will my credit go up fast?

Anonymous · ‎06-17-2009

ok guys I just finished paying off my CC's.

my cc debt was around 1600(total).

my credit was 546 and i checked it today to see if they had updated the info and only one of them has updated it so far. my credit went down to 533.

Also I recently totalled my car and am waiting for the bank to report that the car has been paid off. abour 11400.

so my question is will it seem like once all the cc companys and the car loan report will my credit score go up fast?

only other debt i have are 2 student loans with about 10k.

i am wanting to buy a new car but I want to make sure that I will get a loan for it and which is the reason why im wanting my credit score to go up.

Anonymous · ‎06-17-2009

I usually pay off all of my cc's every Jan, and this past year when I did, they didn't report until about the middle of Feb. My credit score went from 598 to about 645, I was able to purchase a new car at a very lower interest rate.

Unfortunately the car takes a while to clear from your credit, what the bank is doing is trying to do is to appraise your vehicle and what you owe, they take what you owe and charge the insurance company (deductible), then they pay it off what they can, and you sometimes are left with a small balance to pay off. It all depends. Otherwise, I would suggest getting a new car around the end of the year (Oct. or Nov) they have great deals, because they are selling the inventory for the past year.

So with a little patience....you will have great credit to get the car you really want at a great interest rate.

Message Edited by azteach on 06-17-2009 08:12 PM

Anonymous · ‎06-17-2009

well the whole insurance totalled process has been done I called the bank yesterday they received the full payment on it on the 8th and I asked how long it will take them to report it they said that it can take up to 30 days.

well the thing is that right now im borrowing my dad's truck for the meantime so I will need to get a car somewhat soon.

hopefully my score watch works and lets me know when they have updated my reports etc if not at the end of the month i will probably have to buy a report and hopefully it will have gone up to the 600's.

Anonymous · ‎06-18-2009

I have been there, I think and suggest that you keep borrowing your dad's truck, even though you want your own vehicle. If you buy a new vehicle, you are going to be looking at these charges:

Insurance (most likely paying a higher rate because of the accident)
Car payment will be higher because your score is not high enough yet
They will want a big downpayment
And if not they will make your payments higher

If I were you, I will settle for now, and wait until this coming fall, even though it may seem like a long time from now. Let me know what you do.

Message Edited by azteach on 06-18-2009 09:41 PM

Message Edited by azteach on 06-18-2009 09:42 PM

Anonymous · ‎06-20-2009

@Anonymous wrote:
ok guys I just finished paying off my CC's.
my cc debt was around 1600(total).

my credit was 546 and i checked it today to see if they had updated the info and only one of them has updated it so far. my credit went down to 533.

If your credit scores have gone down since PIF all of your CCs I would suggest you let just one card report a small balance (less than 9% is suggested). Many posters here have found that they receive optimal scores this way. FICO scoring likes to see some use of credit and deducts points if you show no use of CCs.

Good luck