Paying off debt under 50%...how long till I see score difference?

[Anonymous]

My cards are approx 95% maxed out and I'm going to pay them off to under 50% in the next month or so and then to 9% in 3 months. How long is it going to take to see some serious reflection in my scores and how much? I am looking to buy a house the beginning of 2009.

[Anonymous]

You will see the new balances reflected in your scores once the new balances are reflected on your reports.  That will happen after all of the creditors report to the CRAs on their normal monthly reporting schedules, and then the CRAs update your reports with the new balances, which could be 3-10 days or so after the creditors report (usually).

Message Edited by cheddar on 04-08-2008 03:50 PM

[Anonymous]

So it's instantaneous in regards to paying off debt? My score could jump 50-100 points or soemthing liek that? I have no collections or anything. Never been late.

[MidnightVoice]

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kfinkmortgage wrote:
So it's instantaneous in regards to paying off debt? My score could jump 50-100 points or soemthing liek that? I have no collections or anything. Never been late.

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It is instantaneous once the creditor reports and the CRA posts the report to your CR.

FICO is a snapshot in time - no history involved.

[Anonymous]

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kfinkmortgage wrote:
So it's instantaneous in regards to paying off debt? My score could jump 50-100 points or soemthing liek that? I have no collections or anything. Never been late.

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If you have no baddies at all, and you're going from 95% to 9%, I'll go out on a limb and predict 100+.

Don't quote me on that!

Do you know your current scores?

Message Edited by cheddar on 04-08-2008 04:03 PM

[Anonymous]

I do not but thank you very much for your help!