How Long Does It Take to Repair or Rebuild Your Credit?
No one wants to have bad credit. In fact, most people work very hard to maintain good credit scores. Unfortunately, there are times when things happen that are out of our control, and our credit score suffers as a result. If you're suffering from bad credit, you might be wondering how long it will take to repair or rebuild your credit score.
Unfortunately, the answer is not that simple but below is some information that can help you get a better idea of what to expect…
How much time does it take to repair or rebuild a credit report?
Well, this depends on several things. Generally speaking, you can get a higher and improved credit score in only 30 days or even less, according to expert credit counselors.
However, your credit score will not jump from fair to excellent in this limited time, especially if you are suffering from any major setback, such as bankruptcy. In such cases, the process can be long and too daunting.
During this time, you will have to make timely payments to all lenders and maintain low balances. With patience and perseverance, you'll eventually see your score start to climb. Furthermore, the process and duration of repairing your credit also depend on your specific situation. For example, it might take around nine months to three years if you are suffering from missing mortgage payments or late payments.
The simple rule here is that a higher credit score means more recovery time.
If you want to fix your credit, never procrastinate. The sooner you start the process, the sooner you can apply for new loans. Neglecting the process can be too costly and result in lower credit limits or denials.
Still not unsure how long it takes to repair or rebuild the credit? check out this self-explanatory table:
|
HOW LONG DOES IT TAKE TO REPAIR CREDIT? |
|
|---|---|
|
Condition |
Approx. Recovery Time |
|
Applying for secured card |
2 weeks (to receive & report) |
|
Closing an account |
3-6 months |
|
Maxing out a credit card |
Immediately (Upon Payment & Reporting Date) |
|
Missing a payment |
1-2 years |
|
Bankruptcy |
7-10 years |
Monitoring Your Credit Is Vital:
Whether you’re starting your credit-building journey or already trying to rebuild it, monitoring and checking your credit is essential. Monitoring your credit scores states various things. Most significantly, it states where you stand and allows you to monitor your progress. Besides, it also helps to identify simple mistakes and potential fraud attempts that can damage your credit.
Rebuilding or Repairing Credit Takes Time
Rebuilding credit takes time. Your credit was not damaged overnight, and you cannot repair it overnight either. But since having good credit is so important - it can impact everything from your ability to buy a car or a house to whether or not you get approved for a cellphone plan - rebuilding and maintaining good credit should be a key priority in your life.
In the end:
So, How Long Does It Take to Repair or Rebuild Your Credit?
Hopefully, this post helps you during the process. Depending on the severity of your credit problems and how diligent you are about repairing them, it could take anywhere from a few months to several years. But don’t worry – you can repair your credit to its former glory with hard work and dedication. Any questions? Do let us know.
