How long does it take to raise your credit score 8 points?
My fiance and I are trying to get pre-approved for a mortgage and I have excellent credit but he was told that he needs to pay $3,000 (which we paid the day we were told this) and raise his credit score 8 points. We have waited about a month, like we were told to, and it still hasn’t gone up. We have paid off everything we were told to so how much longer will it take until it goes up 8 points?
I think that other poster is lost, this is the credit section not tax.
You can ask whoever your mortgage broker is to request a rapid re-score from the reporting agencies. This does cost a fee but it is often used to raise ones credit score to the level required by the lender.
Paid debts will raise a score but it takes time.
December, 4th 2009 at 6:09 am
You should probably talk to the credit bureau people. This is the tax section.
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December, 4th 2009 at 6:41 am
See if the credit report shows it as paid with a zero balance. If so, you need to do something else to raise the score. Is everything paid off? Are there any errors? There are lots of things you can do, but none of them are likely to be very fast.
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http://www.creditboards.com
December, 4th 2009 at 6:53 am
I think that other poster is lost, this is the credit section not tax.
You can ask whoever your mortgage broker is to request a rapid re-score from the reporting agencies. This does cost a fee but it is often used to raise ones credit score to the level required by the lender.
Paid debts will raise a score but it takes time.
References :
December, 4th 2009 at 7:42 am
You don’t say if this $3000 is on credit cards or on old bad debt.
Bad marks are scored the same on your credit report whether paid or not. And actually, paying an old collection can "re-age" the account and lower your score. Recent bad activities weigh heavier on your score than delinquencies from 2+ years ago. So if you "reset" the activity date, it can have a negative affect on your score.
If this is simply a credit card, and you’re hoping to lower the utilization and thus raise your score, then your score could hypothetically see a jump if your utilization drops to below 10%. In that case, your score would change when the credit card company reported the new lower balance.
You can learn more about this at http://www.myfico.com. It has a free "community" board where people discuss this stuff. You don’t have to log in or anything, just read through the boards. I found it very helpful when we were looking to get a mortgage…we closed last week!
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December, 4th 2009 at 8:11 am
That 3-grand payment didn’t go to pay off a collection did it? If it was he isn’t likely going ot see an 8-point raise,
Similar note, simply paying down 3-grand in credit card debt isn’t likely going to help either, there are too many variables on how you credit score is calculated, unfortunately having your scores pulled for your loan likely pushed his score down at least 8-points,
Has he applied for any credit in the past year, At one year those inquiries will stop counting against his score and as the new accounts age his score wwill go up,
Again,, there are a lot of variables …
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December, 4th 2009 at 8:36 am
?redit repair work?d fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – credit-report-free.totalh.com
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