If I pay off my credit cards how long until my credit score goes up?

Question

I am going to buy a house, so my grandparents gave me some money for a down payment so I figured I would pay down my credit cards to help improve my credit score to hopefully I get a better interest rate on the house.  So my question is how long does it take my credit report to reflect the decrease in debt? and also if it takes a while are there anyways of speeding it up?

SPIFIMAN1 · Accepted Answer

It will go up as soon as your credit card companies report to the credit bureaus, so you should pay them off and then wait at least 30-days before applying for your home loan.

Good luck

kratospiche · Answer

I am doing the same thing...My score goes up every 3 months....started about 9 months ago...I charged my cards up alt then paid them down to 0...then I was doing it over and over...my credit limit went up..and my score..it was 606 when I started..now its 705...so almost 100 points..Im not sure everyone is the same...When you pay them off and let then stay that way..i think its bad to build credit...they want to see it go up,up,up and then 0..lots of times...it shows them you have money all the time.....I charge stuff even if i have the cash..then at the end of the month use it to pay it off.Good luck...and now buying a house is tuff...they want to see a score of 750 to get a ok rate

Anonymous · Answer

It takes 3 to 6 months for anything positive to be shown on ur report. Good luck!

Anonymous · Answer

never... your done forever.. haha

Trending News

If I pay off my credit cards how long until my credit score goes up?

4 Answers