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how much and how soon will this help my credit score?*
I pulled my report and i have found some unexpected things on it from a long time ago and a few things that arent suppose to be on there. So my question is if i pay off my car almost a year early to term, and the few unexpecteds on my credit report how long will it take to show on my report and how much should my score go up?
I want this to happen as quickly as posible! Any suggestions to getting it off of there almost immediately. I heard if you write a check to the creditor and in the memo state cash upon removal from credit report its considered a contract. Or that you can negotiate that it come off immediately and to get it in wrtiting before you pay off the balance owing???
Answers:
1) izzabella...it takes and legally can take up to 30 days at the soonest for certain things on your credit to be gone or just said as "paid" after sending disputes. Usually, everything stays on your credit, paying your debts will just show as "paid". Once you've paid your debts and sent out the dispute letters for the items that shouldn't be on there that you weren't aware of, usually and at soonest, 30 days you'll know if your score went up or not but that's the very soonest. It saaaaal good!
2) Paying the car off early will reduce you debt to income ratio if you are applying for a loan. The other things will still showup as bad credit decisions on your part even when you pay them off. Writing in the memo line is NOT a contract. The best way to do that is to WRITE the creditor and WITHOUT even admitting the debt is yours or why you are trying to get the info removed, like buying a house, tell them you will pay in FULL if they will remove the negative item on your credit report. Then do not send a dime until you get a LETTER back saying they accept. You score will not go up hundreds o points overnight and really have to age to have a lessor impact on your score. If your score is less that 600 right now you will not get a home loan and the loans you do get will have double (HIGH )digit interest rates. It takes a person overnight to ruin their credit with irresponsible decisions but the impact does not go away very quickly at all.
3) Once you send the credit bureau a letter for the negative items you should see that score increase in approximately 30 days. There is now way to determine how much it will increase. You can get a free credit repair letter at http://www.your-credit-solution.com . Good Luck
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