I destroyed my credit rating :(

[Dari]

Originally posted by: Dari
how long does it take for a credit rating to change? For example, if you have a debt of $3000 and you paid it all off. When will it affect your rating? Or if you just applied for a loan? Is it instantenous, 1 month, 3 months, or what?

can someone answer the question I asked?

 

[csiro]

From what I've read, paying off your cc bills every month won't hurt your credit. The cc companies typically report your amount owed at the close of your credit cycle, before the actual due date. So even if you don't maintain a balance, your credit report should still show that you owe something on your cc every month. Now if you pay everything off before the close date, then it'll be reported as zero balance.

The Fico scores are determined mainly by several factors. Mainly debt to credit ratio, age of accounts, # of recent inquiries, etc. I think the most important is the debt to credit ratio. It's best to keep it down below 34%. So if you have a credit card that you don't use, don't close it. In most cases, it'll lower your credit score when you do.

 

[csiro]

Originally posted by: Dari

Originally posted by: Dari
how long does it take for a credit rating to change? For example, if you have a debt of $3000 and you paid it all off. When will it affect your rating? Or if you just applied for a loan? Is it instantenous, 1 month, 3 months, or what?

can someone answer the question I asked?

It depends on when the credit company reports it to the CRAs. If you get approved for a credit card, it'll usually show up on your credit history a week after that. For a loan, if you make a payment, the updated balance will probably take up to a month to show up.

 

[dirtboy]

Originally posted by: Cybordolphin
DirtBoy.... MeanMosh just gave you one source, read his post. I understand your disbelief. But it is quite true.

I read his post and he said something to the tune of, "a packet in with my credit report..." That's nice, but nothing anyone here can look up and verify. If you're going to reference a source, it needs to be something everyone can go see. Until I can see proof, I'll stand down your 30% rule.

 

[Dari]

Originally posted by: csiro

Originally posted by: Dari

Originally posted by: Dari
how long does it take for a credit rating to change? For example, if you have a debt of $3000 and you paid it all off. When will it affect your rating? Or if you just applied for a loan? Is it instantenous, 1 month, 3 months, or what?

can someone answer the question I asked?

It depends on when the credit company reports it to the CRAs. If you get approved for a credit card, it'll usually show up on your credit history a week after that. For a loan, if you make a payment, the updated balance will probably take up to a month to show up.

thank you much.

 

[Hamburgerpimp]

<---FICO 720 score and mine was seriously messed up 7 years ago in College. Amazing what time will do.

 

[p2fx]

Originally posted by: codeyf


she works at bank of america and has an employee visa with a $7k limit @ 5.5% apr.

I have one too, I work at Bank of America

 

[WileCoyote]

i work for a credit monitoring company... everyday i see hundreds of people's credit scores - i've seen some depressing stuff.

i highly recommend that you guys check your credit history at least once every year or couple of years. a lot of mistakes happen and there is also a lot of fraud (over 2.5 million cases of identify theft over the past 2 years)

 

[p2fx]

<- FICO: 619

 

[abu]

hey buddy,

check out: www.bscc.ca

its Canadian based (therefore diff laws apply)

but, perhaps some insight

🙂

good luck

 

[Ferocious]

[BRAG MODE]

Going through my most recent house purchase (a new one that we're living in for now)........the process revealed the following:

My Fico score is now 801.

My Wife's score is 805. (though I think I'll pass her up this year......I might accidentally throw away her next Visa bill 😀 😀)

Anyways....lenders love us.

 

[stso]

I'm age 23 and having 693 score (was 758 two years ago), I think I'm going to apply as many credit card as I can since I have no use of my credit score. I bet the score will go back up when I need it in maybe 5 to 10 years when I'm purchase a house 🙂

 

[dquan97]

689 for me

Positive Factors
Here are the top factors that reflect your good credit behavior (they are listed in priority of impact on your score):

There is no evidence of you having seriously late payment behavior being reported on your credit accounts
You demonstrate a relatively long credit history

Negative Factors
Here are the top factors where you have the most opportunity to take action that will increase your FICO score over time (they are listed in priority of impact on your score):

The proportion of balances to credit limits on your revolving/charge accounts is too high
The length of time your revolving accounts have been established is too short

 

[dquan97]

Great thing about my score is that I can boost it to 729-769 simply by paying off my credit card debt. I have the $ in my savings account, generating interest, while taking advantage of 0% APR on the credit card.