How long does it take to rebuild your credit score?
by Author on Monday, June 28th, 2010 | 8 Comments
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The answer you’re searching for requires a boatload more information. Have you applied for some form of credit and was turned down? If so, what were the reasons? If you’ve been turned down, the rejection letter will tell you what creit bureaus they used to review your hisotory and per the Fair CVredit Reporting Act, you are entitled to a free credit report from those bureaus. Outside of your current 5 credit cards, what other credit lines do you have open? What is your past credit history?
Your credit doesn’t plummet to "shaky" just beause you have five cards. Although, any more than 3 cards does tend to report as "too many open revolving credit accounts" on credit reports.Your score on the cards will mostly depend on past payment history & current balances versus total credit.
If you know your credit score is already "shaky" it sounds like you’ve reviewed at least one credit report. Are you sure all of the items on the credit report are yours? Are there any past issues you could dispute? Any credit lines that you closed that are still showing open?
Order your credit reports directly from Equifax, Trans Union or Experian. Per Federal law you may receive one free per each comany per calendar year. Unless you’re TOTALLY financially inept, don’t waste your money on the websites or commercials that offer "free credit reports". In order for them to help you, you need to sign up for their pay services. They get you free credit reports that you can’t guarantee come from each of the companies or just one. All three companies use their own verison of the FICO equation, plus, not every compnay reports to all three bureaus. That is something you can do yourself and for free. Once you review what the bureaus have to say, you can call them directly. You can also write dispute letters yourself and review financial help sites all for free. These credit helper companies will charge you an upfront or monthly fee.
I ordered mine from Equifax last week. You only have to pay a nominal fee if you want the credit score, otherwise the report itself is free. They will list on the report WHY your credit score sits where it is. That is the information you need to look at.
Without that information, your question is just too general and could be answered with 50 different answers.
the less cards u have the better you are. also, the more credit you have available the better your score. I would pay them off
Negative info stays for 7 years. Bankruptcies–up to 10. As far as credit cards go, the rule of thumb is to only use 1/3 of your total credit limit ($1000 credit limit divided by 3= about $333 that you can use). If you use more than that, your score begins to go down.
Average is about 2 to 3 years. Just keep paying your bills and disputing the old inaccurate files. November is a great time to dispute…December is busy!!! I have learned quite a lot at: mycreditadvise.com and it helped me raise my score!
It isn’t any fun but once you score is higher you’ll feel better!
If you have any questions you can contact me at my 360 page
It depends on how severe you screwed up, really.
You will see it rise– very slowly– immediately. As long as your Cc’s are already below 45% utilization (balance to limit) paying them off won’t have a big impact.
If they are close to maxed out and you pay them down, atleast by half, your score could jump as much as 20-30%.
It takes 2 years to really make solid progress from POOR to "GOOD", 7 years to really get to ‘excellent’ if you had lots of bad stuff.
PS- Keep all those accounts open. You need lots of accounts in good standnig to overcome the bad ones in your past.
Takes 7 years to be able to buy a house or a new car again (or for the first time). That’s only if you’re good, eliminate your debt, pay all your bills, etc. Don’t dig a deeper hole because the credit will continue to be stinky.
read tips on credit and credit scores on this site
I just signed up with a company My Credit Group. I only had two collections so I wasnt in horrible shape.
They had one removed last month and my score went up 32 points. The biggest jump came when I paid my balance below 50% of total available credit.
As the other person mentioned, they also told me below 30% was best, but I did not have that much money. But I owed a total of 6000 when my limits were 9500.00
I paid my total balances down to 4000 and my score jumped 68 points. My Credit Group had me pay the largest payment on my highest interest rate card which made sense. So in 38 days im up
an even 100 points.
Their site is http://www.mycreditgroup.com