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Quickly Raise My Credit Score? How Quick?

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Anonymous
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Quickly Raise My Credit Score? How Quick?

Hello,

 

I was wondering how quickly my credit score would jump if I pay off all my credit cards? Would the score go up within a few days? or Do you have to wait 30 days +? Thanks.

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Anonymous
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Re: Quickly Raise My Credit Score? How Quick?

Welcome to the forums!

 

Your score is always based on the data that is in the reports.  So your score will not change until your credit card issuers update the three credit bureaus with the new balances.  They typically report the amount that is at the top of your statement, and they do this roughly the day after the statement date.  Then it will take at least 2 business days for the CRA databases to get updated, and it might be several business days.

 

What you may want to do is join Credit Karma.  You can ignore their scores but CK will actually give you your TU and EQ reports as often as once a week.  That will give you an idea of when the balances have updated in EQ and TU.  (And then you can mentally add three more business days for EX, just to be safe.)

 

Paying off all your CC debt is a great idea.  Awesome choice.  Just make sure that one card is reporting a small positive balance at all times (e.g. $10 or so).  If FICO sees that all of your cards are reporting zero, it will penalize you.  But FICO will love it if all your cards are zero except one.

Message 2 of 4
Anonymous
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Re: Quickly Raise My Credit Score? How Quick?

If you could provide some more data about your current credit profile such as credit card balances and limits, any negative items (like late payments), how many total accounts you have (open and closed), how old your oldest account is, how many times you've applied for credit in the last 1-2 years, etc. that would be very helpful in allowing us to give you the best advice.

Message 3 of 4
Anonymous
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Re: Quickly Raise My Credit Score? How Quick?

Paying down credit cards to 8.99% Utilization, with most of them reporting 0 bal, could get you 20+ extra points.  Shared secured loan paid down to 8.99% utilization, with no other reported open installment loans, can get you another 20+ points. Getting derogs (especially utility and cellphone) removed from CRA with help from cfpb can get you another 30-50 points.  This can be done within 1 to 2 months if you have the money to pay the balances down.

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