Credit score increase following paydown of credit card balances

[hansam]

I am preparing to refinance my home. I want to increase my credit score, and recently paid down substantial credit card balances to lower my debt-to-credit ratio. Does anyone know how long it takes for this to be reflected in my credit score? Also, are there any ways of expediting this process (e.g., contacting credit card companies directly, writing to credit reporting bureaus)? Any help would be appreciated!

[JM-AM]

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@hansam wrote:

I am preparing to refinance my home. I want to increase my credit score, and recently paid down substantial credit card balances to lower my debt-to-credit ratio. Does anyone know how long it takes for this to be reflected in my credit score? Also, are there any ways of expediting this process (e.g., contacting credit card companies directly, writing to credit reporting bureaus)? Any help would be appreciated!

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When the accounts update is when you will see any changes if there are any changes. Usually can take up to 30 days from payment.

[MarineVietVet]

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@hansam wrote:

I am preparing to refinance my home. I want to increase my credit score, and recently paid down substantial credit card balances to lower my debt-to-credit ratio. Does anyone know how long it takes for this to be reflected in my credit score? Also, are there any ways of expediting this process (e.g., contacting credit card companies directly, writing to credit reporting bureaus)? Any help would be appreciated!

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Good work. Do you know what your utilization was before and after the pay down?

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

I am in the same boat. I had about $25,000 in CC debt (crazy I know) and paid off about $6000 of that last November and counting. It is showing credit balances of $0, but I haven't seen any change of score in 2 months. The only 2 point change I had in the past 3 months of being a FICO Score Watcher was when my mortgage was sold to another company it was reported that my balance of $122,000 was paid off to $0. I'll probably lose those 2 points once it is re-reported with the new company.

Herin lies the potential problem...I used GreenPath, a reputable credit help company to negotiate lower terms for me as I missed a payment or two a couple of years ago and they just reamed me with finance charges. They suggested I close out my CC accounts as it would look better if I did it vs. the CC companies doing it due to the credit people helping me. Is this what screwed me? When should these start to show a change on my report, if any? All the cards I paid off have been reported as a zero balance. What gives?

Thanks for reading my lengthy post!