How long does it take for my score to go up???

[LTrain823]

Hello everyone, I am trying everything in my power to raise my credit score up from 667 and the only bad thing I have in my history is the amount of credit debt I have. I have never been late nor bankruptcy. I am getting a lot of money back from taxes this year and a friend is finally going to pay me back a big chunk of cash that has been owed in the past. In short, I am going to be dropping my debt from roughly $24,000 to $8,000 in less than 30 days. How long does it take for my FICO score to rise after I make these payments? PLEASE HELP!!! I'm in the process of buying a new condo this month and any help would be appreciated.

Thanks!

[Tuscani]

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LTrain823 wrote:

Hello everyone, I am trying everything in my power to raise my credit score up from 667 and the only bad thing I have in my history is the amount of credit debt I have. I have never been late nor bankruptcy. I am getting a lot of money back from taxes this year and a friend is finally going to pay me back a big chunk of cash that has been owed in the past. In short, I am going to be dropping my debt from roughly $24,000 to $8,000 in less than 30 days. How long does it take for my FICO score to rise after I make these payments? PLEASE HELP!!! I'm in the process of buying a new condo this month and any help would be appreciated.

Thanks!

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Welcome! That will be a nice drop in your overall utilization. I am guessing you will have no problems having 700+. Your scores will update when the creditor updates your report(s). This is generally done once a month as your new statement is cut. I recommend waiting 45 days from the time you actually send in the payments before pulling new scores.

[TheNewWorldMan]

Reducing utilization levels is just about the fastest lever you have to pull to improve your FICO score...provided you can afford to, of course.