I am new to the forum. I just recently got back on track with my credit score EQ 701, EX 655, TU 634 and I am thrill. I just invested in a house and by doing that it has dropped my TU scored all the way down to 600. I received an email from my WAMU(Washington mutual) card letting me know that my TU score has dropped more than 20 points. When I logged into my WAMU account and noticed that it went down to 600 I almost had a heartattack. I didn't even attempt to look at EQ and EX because I did not want to be even more depressed. My credit report does not have anything negative on but 4 inquiry that I know would have also been the cause for that. I am planning to buy a new car in Dec, providing that my current car last that long, and I would love to get the lowest possible rate. I have two student loans that I am paying on time every month, two credit cards one with a high balance of $889 and my credit limit is $1000 and I just made a payment of $400 yesterday so now I have $489 left to pay off and the other CC high balance is $1061 and my credit limit is $1200 and I just paid $400 yesterday so now I have $661 left to pay off. I'm never late on any of my payments.
So now I'm just waiting to see how that would affect my score. I also just made a 6 months payment on the house that I just invested on. I am planning to sell the house in about 6 months.
I am crossing my fingers hoping that my credit is fine by the time that I go and purchase the car.
I would like to know, maybe it was already asked, how long would it take to update the credit scores? I've heard that it takes from 3 months to actually see any results in your score.
Yes, unfortunately it can take up to 3 months to update. But more than that, I notice that although you've made and plan on making large payments to your credit cards, your util is still a little high i.e. abouve 30%. You'll get more points if you can get it down to below 30% and even more points if you can get it to between 1-9%. Also since you've been paying on time every month, you could try for a CLI which would help your util even more.