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

LTrain823
New Contributor

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

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!
Message 1 of 3
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Tuscani
Moderator Emeritus

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



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!


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.
Message 2 of 3
TheNewWorldMan
Valued Contributor

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

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.
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in a credit-scoring postnuclear Stone Age...
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