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Lisadawn5

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How soon can I see a change in my score?
I just paid off all my credit card debt to zero, and I paid off the one derogatory mark (collection) I had on my report. Right now my vantage score is a 638 and I would like to purchase a home within the next 6 months. Do you think this is possible, and how long will it take for my score to reflect my recent payments?

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Your recent payments reflection depends on the servicer, but you can traditionally bank on the servicer to report within 2 weeks after your new billing cycle.  Basically you have to wait for your new bill to post that reflects a $0 balance, and then within 2 weeks most serviers will have reported that balance to the credit reporting agencies.

Regarding the derogatory mark, that will switch to paid off which is a good thing, but there will still be the derogatory mark on your credit report for 7 years (from when it was initially reported not from when it was paid off).  Now that it is paid off it won't hurt your credit as bad as an ignored derogatory, but it will still have an affect.

Your credit score will upate immediately as each thing is reported. Before you plan to make a large credit purchase (a home) I would recommend running your FICO score closer to that time bc that is normally the score they will run and it will vary from your CK score. Also keep using your credit cards each month until that purchase as it will help (just pay for gas on it once a month then pay it off in full when the bill comes).

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