How long will it take your credit score to increase?

How long will it take your credit score to increase after paying off credit cards?

Public Comments

1. It depends on how much money you owe them and your ability to pay them back without ever being late. If you already have a bad record, it might take a while. But give it a couple of months, it should probably be good again.
2. 6 months
3. Lowering your debt/credit line ratio should raise your credit score every time you lower your debt. Remember though, that this is only one factor of many that determine your credit score. So you may not see dramtic results right away...over time when your debt drops way down you may notice some change.
4. As long as it takes to get for the Credit card companies to report to the credit companies. However paying on credit cards can have an adverse effect. If you pay off and close your oldest trade line you are closing your oldest credit. To truly know how things will effect your credit go to myFico.com and purchase the simulator, then run different situations through it. This is set up by the company that does the scoring. Good Luck
5. While taking a decision on your loan approval, your lender will determine your credit score. The most common scoring method used is FICO scores. These ratings are usually used for determining your eligibility for mortgages.