I was always on time with paying my bills and had perfect credit up until a year ago, I was laid off work and couldn't cope with the bills..my credit now is very poor and I'm finally settled again where i can start paying again but all my credit cards are on collections and i'm wondering how long would it take me to restore my credit back, I'm planning to consolidate them all in one and i'm going to be paying them off in about a few months but i'm really concerned with how long it'll take me to have my credit back to 729, right not is 451.
2006-08-09 16:08:49 · 7 answers · asked by browneyedgirl 1 in Business & Finance ➔ Credit
If you are planning on paying the collections "without" validating and "without" requesting pay for delete, then it probably will take as long as the previous posters have stated.
If you:
Send validation letters to the collection agency's.
Dispute the trade lines they have placed on your reports with the credit bureaus.
Send a request to pay for delete to the collection agency's,
You may see quite a few of them drop off of your reports fairly fast after payment. Sometimes though, it seems like at least one has to stick and take a little extra work.
I would suggest going to the site I've listed and start reading in the newbie forum. Then do some reading in the credit forum.
Learn more about validation and pay for delete with collectors and disputing with the bureaus.
After you have done some reading and you have any questions, feel free to ask them in the credit forum.
The credit forum is also a great place for information on rebuilding your credit.
It is a free site. 'Everything' on there is free to read and use
2006-08-09 19:13:49 · answer #1 · answered by echo 7 · 0⤊ 1⤋
In general, it takes at least 24 months of solid payments, that is perfect payment history, to rehabilitate your credit.
By rehabilitate, I mean creditors will be willing to talk to you. Rehabilitate does not mean to restore you back to where you once were which is 729.
It may take you almost 4-5 years to get there.
You might consider doing some pay for deletions if you can pay off some of those old debts in full or a large portion of the debt upfront. The pay for deletion offer, if approved by the collection agency, will result in the items being removed from your credit report.
Before making a payment, however, it is important to get a letter in writing from a person of appropriate authority with the collection agency agreeing to the pay for delection.
2006-08-11 15:32:28 · answer #2 · answered by DaMan 5 · 0⤊ 0⤋
In Short, your credit, expecting perfect behavior, will be re-established in 7 to 9 Years, Don't expect it too much sooner than that. At best 4-5 Years, but 7 to 9 is more likely. Before you take credit ON ANYTHING put back 6 months worth of pay by saving your money, THEN you can, IF EVER, SHOULD go back to credit cards. PAY them off, get rid of them. Focus on Car and Personal Loans to re-establish credit.
2006-08-09 23:53:56 · answer #3 · answered by Jeff 2 · 0⤊ 0⤋
7 years
2006-08-09 23:14:54 · answer #4 · answered by JenJen 4 · 1⤊ 0⤋
Bad Credit Repair Solving The Problem
By: Alexis Dey
Is there a fast way to repair the damage? It took me at least 3 years of dispute and settlements...Just don't give up!
Gooooood Luck!
2006-08-10 15:31:19 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Years, actually 3 years depending...7 if bankrupt
2006-08-09 23:14:09 · answer #6 · answered by Joe Knows 3 · 0⤊ 0⤋
Not sure read some credit tips on this site
2006-08-09 23:15:52 · answer #7 · answered by Elite female 3 · 0⤊ 1⤋