if have bad credit and I want to improve my credit, Start pay my bill on time, pay off some of the credit card debt. From that time how long will it

Asked by Tony C., Lowell, MA Sun May 23, 2010

take to improve my credit?

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brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Wed Jun 30, 2010

I have seen scores sky rocket after a few months and some have stayed stuck for years. No one can give you a real answer until they see the credit report and if they know what they are doing start recommending steps to fix it. Paying on time is a great start. Here is an article I wrote years ago for a client. It's still listed under my old broker shop that went out of business this year. http://www.choicefinance.net/brent.htm#improvecredit
Maybe some of the info will help.
1 vote
Dianne Hicks, Agent, Rancho Bernardo, CA
Sun May 23, 2010
Why don't you speak to a lender and have them give you advise, most will do it for free. That way you will have someone to look at the whole pic and give you and heads up on your best approach and possible time lines.

Good Luck!!!
1 vote
Dave Griswol…, Agent, Bridgewater, NJ
Sun May 23, 2010
Hi Tch, Dianne said it right, let a mortgage company or rep. run your credit, most times they will explain what to do and the best way to do it.

As for time frame, it will depend upon the speed in which you can pay off your debt or pay it down below 40% of what your available baance is. Usually as we've seen 9 months of paying on time really improves your credit score.

Also if you have things that you already have paid off but your credit report is not showing it paid you can go online to each credit bureau and dispute it, they will have 30 days to respond if they do not it gets removed or shows paid which will automatically bring your score up.

All the best

Dave & Lisa
Web Reference:  http://www.urhomerealty.net
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun May 23, 2010
The lenght of time to repair one's credit will depend on how bad it is to begin with--pay all bills on time, dispute any negatives, pay off old debt, keep credit cards below 50%, pay down debt, etc., you may also wish to visit with any qualified loan officer and have your credit checked--their scoring is often different--your loan officer may also suggest great ways to improve your credit in the fastest time.
0 votes
Don Tepper, Agent, Burke, VA
Sun May 23, 2010
It depends on the causes of your poor credit and how bad it actually is. Alan's correct: It can take 2-3 years. However, if you really work at it, you probably will see substantial improvement in 12-18 months.
0 votes
Alan May, Agent, Evanston, IL
Sun May 23, 2010
it only takes a moment to ruin your credit (or damage it severely)... but it can take years (2-3) to fully recover...

you'll find small increases in your credit score with perfect payment history... as you start to pay your bills ALWAYS on time... and pay down your debt... but it's possible it will be 2-3 years before you've recovered from a 530 FICO score, up to a 720... That's one of the reasons why it's so important to protect your credit.
0 votes
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