Paying off credit cards: 75+ points ??

[Anonymous]

I'm living proof that paying off maxed out cards shoot your credit score way up quickly. However, it takes awhile to report. TU for me was the slowest. I even put in a dispute to try to make it go faster. In a mortgage scenario once the payments have been received by the creditor your lender should be able to have it rescored within 72 hours or less. Hopefully, at minimal or no cost to you. There are no guarantees. I let most of mine report in it's own time and the score kept going up. Not sure what happens when you force it quickly.

Good Luck

[gringo43]

Rocket is correct...your loan officer or broker can have a "rapid rescore" done with updated balances provided by you CC companies. I usually cost about 30$ per trade line and only takes about 3 days.  Good luck!

[Tuscani]

Rapid rescoring works by providing info to the bureaus outside their normal reporting schedule of 30-45 days.

The info provided, on letterhead from the creditor, specifying what action is to be taken (most common are: remove lates, update balance, delete tradeline) is faxed to the bureau (TU, EXP and/or EQ) which then investigates to make sure claim is valid. Tradeline is upated & credit report is rescored. Takes 3-5 days. The costs involved vary... I believe your broker has to initiate the process unless you can get in touch with special handling depts at the CRA.

And remember... There is no guarantee that your score will go up with a rescore.

[Anonymous]

The thing is... I checked to see when the credit card companies report to the agency -- and its pretty much the same day of each month.

For instance, my Wells Fargo Visa always reports around the 13th or 14th of every month (I paid it off by the 11th and it posted by the 12th -- so my statement right now should say $200 balance and that should have been reported to the credit agencies on the 13th or 14th)

My Bank of America MasterCard reports around the 26th of each month, so Im trying to come up with some cash to pay the balance down a little bit, so on my next statement it will have the paid down balance!!

So the 60 days to show up on the credit report thing... im not too sure what you mean....???

[Anonymous]

Do you know if is $30 per each TL  in total, or is $30 per each TL for each CRA  (90 total for each TL)?

[mamabear]

LadyFico, how much did your score go up?  Also, my credit lines are pretty low, like $500.  Does it matter if you pay down small cards like that versus cards with high limits?  For example, if I had a total revolving credit of 2,000 and paid to $150  versus if it were 20,000 and paid to 1500?  Also, someone recommended getting a loan to pay them off.  Would that hurt my score?  Or would the positive of paying off cards outweigh the negative of a loan? 

[Anonymous]

All my cards had low limits. At that time the highest was approx 800 with most around the 300-500 range. Now that credit is improving and I am seeking to transition from sub prime to prime the limits are much higher. This temporarily lowers my score but in the long term it boosts it due to overall util is much lower.