Recently one one of my credit card companies agreed to change the R9 rating it gave to the respective account in my credit profile to a R1. Does anyone know, once it has changed to a R1 in the credit profile, how long it takes to improve my credit rating?
That's an unusual change. Generally once the trade line is rated R9 it can't be changed unless the creditor made a big mistake. Make sure you don't fall for any mambo jumbo given to you by a phone rep and that you get this in writing from your credit card company. Such changes typically take 30 to 60 days. Check your profile on Equifax and Transunion in about two months. No need to pay unless you need access to it right away. You can order your report for free by mail.
I will also say thats one of the oddest things ive ever seen or heard of.
It usually takes 4-6months for an account to go to R9 status. That means all phones calls and mailing notices have been ignored and the creditor has no choice but to deem the account uncollectable, or whats internally called a charge-off.
A R9 is much more than than just a negative mark on you the card holder. For the bank its an important process. It moves the delinquent account from accounts receivable ledgers to bad debt/uncollectable ledgers. This must be done in a timely manner (4-6mths) to prevent inflated quarterly earnings by banks as set out by the currency comptroller banking regulations.
So once the R9 is registered its pretty well impossible to have the account reversed. (almost impossible if your story is in fact true)
I would pay very close attention to who you are paying your balance to.
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