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How long will it take my score to go up after I pay off my credit cards?
I have about $10,000 in credit card debt, and my credit utilization is about 90%. It is by far the worst thing affecting my credit score. I have 100% on time payments, no collections. I was in the process of building up my score when my car was totaled and I had to purchase a new one before I was financially ready. I had about 3 hard inquiries on my score in the span of 2 days, and my score dropped 40 points within the week. That was 3 months ago. My previous car loan has been paid off, and my score still hasn't gone up.

It is getting very frustrating. I finally graduated college and got a decent job, and I am looking to buy a house. My score is too low right now to even think about going to a bank. I am finally in a financial position to be able to pay my cards off quicker, though it will probably still be 6 months before there is a noticeable change.

How long will I have to wait for my score to go up after my cards are paid off, and my credit utilization goes down?

Thank you for your help.

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Top Contributor
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YOour right in your assesment

Its your utilization rate that is holding yoru score down. 

Hard inquiries generally only effect your score by 3-5 points each, but when your have them no new loan is granted they can drop your score 15 to 20 points each. 

As you make big payments to pay off those cards, you should see your score slowly rise as the ratio drops.  With utilization that high, the only thing that will help is getting those balances low.  Once they are paid off, let them report 0 balance as often as possible for as long as possible. Put your cards into a rotation, using one card a month and then paying it off.  That way your not carring balances and none of the accounts will be closed for lack of use. 

Good luck

Top Contributor
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1501 People Helped

With every large payment there will be an improvement when the new balance is updated to the credit bureaus. Most lenders only report to the bureaus once per month. Damage from high utilization only lasts as long as the utilization is high. I also advise you to start watching your FICO scores.

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