@Anonymous wrote:
@I finally consumated a business deal long in the making and paid off 3 credit cards that totaled @ 33K. What a relief! I performed this action on March 15. Prior to building up this debt - my FICO scores were just around 805 on average. During the debt phase which lasted around 14 months they dropped down into the 740's. My question is does anyone have a reasonable guess how long it will be before my FICO scores begin to approach or equal what they were a year and a half ago? I haven't pulled a report since January. Do card companies like Discover and Bank of America report every month? Thanks.
Welcome to the forums !
Most creditors, including BoA and Disc, send updates to the CRAs once a month on the statement date. Then each CRA takes a few days to process it after that.
Your FICO score should recover as soon as the updated balances post ~ assuming that it dropping due to the increased revolving utilization.
And you're actually in really good shape, either at FICO 740 or 805, or anywhere in between ~ those are great scores !
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
I was sort of surprised that they didn't go down further. A couple of the credits cards had a credit limit to outstanding balance ratio of over 50%. And then I also purchased a use car for 8K on a 36 month payment plan. A couple of those cards were the cash advances with the 3% upfront fee, 0% interest for @ 12 months. You know how quickly 12 months slips on by... I was sweating bullets there toward the end.