How fast can a credit score increase?

When you pay your credit cards down, how long does it take to get your credit score to increase?

  • Im trying to qualify to get down payment assistance through the State of Calif, so I can buy a house, my loan representative told me that I need to have a credit score of 620, mine is 617, I currently have 2 credit cards that are max out, limit for one is 550 and the other one is 750, then I have a personal loan of 5419. so I was wondering if I pay down my credit cards, and how much do I need to pay in order for my credit score to increase? and how long before its reported to the credit bureaus? thanks for any suggestions.

  • Answer:

    Quite honestly, the best scores come with a 19% or lower debt to credit ratio. If you don't have a big income, and are carrying debt like this, they will want to see it paid off. Maxing out cards looks to any lender as though you are a risk for foreclosure. It's nothing personal, just the way scoring works. Pay the cards off! Your score will shoot up within 30 days of the payment.

DIAMOND at Yahoo! Answers Visit the source

Was this solution helpful to you?

Other answers

You need to pay at least 70% of the cards down. Your debt/open credit is 100% right now because your cards are maxed out. 550/550 = 1 or 100%. So basically you are using 100% of your available credt. if you get the cards down to like 200 range your score should go up. When you have a credit card, try to use only 10% of your availble credit. This shows that you arent over extendng yourself to creditors.

teenieebikiniee

pay them down to 30% of the limit. But if you need just that little amount then opt out of these offers that cram your mail box that you are pre0approved for this card that card any card at all and your scores should increase by 10 points in just 5 days. 888-567-8688 ist he number to call.I t works for my clients and should for you I am a mortgage banker in TN & KY

golferwhoworks

it takes longer to raise a score than lower it so continue to pay down the credit cards until you have them below 50% of the the max limit and you then should start to see improvement!!!

mister ed

You should be able to get that score in 3 months if you keep the 550 card balance at 110 and the 750 card balance at 150, @ 20%, do less if you can. If they are maxed it looks like you are relying on cards for everyday items.

Tink

Just Added Q & A:

Find solution

For every problem there is a solution! Proved by Solucija.

  • Got an issue and looking for advice?

  • Ask Solucija to search every corner of the Web for help.

  • Get workable solutions and helpful tips in a moment.

Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.