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Raising Credit Score
Due to being in pretty bad shape financially, I accrued nearly $3,000 in credit card debt (I believe the limit is around $7,000) over a year and half, I simply could not pay bills in full and had a few major purchases that increased debt. I was too tired of having debt I am unable to pay off, so I dipped into another account (which is meant for future, major purchases like building a business or buying a house) and pulled out some money so that I could finally pay off my debt in full. I thought it was a small price to pay to help improve my credit score.
My question is, how long does it typically take for a credit score to improve, following payment of credit card debt in full?
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I can't say for sure just how long it takes for the credit reporting companies to react and raise a credit score. I believe there is a lot more to it than the amount of debt you may carry.
I found myself carrying more debt than I wanted to. I also decided that even though I was paying more than the monthly minimums I was being stupid since I had the resources to pay of the debt and could, if I continued to pay myself what I was paying monthly to the credit card companies, repay myself within two years.
Shortly their after, within four months my, son was driving my car when a young lady paying more attention to texting, rear ended him destroying my car. I now had to purchase a new car. In so doing I found my credit score had jumped by over 100 points putting me into the mid 700's.
Having had more than sufficient cash in my bank I never worried about my credit score so I did not worry or do I know if this 100 point jump was the result of paying off my debt or happened over time. I believe that the greater part was paying of my debt and rearranging some savings plans.
I hope my story answers in part your question.
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