how long does it generally take to repair bad credit? and how do you begin to do so?
By
keithzgirl
Posted on
01/03/07 Total Answers
5
Answers-
It depends, but things like paying bills late can actually take up to seven years (!!!) to drop off of your credit report.
The way to begin to repair bad credit, then, is to establish a history, and a pretty extensive one, of making purchases and paying bills *on time* and *every* time.
Answer by :
imtheriddling1 On Date
2007-01-03 15:24:08
Anything negative remains for 7 years from the date of last activity. These items purge automatically, so you really don't have to do anything to have them removed. You can talk to your past creditors to see if there's any way that they will work with you to get your debts settled - maybe they will agree to remove a bad debt earlier if you agree to pay it.
Rebuilding credit takes time and diligence. Once you open an account or two, be sure to pay on time every month, and every month that you do so, you will be a step closer to fixing your credit problems. Sometimes it is necessary to get a secured credit card to start with. Check with your usual bank and see what they are willing to do for you.
Answer by :
RedSoxFan On Date
2007-01-03 16:38:26
10 years debt consolidation.
Answer by :
Angie T On Date
2007-01-03 17:04:09
There are lots of ways to accomplish what you want but only 1 best way. If you have lots of time and persistence, you can take a stab at it yourself. I believe, however, that your credit is at least on the same level of importance as taxes (which most people have professionally completed). I know of a non-profit company that does all the leg work for you and hopes to improve your score 90 points in 90 days. Check out the credit repair link at www.totaldebtsolutionsllc.com
Answer by :
the dream On Date
2007-01-03 19:40:32
If your main objective is to increase your credit score there are ways of doing this that take very little time. 4-5 business days. I am a mortgage broker and use a program called CreditXpert. Basically, you can run scenarios on your credit to see how it will effect your balance. Many times paying a couple hundred dollars on one card or transferring a balance from one to another can make a significant difference. I had a client that paid a 500 credit card down to $15 bucks and it increased his score by over 60 points. Very significant and it only took a week. There are so many things that make your credit score high and low that it really helps to have a tool like this that you can play with to see what will happen to each bureaus score. If increasing it is what you are wanting to do. As far as cleaning credit up, there are so many services out there that do such things. Some do it well and some just don't. Just make sure you go with someone that gives you a guarantee of all moneys returned if they don't do their job. Those seem to be the ones that work. And remember, sometimes you get what you pay for.
Answer by :
ograndetyler On Date
2007-01-03 22:55:59
