Paying

How long after paying off a credit card does it take to reflect on a credit report?

Question by penny g: How long after paying off a credit card does it take to reflect on a credit report?
Lets say I have 4 credit cards totalling $ 3000. I then wrote out 4 checks and paid off each card in full on the same day. How long would I have to wait until my credit report reflected all of these charges paid off?

Best answer:

Answer by princess zaria
by the the collection agency has 3 months 2 update ur credit report, then they update it as paid in full or settled in full.

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火曜日, 1月 24th, 2012 Credit 3件のコメント

How to build credit paying apartment rent?

Question by xanaxio: How to build credit paying apartment rent?
I am a college student and I have been paying rent, all on time, and I have not developed any credit. My name is not on any utility bills for the apartment. Is there any way I can build credit paying my apartment rent?

Best answer:

Answer by sassy25
None of those build credit history. You need a charge card.

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水曜日, 10月 12th, 2011 Credit 3件のコメント

Can I raise my credit score by paying deragatory accounts off?

Question by : Can I raise my credit score by paying deragatory accounts off?
I have paid off every negative account on my credit reports but one fairly large one (and most all of the collection agents said the accounts would be deleted). I have three other things on my credit that are all in good standings (Student loan that was paid off, credit card that I’ve never been late on, and another charge account). Will doing this raise my score even though there is a large debt on my credit report?

Best answer:

Answer by Derek P
A credit score is a collaboration of all things credit related; it doesn’t only reflect negative things. So, paying off student loans and credit cards will help to offset that big negative account. However, the sooner you can pay off the large debt the better, because every day you remain in unpaid debt detracts from your credit score.

I would suggest ordering your credit report from one of the three reporting companies. You can get it for free once per year from each agency (so three times a year total) and it has all your info on it. Getting the actual credit score costs extra, however it may be worth it to find out where you’re starting from if you’re trying to raise it.

If you’re in university, most financial aid offices will go over the report with you. If not, ask a knowlegble relative or contact you CPA for an appointment.

Hope this helps! Good luck raising your credit :)

To

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月曜日, 5月 2nd, 2011 Credit 2件のコメント

How quick will paying down my credit cards affect my credit score?

Question by xcr0vvx: 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?

Best 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.

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日曜日, 5月 1st, 2011 Credit 3件のコメント

Q&A: What is better for your credit score? Paying all or some of your monthly credit card statement?

Question by Good luck chief: What is better for your credit score? Paying all or some of your monthly credit card statement?
This is the problem, I am having an arguement with a co-worker that paying off all of your debt per month is better than having transferring debt month to month. I figure, you borrow money, you pay it all back, you repeat. They argue that paying a portion monthly shows you can handle credit effectively. Assume that interest rate is at zero percent, so thats not a factor. Which is better. Paying all or some of your debt?

Best answer:

Answer by david.goldsworth
I have heard that keeping a small balance on one or two , but not all credit cards is best for maintaining a good credit score.

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日曜日, 3月 13th, 2011 Credit 6件のコメント

What is the impact on credit rating of slowly paying medical bills?

Question by Net Rider: What is the impact on credit rating of slowly paying medical bills?
In December I had emergent surgery for a spinal cord aneurysm. I have debts to several medical entities: hospital, surgeon, labs, etc. The debt isn’t something I can pay except in small increments until I get a better job. I have heard some things that I’m trying to clarify/confirm: as long as there is some payment each year on each bill, the medical entities cannot negatively impact my credit; don’t use credit cards to pay as this removes the medical bill protections, etc.

What are the facts in Texas? Where can I find complete and authoritative information on this subject?

Thanks in advance.

Best answer:

Answer by Tressa M
Obtain a free annual credit report

http://www.associatedcontent.com/article/686669/free_annual_credit_report_is_it_really.html?cat=3

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火曜日, 3月 8th, 2011 Credit 2件のコメント

How long after paying off collections will it take to improve my credit score?

Question by Rebecca: How long after paying off collections will it take to improve my credit score?
I wish someone would have told me when I was younger all the things that would affect my credit score, and how important that is!!! So here’s my story…I moved out of an apartment before my lease expired, and I was charged aproximately $ 5k, which was rent for the remainder of my lease. I didn’t pay it, so it went to collections and was reported to all 3 bureau’s. In addition to that, I had about $ 2k more debt (medical) that also went to collections. I recently took out an auto loan (against a truck I already own) to pay off this debt, plus some other expenses that came up without warning. So, how long will it take for my credit score to improve now that my debts are settled? I have 3 credit cards that are paid on time (in full) every month, and my auto loan will be paid on time every month. The only other credit history I have is an auto loan that is paid in full (all payments were made on time). Currently my credit score is 545, I would like to see it in the 600′s ASAP!

Best answer:

Answer by wayfaroutthere
If you are back on track, you should see improvement (and credit card offers) very soon–about a year.

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水曜日, 2月 23rd, 2011 Credit 3件のコメント

How many point does/can your credit score go up by paying a credit card off that is maxed out?

Question by jessies86: How many point does/can your credit score go up by paying a credit card off that is maxed out?
I heard that you credit score would go up anywhere for 30-40 point if you pay a credit card off that is maxed out (if the balance is over a 1,000.00) Is this ture?? And if not does anyone know about what it would go up?

Best answer:

Answer by Kapil
There is no simple answer to your question. The score, and the impact on your score based on credit activity like paying down a high balance, varies depending on the score model used.

You can go to myFico.com to get your FICO score…one of the most popular scoring models. I believe MyFico.com (and several other companies) also have a credit simulator that lets you play around with your credit report and see the impact on your score based on a scenario you select.

A 30-40 point lift in a credit score just by paying off a high balance account is entirely possible…but there is no absolute way to know.

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木曜日, 2月 17th, 2011 Credit 1件のコメント

Q&A: How long does it take to rebuild your credit after paying off a charged off card?

Question by itzgrl101: How long does it take to rebuild your credit after paying off a charged off card?
I have a credit card that has been charged off, with a balance of $ 850 the limit on the card was $ 350.Sad I know. Im working with the company to get it paid off, someone told me it would make my credit score go up from 550 to 650 in about 60 days. Does anyone know if this is true and if not about how long will it take to rebuild my credit?

Best answer:

Answer by CatDad
No…..a 100 point jump in a FICO score so soon after a charge-off will not happen…sorry. Debt collectors will tell you anything you want to hear to get your money from you.

- When a credit card is charged-off as bad debt, you need to understand that the damage to your credit is already done and there is no undoing it. Don’t make the mistake of simply cutting a check to whatever collection agency has the debt for the charge-off and assume that your credit rating will be magically restored…Doing so will not remove it from your credit reports. It will simply be updated to a “Paid Charge-Off,” which, while slightly better, is still a seriously derogatory item. Per the Fair Credit Reporting Act, a charge-off, whether paid or not, can remain on a consumer’s credit reports for up to seven years. This does not mean that you will have bad credit for the entire 7 years though. The main damage of a charge-off will last at least two years….after that you score will start to go back up.

If you’re going to pay off old-charged-off debt anyway, then you might as well negotiate the lowest, rock bottom settlement you can possibly get, being that the negative charge-off notation is going to stay for 7 years on your credit report, regardless of whether the charge-off is paid or unpaid. …Offer 25% at start from there.

Mail them a vaguely worded statement like:

I am willing to settle this matter for 25% of the original amount. This is in no way an admission of this debt, but rather an attempt to settle this matter. Your firm must send me a written agreement on your company’s letterhead that you will accept this amount as “payment in full” and that this issue will be settled. Upon receipt of this agreement, I will mail you a money order for this amount.
- Get all terms of any settlement deal you reach with debt collectors IN WRITING BEFORE you give them your money. This letter should state the settlement amount and that the account will be “paid in full” upon receipt of this amount from you. Keep the letter in a safe place. Never accept settlement deals over the phone that are not backed up in written terms. If you don’t, the debt collectors will deny that any settlement was ever made once they get your “settlement” money and will come back demanding more money from you.

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日曜日, 2月 13th, 2011 Credit 1件のコメント

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