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New user questions

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maxq
Regular Contributor

New user questions

Hey all, I'm new to the forums. I just made 2 large payoffs on a car loan and cc. How long will it take to show up on my credit reports and how long will it take for my scores to go up?? They should go up too right? My wife and I are looking to buy a house this year. She is young and not much credit but the credit she has is very good. Her score probably around 740/750 atm. I had a bankruptcy back in 99. Nothing else negative on there. My median score atm is about 725. We should be ok going to try for a mortgage loan in about 5 months right? That's if we stay on track with a couple things we still owe, her car loan, college loan, and very small cc balances(less than a couple hundred dollars). We wanted to go into a home debt free but it didn't work out like we wanted. Still, I think we are in decent shape.
Goal of 825+ Gardening since 05/05/2017
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fused
Moderator Emeritus

Re: New user questions

In FICO scoring, CC debt is far more important than installment debt. Are the scores you posted FICOs. If so, you folks are in great shape from a DTI and scoring standpoint.
Message 2 of 3
maxq
Regular Contributor

Re: New user questions

yes, those are FICO scores... well, i know the scores are what lenders rely on but do you think they will go up even more because i paid off a large cc and car loan? i guess i shouldn't be too greedy...my scores use to be in the low 600's so now that i'm in the 700 club i guess i want more...lol... thx
Goal of 825+ Gardening since 05/05/2017
Message 3 of 3
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