*Loan,banking and credit>>>credit score

My credit score is in the poor range like 500 or so. I owe about 1700 in debt. Im about to pay 500 of it now?

the remaining 1200 i will pay monthly hopefully have paid off by october. ( i got 500 back from an old employer ) How soon will my credit score be impacted. Its been a year since my last late pay. I just had trouble paying back the overdue debt. I wanna buy a house in a few years 2-3 will i be able to get a good rate and how long will that be? Anyone ? Thanks

After you have the bill completely paid off the your credit score will go up with in three months... If you start paying on it and do put down a good chunk like you are doing, it will raise your score a little but slowly... But liked I said as soon as you pay it off it is usually three months and your credit is updated... I hope this helps

you're credit won't be fixed completely until 7 years after your last derogatory mark.
dona...
7 years is how long it takes for all the bad credit to be erased. However, if you keep paying your bills and credit cards regularly, you credit score should improve.
If you pay it off by October and pay ALL bills on time from here on, your credit score should recover pretty well in 2-3 yrs. You want to get it back up to around 700. start saving after you've paid the debts off
Trust me my credit rating isn't that great either, BUT,,, the one thing you can do now, is to try and make all of your payments on time... If you can, and belong to a credit uion, see if you can get a personal loan.(I DID).....AND, set up payments to be drafted out of your checking/savings account. That way, you'll never miss a payment (just make sure you keep money in the account. LOL LOL)
By the time you buy a house your dredit should be improved if you don't get in trouble again. Pay off your debt as soon as you can, but you still need to use your credit if you want your score to go up. try using your credit card for your purchase of food, gas, etc.. the things you need, but always pay of the balance in full every month. this not only helps your score but you also pay no interest if you pay off the balance in full. You have to control your spending though. Only buy the stuff you need and set the money aside so when the bill gets here you can pay it off. If you can have at least 10,000.00 in a savings account when you try to buy your home this will help you get a better interest rate. I speak from experience, so good luck. Something else to help you out never open any joint accounts with anyone, not even your spouse You may need a co-applicant for a mortgage, but if you can buy on your own credit do so). Never co-sign for anyone. Keep your CREDIT accounts seperate. If you are married and you both have good credit this may save you down the line. Imagine you lose your job, or run into hard times. Your spouse credit if good can bail you out of hard times. Good Luck