Will Paying Off Your Credit Card Boost Your Credit Rating?

Clear Credit Solutions is a multi-award winning clear credit service. Most consumers are unaware of what is on their credit report whether they are looking for something simple like a new phone plan or a brand-new property. Credit defaults, court judgments and clear outs can impact and stop any kind of finance application from moving ahead. These negative listings are not even discovered until a new finance application is made.

Services like ours can assist in removing these listings so clients can proceed with their finance but not everything can be removed. That is why after discovering something on a credit file the next step is to call Clear Credit Solutions. Not only do they offer the best advice and an award-winning service, but useful articles like the ones below are available throughout their extensive website.

Paying off a credit card does not automatically elevate your score; the period for this to take effect will vary depending on the particular issuer and bureau.

Updating your credit score after paying off a card’s balance takes anywhere from weeks to three months since the timing depends on when both your issuer reports about your payment behavior and the bureaus update your credit file.

If you want to apply for a credit product, such as a home or personal loan, and need your credit score to be respectable before doing so – it’s essential that you begin working on boosting it as soon as possible. Credit scores take time to build up; thus, set aside two or three months prior to when you plan on applying for the new credit product and commit yourself to improve your score by then.

Keep your credit score in check! It has been estimated that creditors like banks and credit card issuers report to Experian, Equifax, and illion – the three major Australian consumer credit bureaus – every 30-45 days.

Be sure to keep up with your payment behavior for a favorable financial future.

Unfortunately, the frequency of how often credit bureaus alter or upgrade your credit score remains a mystery. Similarly, we can’t be certain of the exact criteria they use to analyze and assign a grade for your credit score based on past data.

Credit bureaus across Australia, like Equifax, Illion, and Experian, take regular snapshots of your financial data to remain current. They can’t do this for everyone every day, so you can get a free copy of your credit report once in three months – implying that the information must be updated at least thrice yearly.

Wondering how quickly you can expect to see an improvement in your credit score after you pay off a credit card? In the best of scenarios, it could be as little as several weeks or one month from when your issuer reports your behaviour to a credit bureau for the bureau to update your credit score. On the other hand, it might take up to three months or even more – so be prepared!

A bad credit history can make it difficult to get approved for a loan, but there are steps you can take to improve your chances. At Clear Credit Solutions, we specialize in helping our clients fix bad credit, so they can obtain the financing they need. We’ll work with you to remove negative listings from your credit file and help improve your score. Contact us today to learn more about how we can help you fix bad credit!

Source: Jasper

So don’t wait around any longer- if you need help repairing your credit history, call Clear Credit Solutions at 1300 789 783 or fill out an application form. Our friendly credit repair team will be more than happy to assist you in taking the first step towards fixing your bad credit. We want to help you fix bad credit so that you can move on with your life! So what are you waiting for?