I was wondering if anyone knows how quickly you can change your credit score?

Question

I got a couple of my cards into collections, I've managed to pay/settle all of them except 3 which I plan to settle/pay in a few weeks. I'm trying to find a place to rent but am having problems due to my low score (in the 500's) I was wondering what kind of impact it will have on my credit score when I pay them off out of collections. How much will my score jump up if any? (leave all your comments about how irresponsible i was to let them get in collections)

Answer 1

i would go to http://www.cellsware.info/restorecredit . they're an awesome company that helps you fix up your credit score. I was having a lot of problems with my debt and my credit score was hooorrrrrrible so one of my friends showed me this site and they brought m back on th right track and helped m raise my score

Answer 2

There is no set amount of points your score will go up or down because it takes into account the whole picture, not just one or two things.  Those paid off collection accounts will still appear on your credit for 7-10 years (yes haters, it CAN still appear 10 years later and it IS legal).  The only thing you can do at this point is to wait and see.  With paying them all off, you should see your score start to go up in 3-6 months.

Answer 3

Paying off derogatory items won't increase your score unless you get the items deleted.  In fact, initially your score will decrease.  The older the item, the less impact on your score.  When you pay old debt, it becomes a current transaction and counts more in your score calculation.

However, creditors look at more than your score.  They look at your whole report.  Paid old debt looks better than unpaid.

You will need at least 24 months of consistent, on time payment history to improve your score.  It's a matter of time.

Derogatory items fall off your credit report 7-1/2 years from the date of first deficiency.  This is per the FCRA and nothing re-starts that clock.  Public records items like bankruptcy stay 10 years.