January 29, 2009
Assuming I pay every bill on time have less debt , etc, how long will it take for my fico to go up 1 point?
dinesh s asked:
I was laid of about 3 years ago and fell behind on bills, somy credit score took a beating
, since then I have paid off my bills on time, reduced the debt, etc.. I am building again my shatterred credit, but If i keep doing the good things, how long generally does it take to go up just 1 point? I would like to know so I can plan on buying a house 
Thanks folks, another questions though
i currently earn 120,000/yr full time, if I go consulting I can earn 190,000 yr being self employed, but I want to start that in aug 08, I want to buy a house in march 09. how badly will this affect my chances of a mortgage given that I have had this full time job for only about 1 year
I was laid of about 3 years ago and fell behind on bills, somy credit score took a beating
, since then I have paid off my bills on time, reduced the debt, etc.. I am building again my shatterred credit, but If i keep doing the good things, how long generally does it take to go up just 1 point? I would like to know so I can plan on buying a house Thanks folks, another questions though
i currently earn 120,000/yr full time, if I go consulting I can earn 190,000 yr being self employed, but I want to start that in aug 08, I want to buy a house in march 09. how badly will this affect my chances of a mortgage given that I have had this full time job for only about 1 year
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Comments on Assuming I pay every bill on time have less debt , etc, how long will it take for my fico to go up 1 point? »
You will need at least 24 months of consistent, on time payment history to see an improvement in your score.
Creditors look at your whole credit report not just the score. Mortgage companies take a lot of other things into consideration like your income, work history, etc.
Credit scoring is reviewed monthly, so the score would change in the next month. Typically, scores don’t change in 1 point increments, and with having such a drastic change toward better behavior, the change in your score will be a lot more than just 1 point.
Hi,
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