How long to improve a credit score?

[Rhett&SarahsMom]

I know mine isnt great. I havent worked in nearly 7 years. But I have paid off all the cc bills I had.
All that I have in my name currently is the house.(shared with dh) I am guessing it is around 670 somewhere.
But I have a interview Tuesday afternoon for a full time gig that pays more than min wage. *Crossing fingers* If I get it we will be getting the roof fixed along with some other things done on the house.
I am just wondering if anyone has any idea how long it takes to get the score higher. Our debt to income ratio is going to SO improve if I get this job. All we have is the mortgage and the car. We have been "living" on just one income for nearly 7 years now.

 

[Camelot Farms]

Hi!

I found that about every 30 days my credit score went up when I was paying things on time and my ratio was good.

Sometimes as much as 10 or 12 points each month.

I would think that you would start seeing a significant move up within a few months.

Good luck!!

 

[Nana2KJS]

But as soon as you miss one, they put it in your file and even if you have been on time and all that for YEARS, the missed payment stays on your record for 7 YEARS!!! And it doesn't matter if it's $75, $750, or more, it's still there.

 

[Camelot Farms]

Thats a very good point.

It takes sooo much longer to climb out than it does to slide down in there.

My credit score is like a yo-yo....up/down, up/down.

 

[bigkford]

we went through this a few years back, and found out it takes 7 to 10 years to get your credit back up. It wasn't anything we did but my husband has the same name as his dad, grandfather and great grandfather. When the grandfather passed I got his credit report on mine. Figure that one out. But anyway we had to go to court to prove it was not ours, or my debt but the grandfathers. I get a copy of my credit every 6 monthes and its still not taken off. That was 5 years ago.

 

[rodriguezpoultry]

My answer:

TOO FREAKING LONG.

 

[PurpleChicken]

Quote:
No, that's not true.

On your Fico report from any of the 3 bureaus they track 2 years of payment history on open and current accounts. If a bill is DUE on the first you still have 30 days to make it before it hits your credit report. Once you are 30 days over it reports BUT as long as you get back to on time payments it will fall off in 2 years.


I highly recommend a credit monitoring service. They cost from $8 to $15 per month but notify you of any changes to your reports immediately and you have instant access to your reports and FICO score.


670 is not a bad score by the way. If you open a few credit cards, use them lightly, and make consistent payments your score will jump to 750 in a year or less.


Debt ratios and job history do not effect your FICO score.

http://www.myfico.com/FICOCreditScoreEstimator/Estimator.aspx

 

[DuckLady]

I thought I heard something, PC

My ex left me with bad debt and big bills in a community property state. Took years to pay it all off, but I did it. After 7 years, my credit score started rising and with being faithful about payments it is now up in the high 700's/low 800's. But now we have everything paid off except the mortgages on our 2 homes, so I expect it to fall a bit.

If you have credit accounts, don't close them. That reduces your score as well, I hear. I also hear that if you charge a bit and pay it off, it helps, too.

 

[Nana2KJS]

Quote:
We recently had this EXACT scenario happen - monitoring service now says "account set to go positive in jan 2016". tell me that's not 7 years.

 

[PurpleChicken]

Quote:
We recently had this EXACT scenario happen - monitoring service now says "account set to go positive in jan 2016". tell me that's not 7 years.

What EXACT situation do you mean? Were you over 30 days late and did you pay it completely off?