Sunday, June 28th, 2009

How long for credit report score to catch up with a new income?

credit report score
ABIGAIL ROSE asked:


I have now got a good job after many years at University. Like most students, I had a overdraft and credit cards to get me through. I have never missed a payment. The thing is, how much time has to go by with my wage going into my bank to improve my credit score? Will I have to pay off smallest debt first then cancel them one by one for improvement?

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4 Responses to “How long for credit report score to catch up with a new income?”

? Says:
June 30th, 2009 at 11:29 pm

Wages may matter when applying for credit, but do not affect your credit score at all. What affects that is your length of history paying different types of credit on time, and how much of your available credit you are using.

Canceling cards can actually reduce your credit score if you still have outstanding debt, because you will be using a higher percentage of your “available” credit.

Born 2 shop Says:
July 2nd, 2009 at 3:38 pm

Any change to your credit report
employement
charges
new account
etc.
It all takes the same amout of time to show up on your report which is 3 to 6 months. You can contact anyone of the 3 credit bureaus or go to there webpage it is on there.

Slimick Says:
July 5th, 2009 at 8:46 am

Your income has no effect whatsoever on your FICO score….You FICO score is based on your record of paying (or not paying) revolving credit items like credit cards and loans….

SPIFIMAN1 Says:
July 5th, 2009 at 5:07 pm

Credit scores are based on the following factors;

1. Payment history 35%
2. Time in bureau 15%
3. Types of credit 10%
4. New credit 10%
5. Debt to credit ratio 30%

As you can see income in not mentioned in the above because it has nothing to do with credit scores.

If you have credit card debt pay it down to less then 30% of your limit and your score will go up. Or better yet pay them off if you can and then use them for every day things and pay in full every month before the due date.

If the accounts have gone to collections do not pay them until they agree to a pay for delete agreement this simply says that in exchange for your payment they agree to remove the account from your credit report. Paying old collections without this agreement actually hurts your score because the accounts become current rather then old as soon as you pay anything on them.

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