Q&A: How quick will paying down my credit cards affect my credit score?
Hi,my name is Anne,I did the following:
Q&A: How quick will paying down my credit cards affect my credit score?
I have 2 credit cards that are both past due pretty bad. Im in the process of selling my car and i plan on putting the money from the car into the credit card debt. My goal is to get a loan for a motorcycle.
After paying down my credit cards, how quickly will my credit score be affected? Should i wait a few months?
The following is the answer:
Answer by financespecialist30
Well if you are pass do badly then your credit is most likely in the 500s. It will take at least a year of on time payments to get you back into the 600s, then even longer to get into the high 600s. I would wait a year before looking, a few month will not do anything significant to raise your score.
Good luck.
Answer by Cris C
Try this one – http://creditreport.undonet.com
I use it to monitor my credit score during last 3 years. They can preestimate any changes of you scores for different scenarios of payments.
Answer by Credic J
Your credit score was probably hit pretty badly when you missed payments. You should spend some time rebuilding credit before applying… although it doesn’t hurt to try
Answer by Jennifer
Hi,
I used “Credit Solution” to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It’s legitimate. I came across this company on NBC News Special Edition.Check it out here:
http://lnkurl.com/25
Know better? Leave your own answer in the comments!
