If you've had a major setback, it usually takes you one to two years to repair your credit, according to Weaver. Unfortunately, there is no quick way to repair or fix your credit. The time it takes to rebuild your credit history depends on the severity of your credit problems and how your credit history was affected. It could take just a few months or it could require several years of commitment.
In either case, there are steps you can start taking right away to help get your credit back on track. Your credit recovery process may depend on the severity of the negative history that reduces your rating. For example, a charge cancellation, foreclosure, bankruptcy, or court judgment may be more difficult to recover than a late payment. The length of your credit repair process depends on the status of your credit reports.
Inaccuracies that weigh down your credit score can be eliminated much faster than a history of late payments or defaults. With the right approach, many elements can be eliminated, which could increase your FICO score. Review your credit report to determine the future removal date of a negative item from your credit history. Your credit analysis will include a rating for each component of your most recent credit rating, as well as personalized advice on how to improve problem areas.
The opinions expressed here are solely those of the author, not the credit card issuer, and have not been reviewed, approved, or endorsed by the credit card issuer. While a credit card can be a useful way to change a bad credit score, there are other methods you can try that can help increase your score. Every year, thousands of Americans turn to credit repair services to provide the instruction and help they need to jumpstart their financial lives. You only need to have one secured credit card to rebuild your credit initially, although you may want to consider having two.
The best credit repair company with the longest track record of success may not be the cheapest option, but it has a history of getting the job done as quickly as possible. In addition, you can learn more about the causes and consequences of bad credit by exploring all the reasons why credit ratings decline. The average consumer generally completes the credit repair process in about 3 to 6 months, but it may be lower if their reports only have a few errors to correct. If your credit rating isn't exactly how you'd like it to be, it's helpful to understand the type of period involved in improving your credit rating.
Sure, you can escape the depths of bad credit long before that by offsetting negative records in your credit reports with an avalanche of positive information. Therefore, keep track of your payments to create a positive payment history and take steps to reduce your credit card debt burden so that your credit utilization rate is as low as possible. In addition, many credit cards now offer free FICO score tracking, especially those designed to help you build credit. A few months of responsible credit card use will begin to rebuild your credit, and 12-18 months may be enough to turn a bad credit score into a good or fair one.
If you're repairing your credit on your own, you determine how fast this part of the process goes because you're in the driver's seat. Many consumers choose each year to try to speed up the process by turning to a credit repair company.