How Long Does it Take to Rebuild a Credit Score?
Money Girl tells you how long it really takes to rebuild a bad credit score.
Q. I have old debt that still shows up on my credit report and is hurting my credit. How long will it take to rebuild my credit score?
A. Since your credit score is calculated using data in your credit report, the key to improving it is to clean up your credit history. There are some simple, proactive steps you can take, like correcting errors in your credit report and paying your bills on time.
However, in some cases, rebuilding your credit score is a waiting game. Bad debt will drag down your credit until it reaches a certain age and is removed from your credit file.
Delinquencies stay on your credit history for 7 years from the original date they became past due. Certain public records, such judgments and foreclosures, also stay on your credit report for 7 years.
So, the length of time it will take to fully rebuild your credit score depends on when and why you had negative changes in your credit history in the first place.
Credit Score Survival Kit – a free multimedia video tutorial with 3 strategies to raise your credit scores!
Looking for more money advice or a great gift? Pick up a copy (or several!) of Money Girl’s Smart Moves to Grow Rich. It tells you what you really need to know about money without bogging you down with what you don’t. Get the ebook version or paperback at your favorite book seller today!