In article <MPG.212d02ca8ba93e29989cc0[at]nntp.aioe.org> ,
"Usenet2007[at]THE-DOMAIN-IN.SIG" <Usenet2007[at]THE-DOMAIN-IN.SIG> wrote:

- quote -

2 to 3 months would be the expected time needed for the new lower
balances to improve your score.

Managing you credit cards to maximize you score can be done. Paying all
debt and bills as agreed is the place to start.

The sweet spot for credit cards, for highest credit score, is
approximately an usage of 30% of the approved limit and of course paying
each statement on or before the due date. Paying the balance lower than
30% will not improve the credit score. The second part of credit score
from credit cards is how long the credit card account has been open.
The longer is has been opened, with good payment history, the higher the
score can be.

If you plan on paying off and closing any of your credit cards, close
the newest ones first. Keeping the oldest accounts open, will help your
credit score the most.

Paying off and closing all of your credit cards will not improve your
score and may in fact lower your score!

Even though you did not ask, I suggest that you go to a mortgage lender
you plan on using and ask to be pre-qualified. This will enable you to
see how much you can borrow and will enlighten you as to what they take
into consideration when evaluating credit.

--
I do the best I can, but I could be wrong.
please post reply to newsgroup.
David, Williamsport, PA. USA.
http://mysite.verizon.net/vzev1hs3/

In article <1187203124.258709.104330[at]57g2000hsv.googlegroups.com> ,
Robert <popmusic[at]att.net> wrote:

- quote -

Paying down your credit cards will not affect your credit score,
not unless you are totally maxed out. In fact, paying off a card
can lower your score. What you need to do to improve your credit
score is to pay your bills on time, every time, and wait the 7 to
10 years for the bad stuff to drop off. If you behave, you may
qualify for a high risk loan in as little as 2 years. Or in 5
years, you may be bankable again. It all depends on the magic
formulas at Faire Issac. So, behave, and watch that score start
to climb.

-john-

--
================================================== ====================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ====================

In article
<1187203124.258709.104330[at]57g2000hsv.googlegroups.com> ,
popmusic[at]att.net says...
- quote -


Nobody knows for sure about the FICO score changes. Even the
human beings at Fair, Isaac cannot personally work it out,
because it is so complex that they need computers to do it.

However, I would expect a paydown like that to take up to sixty
days before the new balances showed on a regular credit report.
Because it takes awhile for your creditors to send in the
updates, and a bit of time for the bureaus to load them into the
databases.


--
Get Credit Where Credit Is Due
http://www.cardreport.com/
Credit Tools, Reference, and Forum

I want to pay down my credit cards so that I can improve my credit
score and get a mortgage. Does anyone know how long it takes for my
credit score to reflect the fact that I paid off a bunch of credit
cards? Thanks for any info.