can u help me out with this credit score question?
i went through a divorce and my credit report got a little messy. i had several collection accounts.. my fico credit score dropped to 580. i recently paid off all my collection accounts and paid off my three major credit cards. my question is how quickly will my credit score start going up...
Public Comments
- i would check it again in 60-90 days. that will allow the time needed for all things to be posted and updated. if they were actually in collections, it may affect your score for some time. negative factors usually stay on awhile. paying them off was a great thing to do and it will definatley help a lot. Congrads!!
- Been there, done that. All that stuff will stay on your report for at least 6 months to a year. Since none of it was a write off, this will be short term garbage. Don't expect your score to go up so soon. I would check in every 90 days. Of course there will be a cost to that. The cheaper way is to apply for a credit card. If you are denied, then you get a free look at your report. However, that is not a free look at your score. Actually you never get a free report on your score. But you will see what is dropping off.
- It's going to take a while because you actually have two things working against each other right now. First you have the paid off credit cards which will help as soon as the credit card companies report. Second you have the paid collections which will actually hurt because when you paid them they updated to current as far as your report is concerned. Paying off old collection accounts actually hurts your score unless you have a pay for delete agreement with the collection company where you pay and they delete the accounts from your report. In the long run it will help but you will have to wait 2-3 months to see the final result.
