Like many people, I ruined my credit in college. However, for the past year I have been paying all my bills exactly on time and I've been paying credit card bills in full. I've been taking all the right steps. How long will it take for me to undue the past? Will I receive a good credit score any time soon or has the past ruined me for good
2006-09-07 05:26:58 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
Pretty soon the credit companies will no longer be that relevant. Those with the money to loan are starting to look at other things in deciding whether to grant a loan or not. Among these things they will consider are your monthly bills like rent, telephone, electric, car payments etc. Keep paying them regularly and you establish a good track record. The reason they are moving in this direction is because while they want to loan money to make a profit... those in need of money can't borrow because of the stringent rules layed out now.
Have a great day!!!
2006-09-07 05:35:30 · answer #1 · answered by Coo coo achoo 6 · 0⤊ 0⤋
At worst you're looking at 7 years. In 7 years, when all the 'bad' reports fall off your credit report and you've been paying car payments, loans, and mortgages (hopefully) on time, you'll have a very high score.
The thing to remember is that staying away from credit is NOT the solution to getting a high score. You want things like credit cards (pay double the minimum each month), small loans (pay 50 - 100% more each month), car payments (pay 50-100% more each month) and mortgages (doesn't really matter what you pay over, just having one looks good when it's current and never late).
2006-09-07 07:27:40 · answer #2 · answered by dishmal 2 · 0⤊ 0⤋
The best thing for anyone to do is get a free credit report an then from there you can clear out any old "bad" stuff. You can write them a letter and then just keep making good payments, A little secret is if you get a Deparment Store credit card you can make payments right there in the store after you buy something. It is a easy way to better your score
2006-09-07 05:38:53 · answer #3 · answered by ooodjkooo 2 · 0⤊ 0⤋
You're on the right track. Your credit score will improve over time but I don't know how quickly. It's possible to call the 3 major credit bureaus and ask them. You're doing all the right things. Don't be afraid of taking out loans or making loan payments. They want to know that you are consistent, and reliable in your monthly payments, not that you have enough money to keep paying everything in full. Repeatable, consistent, predictable payments will improve your score. Good luck, mines over 800.
2006-09-07 05:32:06 · answer #4 · answered by Arnold M 4 · 0⤊ 0⤋
Just like grades, it takes a lot less time for credit scores to go down than it takes for them to go up. Keep doing what you're doing and they will go high.
2006-09-07 05:30:38 · answer #5 · answered by KL 5 · 0⤊ 1⤋
i'd say 3 or 4 years for a decent score but after that just keep paying bills on time and it will get better and better
for a bankruptcy its 7 i think
2006-09-07 05:29:16 · answer #6 · answered by Anonymous · 0⤊ 1⤋
convalescing and repairing credit it takes time. there's no at once the thank you to advance it. the appropriate thank you to do is to pay on time, previous due money it is going to harm your credit even you pay the activity. do no longer close your credit account, save that card open and lively.
2016-12-18 06:23:00 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Keep doing that and be patient, you will get there.
2006-09-07 05:34:51 · answer #8 · answered by Adnan Sallam 3 · 0⤊ 0⤋