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Credit Score Question- How long?- for mortgage purposes
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Credit Score Question- How long?- for mortgage purposes
How long does it take for your credit Score to be improved. (say if you have debt and pay it off about 90%).
Is it instantly, weeks, months?
We want to pay off just about all of our debt but was curious how long it would be reflected in our credit. We dont have BAD credit but paying off this debt will certainly help us tremendously when we apply for a mortgage again etc
Message edited 3/12/2012 1:43:51 PM.
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Posted 3/12/12 1:38 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
tara73
carseat nerd
Member since 11/09 3669 total posts
Name:
Buttercup
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Re: Credit Score Question- How long?
It would be reported on the next cycle that the banks report the information, so it depends on their reporting cycle. So, it could be a few days for some, or 30ish days for others. It may be worth it to you to sign up for a credit reporting/monitoring service where you can pull all 3 reports daily for a month or two to track it, then cancel. I use one through USAA, costs me about $15/month or so.
You could also use Credit Karma for free, but that only tracks your "FAKO" score on Transunion.
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| Posted 3/12/12 1:44 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Credit Score Question- How long?- for mortgage purposes
Posted by tarabelle99
It would be reported on the next cycle that the banks report the information, so it depends on their reporting cycle. So, it could be a few days for some, or 30ish days for others. It may be worth it to you to sign up for a credit reporting/monitoring service where you can pull all 3 reports daily for a month or two to track it, then cancel. I use one through USAA, costs me about $15/month or so.
You could also use Credit Karma for free, but that only tracks your "FAKO" score on Transunion.
Thanks. So it shouldnt be more than a month though?
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| Posted 3/12/12 1:47 PM |
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MandJZ
Time for Baby #2!
Member since 8/10 4194 total posts
Name:
M
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Re: Credit Score Question- How long?- for mortgage purposes
I actually thought it took a while, but it didn't for me! I had a low credit score due to one bad credit card and not having a long history because I'm not from here. Between December and now I paid off that card and DH added me to 2 of his which we pay regularly, and my credit score jumped a lot!!
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| Posted 3/12/12 8:06 PM |
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