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    Question

    How long does it take your credit score to go up 60 points?
    I recently paid off a few collection items and some normal revolving accounts so that my credit would look better to buy a house. I paid all the collection items off first in the early part of August and then the revolving items to very low balances in early September. My credit is now showing almost everything except the revolving and one collection. I'm at 585 now (started 517). I need a 620 or better to get a loan. How long does this take? I'm scared that the house we are looking at might be gone. Just to be safe I would like my score to be in the 630's. Please help.
    a few seconds ago 3 Answers

    Best Answer

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    Paying off derogatory items will not improve your score. The damage is done and will remain for the balance of the 7 year reporting period. Mortgage companies will require that all derogatory items are settled before approving a loan. It is really bad advice to tell you to dispute legitimate negative items. They are not likely to be removed and even if they do fall thru the cracks, it is highly likely that they will return when the creditor next updates. Mortgage companies pull your credit report several times, including right before closing. Paying off current, open credit card balances can give your score a quick boost, if you have been carrying balances of more than 30% of your limit. Paying off the cards will also improve your debt to income ratio, an important factor in the loan approval process. It may be a real stretch to pull your score up to 620. You should keep in mind that even if you get to the 620 point, that doesn't mean you will be approved. There are many other things more important than your score: your entire credit report, stable work history, salary, debt to income ratio, other assets, downpayment and closing. You will need at least 24 months of consistent, on time payment history to improve your score. You may have to wait on that house.
    a few seconds ago

    Other Answers

    • Paying off collection accounts doesn't help your score. A paid collection is still a collection. You could try to dispute the accounts as not being yours with the bureau and hope the collector doesn't validate since it has been paid. This may (or may not) work. Start with the most recent negative as activity within the past 12-24 months is given the most weight when calculating your score. Revolving accounts need to show a low balance on the report. Utilization is 30% of your score and is based on what is currently in your file. This is the quickest way to get points. If they are not reporting the low balances, dispute the balance as being incorrect and it should update.

      by timothy p - 16 hours ago

    • Depends. Take these items in consideration. This is what they look at and in what order of importance. It is not a fast process. 1. Payment history- 35% 2. Total debt owed to available credit ratio-30% 3. Length of time establishing credit-15% 4. Types of credit established-10% 5. Inquiries and New accounts-10%

      by thometz@sbcglobal.net - 16 hours ago

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