How long till score improves ?

[Anonymous]

Just paid off $60,000 in credit card debt ! Equifax fico was 723 today 8/25. I know that the cc co's report to the agency once a month. Will my score increase immediately after each cc reports ? I want to refinance my existing 1st and 2nd mortgages (NO cash out) but do not want to apply till score improves significantly. Thanks

[Anonymous]

Sorry don't know the answer but congrats on Paying off $60,000 in debt...You should have a 1000 Fico Score after that.

[Anonymous]

Thanks - it feels great to be cc debt free !

[Anonymous]

Yeah... after paying off $600 on a $1000 CL my score jumped from 682 to 700.  You will hopefully see some gains.

[Anonymous]

I paid down my 12k debt to zero this past month, went from skyhigh utilization to 2-3%. I am still waiting for the last account to update but my EQ score already shot up from 640 to 702.

The one thing that caught me is that most updated with a small balance due to the last period finance charges, I am hoping that the next month that all but one with report zero balance, and I will shoot up again.

I am guessing that after all this is done I will have gained 70-80 points, and a lot of financial piece of mind too!

I have no badies, so that leaves only the passage of time and an AU to increase my AoA. I won't have much fine tuning left to do.

[Jazzzy]

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@Anonymous wrote:
Just paid off $60,000 in credit card debt ! Equifax fico was 723 today 8/25. I know that the cc co's report to the agency once a month. Will my score increase immediately after each cc reports ? I want to refinance my existing 1st and 2nd mortgages (NO cash out) but do not want to apply till score improves significantly. Thanks

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Good job!

We recently paid off approx. $8,000 in cc debt, and my EQ jumped 15 points. We brought our utilization from 20%+ down to about 2%. We had been PIF anyway, but we didn't know to do it before the statement cut.

We have a pretty thick/old credit file, so the impact wasn't drastic...but then it was only $8,000.

It feels good...doesn't it?

[Anonymous]

Thanks. It feels great but I will feel even better when I see the results and am able to refi and get my monthly payments down !

[Anonymous]

I'm not proud to say that my utilization was 98%, paid it all off a little more than a month ago (approx $50,000 worth) and all but one account has updated, so my new utilization % is at 6% and my score jumped 128 points. Don't think it will jump much more after the other account updates the score simulator says I can expect anywhere from 0-20 points.  We'll see. Hope that helps.

[marty56]

Dont forget that when you do a refi, showing 0% CC debt is a big plus on a MR.

[Anonymous]

Exactly. Thats why I'm anxious for all my cc's to report in.

I "only " had about 45% utilization, but I still hope for a 50 point bump.