how long after i pay a credit card in debt collection will my credit score start to repair itself? and…?
will it ever be fully repaired and if so (because the rest of my bills are always paid on time), how long would it take?
Usually, a couple of years after negative items are paid off, your score will start to rebound. However, your credit report will reflect the negative entry (even a paid off collections item is a negative) for 7.5 years after last activity and will be seen by any future creditors who pull your credit report during that period. A good payment history for a couple of years after a negative will make some lenders look at you more favorably (for example, if you are trying to get an FHA home loan, your most recent two year payment history is more important than your credit score, but you will still need a minimum FICO of about 620 and a minimum 3.5% down payment to get any lender to underwrite the mortgage) , but not all will do so.
If you do pay off the collections account, see if you can get (in writing) an agreement to "pay for delete". That way, the collections item will be removed. However, the original charge off item will remain for 7.5 years from the time it was first reported.
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It will return to normal gradually over a five year period.References :
Usually, a couple of years after negative items are paid off, your score will start to rebound. However, your credit report will reflect the negative entry (even a paid off collections item is a negative) for 7.5 years after last activity and will be seen by any future creditors who pull your credit report during that period. A good payment history for a couple of years after a negative will make some lenders look at you more favorably (for example, if you are trying to get an FHA home loan, your most recent two year payment history is more important than your credit score, but you will still need a minimum FICO of about 620 and a minimum 3.5% down payment to get any lender to underwrite the mortgage) , but not all will do so.
If you do pay off the collections account, see if you can get (in writing) an agreement to "pay for delete". That way, the collections item will be removed. However, the original charge off item will remain for 7.5 years from the time it was first reported.References :
Start? Immediately
Fully? At least 7 yearsReferences :
You have to reestablish credit in order for your score to get better. If you have new credit that you are paying on time now, it should rise slowly over the next year to 18 mos. Paying off a collection account does not in itself raise your score.References :