I have a balance of 1200.00 total in debt on my credit score, if I pay this off all at once....?

Question

1.) How long will it take to show on my credit score?

2.) If my credit score is a 570 now, what will it be when I pay these debts (total of 1200.00) off?

Answer 1

It kind of depends on what type of debt it is.....no matter what the case you want to lower your debt to income ratio quickly.

The day you pay it off, your score won't likely start increasing. It will probably starting moving 3-6 months later.

Your current score is pretty low so it will take even longer for it to hit mid 600's.

You need to clean up your report and fast.

1. Order your credit reports from the 3 bureaus

www.equifax.com

www.experian.com

www.transunion.com

If you're ordering for the first time, get your score (for a fee) from Equifax as their scoring matters most.

2. Make copies of your report and put the originals in a binder. On the photocopied reports use a highlighter and check for any incorrect, outdate, false, etc...info

3. Download a dispute letter(s) from the credit bureaus website and list anything that is wrong. Mail them to their office(s). They have 30 days to reply.

4. If they will not remove something that is not yours or too old (> 7 years) as them for a debt validation. This may take an additional 30 days.

5. Once the 'baddies' come off, take care not to let any of your other accounts fall into that predicament.

6. If you haven't already make sure your existing accounts are current and paid on time ALWAYS.

7. Get a secured credit card with www.capitalone.com or www.mastercard.com for like $500-1000 or more if you can and use it sparingly. Charge like $50 on the card each month and pay it in FULL and on TIME. Make sure you do this for a minimum of 6 months so that you estabish a positive repayment history.

8. Problem with just letting them (collections) 'fall off' is that they may never. You may get sued before that...that's where you suddenly get a summons to appear in court and a judgment for collection against you.

For collection items...pay them but get a 'pay for delete' from the collection agency in WRITING...they'll delete it after you pay and it will help your credit score.

Answer 2

1. up to 3 months to show on your credit report

2. Theres no way of knowing, it all depends.....

Answer 3

it could take 60 - 90 days to even post as for your score no one knows that as no one here knows what your history looks like and what the limit is on these cards

Answer 4

I've seen credit scores move in 30 days.  Paying balances down to $0 is a good, easy fast way to get a better credit score.

You may also hire a service to clean it up.  Veracity has done a good job for my clients and they charge about $79 set up and $45/mo for basic services.  Depending on what you need done, they can often be through in 3-6 mos.

However if you want to do it yourself, I think you'd have favorable luck following advice given in answers posted here.