How long does it take to get your credit score back up?
Paying off derogatory items showing on your credit report will not improve your score. The damage is already done and the items will remain the balance of the 7 year reporting period, whether paid or not. However, creditors look at more than just your score. They look at your whole credit report. Paid old debt looks better than unpaid. If these derogatory items are single entry items like medical and utility bills, you should negotitate a pay for delete (this will help your score). You pay $x and they remove the item from your credit. This doesn’t work for regularly reported items like credit cards and installment loans. The collection agency cannot remove the original creditor’s charge off. You can also try to settle these old items for less than the full balance. The older the item, the smaller the lump sum settlement needed. Be sure to get any settlement agreement in writing and save it along with your payment proof, forever. Do not give collectors direct access to your bank account
Your credit score will go up immediately as you pay off your debt, as soon as it’s reported to a credit bureau. I paid off one credit card and my score went up within 24 hours. Your credit report will show your previous debt for 7 years, but it will show it as paid off. After 7 years when it’s gone from your credit report, you’re credit score will go up even more. Keep up the good work!
Your score is calculated anytime a business or you request it. So, once you take care of those items, your score should increase immediately. However, how much is difficult to say. Even after paying a creditor in full, if you were late on payments, then the late payment history will remain for seven years.
