I have bad credit-580 & I financed a car-4k. How many points will my credit increase in 1 1/2 paying on time?
Answer:
Well, at first your score will go down because your debt to income ratio. Then , over time it will slowly go up, but it also depends alot on what happens with other things with your credit. If you have a lot of inquiries on your credit, score goes down.
If you get a credit card, at first score goes down, then up slowly like the car, or a house.
If you have no inquiries and no other credit happenings other than the car..
the score will probably go up about 20-30 points or so in a year and a half. Up from the initial drop of 10-20 points. So, you might end up with a score of 595 or something like that .
But if you pay off the bad debt on your report your score will go up more from that.
1 1/2 months or 1 1/2 years?
You can't say for sure, but it should help. The system looks for a ratio of good accounts vs. bad accounts. If you only have 2 and one of them is bad, then you get a low score. If you have 10 good ones, and one bad one, then your score will be higher.
If you have any unpaid bills like cel ph. or a gas card, you should pay those off, then your score will go up for sure.
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