How long for score boost from CC payment?

[sekada]

I get paid my annual bonus this week... I really REALLY need a car -- I need to give mine to my mom, and it's getting a bit old and I need it to last at least a couple of years for her so I don't have to have two car payments any time soon.  With this being a short month, if I make a large payment against my credit cards -- say $3k -- on thurs the 27th, but the month ends Fri the 28th -- what are the odds that my score will be boosted in a week?  I'm thinking I wouldn't see any benefit until mid-March at least, and I really don't want to wait that long. Frustrated because I'm 8 points below what FICO lists as the next "level"... which according to them would take me from average 10% interest rate to average 6.5.

[sekada]

To explain why I need the car soon, it has 120k miles on it, I just paid $2,500 to get it completely fixed up (I hope) but I'm driving it almost 70 miles a day in extreme rush-hour conditions, over broken roads, and I just cringe about how much I put it through daily.  As I said, I really need my mom to be able to use it safely & reliably for a couple of years.  She won't drive it very much, but she needs to be able to count on it -- otherwise I'll have to get her a better car, and have two payments. 

[StartingOver10]

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@sekada wrote:

To explain why I need the car soon, it has 120k miles on it, I just paid $2,500 to get it completely fixed up (I hope) but I'm driving it almost 70 miles a day in extreme rush-hour conditions, over broken roads, and I just cringe about how much I put it through daily.  As I said, I really need my mom to be able to use it safely & reliably for a couple of years.  She won't drive it very much, but she needs to be able to count on it -- otherwise I'll have to get her a better car, and have two payments. 

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Depending upon the creditors reporting dates it can take up to 30 days. There are a couple that take longer (up to 45 days) but that is rare.

Don't panic now. 120k is not really a lot of miles, especially if you have been maintaining your vehicle. You can easily get more thatn 150k miles on a vehicle today (even much more than that).

Let your payments post. Relax. You can do this. If you panic now, the car F&I guy will see it and stick it to you in the rate. Be aware, you have to negotiate the rate anyway. They always quote what is best for them first. I have found it is best to apply with a CU anyway. That way you don't get hit with a bunch of inquiries and they don't play those games of quoting you a high rate to start. Then if you still want the dealershipto do the deal, you have the CU approval in your pocket first.

In any event, wait until your payments post and your score increases before doing anything.

[Remember0]

When does the next statement for the card you made that large payment on cut? If you don't get what I mean by cut, feel free to ask for a clarification.

What's your util before and after paying down the CC (rent/mortgage and aggregate minimum credit card + other loan payments are to be included in DTI, but exclude any auto loans that will be traded in).

[sekada]

Statement closes March 9... util quite high due to home repairs I made in the fall... , about 75% before making the payment.  $3k would take it about to 60%.  DTI without auto payment is 28%.  Income $112k including bonus.

[Remember0]

So I think your FICO will go up those 8 pts. shortly after March 9.

It'd go up more if you got it under 50% though...when we say util, are you giving me your aggregard (All cards balances/all cards limits), or just the one card you put these expenses on/paid down?

EDIT: Realized you had two threads. That tripped me up. You'll be fine with DTI. $300/month (low ish for the 3GS, but close enough) on that kind of income only increases DTI by ~3%.