i currently have 499 credit score and that’s because i stayed behind on some car and credit card payments. i currently owe 4k total in 2 credit cards and 2k on my car payment. if i was to pay it all off within a week (i have the money) how much will my credit score improve? and after how long can i buy something (either a house or car)? do i have to wait for years, months?
Here’s the background info:
Came to the US in mid-2001, opened my first credit account shortly thereafter.
Everything was going fantastic, making ontime payments, keeping my balance low, until mid-2004 when I hit a bump on the road, which resulted in several late payments on several accounts, a couple as late as 60, 90 days.
Picked myself up a bit, but have been only able to make minimum payments. Cards are maxed out, which is the reason for my score of 580, I guess.
Have about 4K in credit card debt, which I am plotting to pay down completely within the next 3 months.
How much and how quick can I expect my score to increase? When will it reach a respectable level assuming everything goes well from now on?
Thanks in advance.
Hello everyone,
I wish to know how quick it would take for my credit score to go up after i’ve paid off all my debt. I plot to get a loan this week and will pay off each card in full. Does the process of getting my credit up take hours, days, weeks, months even? Any information would help, thanks!
Entries (RSS)