I used to be really bad with money, and was terrible about paying my bills. I recently got a much better job and have been paying everything off. I only have 1500 left to pay off until I am on top of all my finances. How long will it take me to build back my credit after everythign is paid off? I have had issues renting apartments and stuff in the past. Just wondering, and some advice, NEVEr let yourself get behind on bills! I WAS SO STUPID, and if I had known it would mess me up this much, I really would have never done it. Educate your kids on credit! THANKS!
2006-10-16 10:30:47 · 5 answers · asked by Sarah 3 in Business & Finance ➔ Credit
If you have been keeping current while paying off the old bills, your credit is already improving. The old accounts will still be reported for up to 7 years. Recent activity has a bigger inpact on your score than older accounts. The link below is a pamphlet by Fair Isaac and the Consumer Federation of America.
Your Credit Scores
Developed jointly by Fair Isaac and Consumer Federation of America, this pamphlet provides a brief but complete overview of credit scoring, including factors that influence credit scores, where you can obtain your scores and tips on improving them.
2006-10-16 12:09:08 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
7 years
2006-10-16 10:38:14 · answer #2 · answered by jane8012 2 · 0⤊ 0⤋
If you didn't file for bankruptcy, it won't be too long, but bankruptcy will follow you for 7 years. You should invest in a monitoring system such as freecreditreport.com and you can see what creditors are looking at. Its $12 bucks a month, but its worth it. Also try with your bank, as they may have a cheaper system. Just keep paying off your bills and you'll be fine.
2006-10-16 10:47:33 · answer #3 · answered by chellie 2 · 0⤊ 0⤋
If you are rehabilitating your credit, you need 24 months of consistent paying history.
The negative items do not drop until 7 years--yes, THAT LONG--however, 24 months of positive history PLUS addressing all negative items on your credit report through payment in full is considered REHABILITATION and creditors are willing to "talk" to you.
Sometimes you have to hit rock bottom before you truly learn the lesson.
Why? Why? Tell them that it's human nature.
2006-10-16 13:19:58 · answer #4 · answered by DaMan 5 · 0⤊ 0⤋
SEVEN YEARS........................
2006-10-16 10:52:10 · answer #5 · answered by Anonymous · 0⤊ 0⤋