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KaitlinJKarma

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Trying to improve my credit by paying off outstanding debt? time frame?
I messed up my credit when I was 18, and am trying to fix it now that I'm almost 25.

I had several open accounts that have gone to collections, and have paid off 6 of them, only leaving 2 open (which I know will will still impact my score). How long will that take to reflect on my credit score, and how much will my score go up?

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Not only does it take 30-60 days for a payment to show on a credit report, most "negative" items like collections can stay on your report for up to 7 years.  Time is the key here.  However, with improvements of making those other payments, and making payments on the ones that are remaining, it can still help it go up in the meantime.

From MyFico:

"It depends on the type of negative information. Here's the basic breakdown of how long different types of negative information will remain on your credit report:

  • Late payments: 7 years
  • Bankruptcies: 7 years for completed Chapter 13 bankruptcies and 10 years for Chapter 7 bankruptcies.
  • Foreclosures: 7 years
  • Collections: Generally, about 7 years, depending on the age of the debt being collected.
  • Public Record: Generally 7 years, although unpaid tax liens can remain indefinitely"

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It will probably take 30-60 days for the paid accounts to show up and impact your credit score.  Sorry, but nobody can say how many points it will increase (or if it will increase, so many things go into calculating your credit score).  

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