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Does your credit score go up, once you pay old bad things off?
I'm trying to improve my credit score, right now it's embarrassingly low. How much will my credit score go up?
Will it go up?
I have one credit card that is a charge off, one old utility bill, and the rest are old hospital bills.
5 Answers
- LegendLv 41 decade agoFavorite Answer
No, unfortunately. The bad thing stays on your report anywhere from 2-7+ years even if you pay it off. Your score DOES NOT improve. Paying it has nothing to do with any FICO standards. The only relation is if the account shows collection or non-collection. Once it drops off your credit record, the score will improve.
The best way to improve your score is to pay off credit card debt, then pay off any overall debt like an auto loan. 35-40% of your credit score comes from debt to credit ratio. Let's say you have $1,000 of credit available to you, but you have used $500 of it. Your debt to credit is at 50%. That's like getting a C grade. If you are only using $100 of $1,000, your DTC is 10%. That's like having an A. The grade you get in this category is the largest grade of the entire FICO/Vantage score.
- 1 decade ago
Even if you pay the bills off, the bad debts will stay on your credit report for 7 years. Having $0 balances on the debts maybe a little helpful, but it will do nothing to your score.
- Anonymous1 decade ago
Yes, it will improve, but its a slow climb that takes time. Its not gonna skyrocket overnight. To repair your credit, you have to demonstrate responsibel use of credit and on-time payment over an extended period.
- Anonymous1 decade ago
Ok in lamens terms-eventually youre score will improve but the negative stuff can stay for several years.
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