how long does it take to rebuild your credit?
Posted in Credit on 11/14/2009 05:00 am by admin
Sweebie Sunshine asked:
I had a few credit cards and shopping cards that I ended up not being able to make the payments on for a few months and I guess it pretty much destroyed my credit. I ended up paying everything off about a month ago, except for 2 (which I paid down) and now I’m looking at my credit report online and my credit score is horrible. I don’t get why because I have had good things — I had an auto loan and a personal loan, both that got paid off and all the payments were made on time. So how long is it going to take for my credit to get better?
MAJOR
I had a few credit cards and shopping cards that I ended up not being able to make the payments on for a few months and I guess it pretty much destroyed my credit. I ended up paying everything off about a month ago, except for 2 (which I paid down) and now I’m looking at my credit report online and my credit score is horrible. I don’t get why because I have had good things — I had an auto loan and a personal loan, both that got paid off and all the payments were made on time. So how long is it going to take for my credit to get better?
MAJOR
11/15/2009 at 6:30 am
KRIS
About 7 years to fully recover.
11/17/2009 at 12:27 am
GERMAN
as long as it takes to get out of credits ( negative dollars) and get in to debits ( Positive Dollars)
11/20/2009 at 2:31 am
MARGARITO
I was in a similar position the beginning of this year. I was in the upper 400’s, lower 500’s. I paid off all my dept, got a car loan and a credit card. I’ve made all payments on time, I’m currently in middle to upper 600’s. It’s been about 9 months
11/20/2009 at 5:55 pm
MICAH
If you have all of your delinquent accounts paid off and the only things that are on your credit now are 30 day lates or 60 day lates, then give it about 2 to 30 years with not getting one 30 day late. 4 to 6 years is more like it, but after 3 you should see something better.
Don’t mess with credit, it is super easy to destroy and terribly hard to fix but very easy to maintain.
11/23/2009 at 12:41 pm
JACOB
A couple of years ago it would have taken a year to improve…. Unfortuntely nowadays its hard to say …. You need a score of at least 750 to even finance a car loan…. good luck
11/24/2009 at 12:06 pm
JOSEF
Late Pays or Slow Pays can have a negative impact on your credit report, but only if it is prolonged and repetitive. Chances are if you continue to pay off your cards over the next few months to a year that your credit will have a full recovery.
11/26/2009 at 5:45 am
LUIS
Credit scores are 90% based on the last 24-months of activity so just keep on paying everything on time and in 18-24 months you should be fine.
11/27/2009 at 2:35 pm
KERMIT
It could take up to 7 years unless you take proactive steps to help yourself. I would recommend 2 things: 1) a very low cost (possibly free) credit repair program to try to have the negative items removed. 2) I would add a tradeline program to boost your score quickly (60 days or quite possibly less). A friend in California used this and got a 120 point bump from 560 to 680. My friend in California went through and called their toll free# or filled out the free evaluation form to get the ball rolling. Good luck.