Posted on: 04th May, 2010 01:11 pm
IF I PAY OFF A FEW DEBTS ON MY CREDIT REPORT, WILL MY CREDIT GO UP BY 5 POINTS IN A FEW DAYS?
Probably not, Lisa. You've got to give the creditors time to update their records that go out to the credit bureaus. Virtually every creditor updates once per month, and it's anybody's guess as to when that particular date might be for a specific creditor.
A month? Maybe or maybe not...you might be able to expedite things if you take the initiative and send whatever documentation (as much as possible) you have directly to the credit repositories yourself.
A month? Maybe or maybe not...you might be able to expedite things if you take the initiative and send whatever documentation (as much as possible) you have directly to the credit repositories yourself.
I HAD THE CREDITOR CALL AND HAVE IT COMPLETELY REMOVED FROM THE CREDIT REPORT AND WILL BE RE RUNNING MY CREDOT REPORT FRIDAY AND JUST NEED 5 POINTS FOR A FHA LOAN.....IM SO SAD THIS WAITING GAME IS AWFUL......THE DEBTS ARE BEING COMPLETELY WRITTEN OFF AND DELETED....OVER $2000 JUST NEED 5 POINTS IS THAT POSSIBLE?
PLEASE HELP!
PLEASE HELP!
WANT TO GET MY GRANTS....GOT A FULL PRICE CONTRACT
It's impossible to determine, frankly, what will happen. If at least two of the three repositories update their files and show sufficient scores, it won't matter about the third; but I don't know who could predict that happening in such a brief period of time.
Sorry to say, I'm skeptical that it will happen...but don't give up hope. Sometimes that's all we have, after all.
Sorry to say, I'm skeptical that it will happen...but don't give up hope. Sometimes that's all we have, after all.
Hi,
As per as my knowledge is concerned it is really hard to forecast as to when the credit will be updated as it depends upon the creditors, who reports to the credit bureau. It may take 15 days of time or more. What you can do is tell your lender to update it to the credit bureau as early as possible. Tell them about your scenario, they may consider your case. You can also tell your new lender about the same so they may halp you in that situation.
All the best. If you have any queries feel free to ask.
As per as my knowledge is concerned it is really hard to forecast as to when the credit will be updated as it depends upon the creditors, who reports to the credit bureau. It may take 15 days of time or more. What you can do is tell your lender to update it to the credit bureau as early as possible. Tell them about your scenario, they may consider your case. You can also tell your new lender about the same so they may halp you in that situation.
All the best. If you have any queries feel free to ask.
Unfortunately, Rita, I can't see any way in which a new lender would be able to render assistance. After all, they have no access to the debt information to begin with. As for the existing creditors receiving their payoffs, if they are among the large companies out there, I have to think they'll do things in their regular timing. Moving one of them to expedite something that negligible (to them) would be a major undertaking.