 11/1/05 5:45 PM |
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LuckySV
LIF Adult
Member since 10/05 4675 total posts
Name:
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Re: credit score
DH had horrible credit (score was in the low 500's). I made sure he paid e/t on time (car loan and credit card). When they were both paid off (took about a year) I still made him use his card every month (he charged minimal-less than $100) and paid it off immediately and on time. His credit went up approximately 200 points in 1.5 years. It does take time to make your score go up. My financial advisor said that one of the most important factors is a history of on-time payments. I actually closed the cc I've had the longest (a short time before we applied for the mortgage) and it had little to no effect on my credit. Best of luck to you!
What's that website where you can get a copy of your credit score? They had many helpful tips.
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| Posted 11/1/05 5:56 PM |
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queenb
LIF Infant
Member since 5/05 359 total posts
Name:
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Re: credit score
how could lowering your debt lower your score??
the credit comp. stated
deliquency
proportion of balance to high credit on revolving accounts
length of time since delinquency is too recent or unknown
also it said that number of inquiries adversaly affected the score.
we had just moved so the realator and all our utilities and new bank checked our credit..
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| Posted 11/1/05 6:11 PM |
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