Credit report and FICO score


R

rick

In the last 2 weeks, I paid off two credit cards, to the tune of
around $6,000. The payments have been posted. Like last year, I want
to get the 3 free credit reports, not all at one time. I also want to
get my FICO score. I would like to know how long would be a good time
to wait before getting the report and score from the time I paid off
the two cards? Maybe the report isn't that big a deal to wait for, as
I've had very good credit (my last score was a 750, I think), but if
my paying off the cards helps my score, I'd rather save my money and
wait before ordering that.

BTW, I still plan on using those two cards, but am going to try to pay
off the balances each month.

Also, is the FICO the standard score used by credit reporting
companies?

TIA,

Rick
 
Ad

Advertisements

T

Todd H.

In the last 2 weeks, I paid off two credit cards, to the tune of
around $6,000. The payments have been posted. Like last year, I want
to get the 3 free credit reports, not all at one time. I also want to
get my FICO score. I would like to know how long would be a good time
to wait before getting the report and score from the time I paid off
the two cards? Maybe the report isn't that big a deal to wait for, as
I've had very good credit (my last score was a 750, I think), but if
my paying off the cards helps my score, I'd rather save my money and
wait before ordering that.
It will help your score, particularly if you've left the accounts
still open.
BTW, I still plan on using those two cards, but am going to try to pay
off the balances each month.
Excellent plan.
Also, is the FICO the standard score used by credit reporting
companies?
Yes.

Someone more familiar with this can answer on the timing issue if you
want to see your fico, but I suspect on the order of a few months
track record showing a low outstand debt to credit line ratio will
help your score creep up even higher. If you're paying things on
time and reporting a low outstanding balance, lenders will be very
happy to lend to you as they're quite confident you're gonna pay your
bills.

I'm not sure whether anything over 750 really buys you any lower
risk/interest though.

Best Regards,
 
Ad

Advertisements

M

MoneyMan101

Hi Rick,
If you wanted to have an official score, I would wait atleast 2-3
months. It could be updated before then, but to be certain your not
wasting your time and efforts of requesting the reports and the score,
you should wait until then...

Hope this helps you, and congrats on your 750 score!

Jon
www.worldfinancialguide.com
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top