How long will it take for me to rebuild my credit?

Question

If I pay everything that went to collections, how long until they come off my credit report, and how soon can I start getting credit cards again?

Answer 1

It depends. Once you have been current a few months there are always some high-interest cards you can get. If you get them and pay them off in full (so you don't have to actually pay the high interest) then you start to rebuild a positive credit rating.

7 years before they come off your report but each company will look at the report and make a judgement based on your most recent activity. I have heard that six months of being current helps a lot, but it will be longer than that before you end up with "good" credit and can get the good rates on credit cards.

If you had a problem once though it's not a good idea to be getting credit cards again. It's a good idea to keep one and use it for regular stuff and pay it off in full each month, and to keep on hand for real emergencies. If you are a good payer then after a while credit card companies will reduce your interest and/or increase your limit if you ask them to.

Answer 2

Bankruptcy is noted for 7 years. Other types of defaulted payments may be removed from your credit report and will remain for various lengths of time. You should check with your individual credit bureau to find out your status and how you can improve your credit in the least amount of time. Establishing credit again is not as difficult as you may think, even with bad credit. There are plenty of lenders who will simply look at your income and outstanding debt and lend to you on that basis. Contact a mortgage broker to discuss your situation. Further, you can approach different banks for a general purpose credit card by promising to leave a locked-in investment with them for a period of up to 3 years. Once you have one credit card, it will be easy to apply for another one with a higher limit since your good history with the first will be the most recent item on your credit bureau. Department stores will give you credit cards simply by showing your general purpose credit card. Paying all these cards regularly will go a long way toward improving your credit rating quickly.

Answer 3

The importance or effect of the late payments diminishes as they age, so maintaining a perfect payment history from this point forward is critical. Those late payments will eventually fall off your credit report, but if I recall correctly after two years they have a minimal effect on your credit score. You'll definately want to review your credit reports and make sure there are no errors, sounds like there are enough legitimate things causing you problems. Hope this is some help.

Answer 4

part of rebuilding is not only paying off past debt, but re establishing credit
negative credit can stay on for 7 years
you best best would be to get a secure credit card
Bank of America is the only one that I know that I know of that offers one, is guarantee acceptance, does not charge you new card ay fee payments like Orchard and others do, and the credit limit is as high as your deposit, Review for change from secure to unsecure is 6 months.

Answer 5

3-7 years

Answer 6

Bad credit can frustrate your efforts at getting a credit. Hence ensure you keep your credit report clean. If there are any errors in the report, undertake credit repair to clear out any errors. This can be tiring and frustrating, but highly rewarding. Though law recognizes and protects your rights, it is your duty to remove any anomalies in

Answer 7

Depends on how soon you will pay you debts and after that you will need to clean your credit report. I could say that 6 months .

Answer 8

When you're paid up to 0.00, at least, that's our Global version of Monopoly, the people who sell us credit tell us to believe.
They provide us with the proceeds of illegal drug trafficking and bloodsport on a global scale, and expect us to find honor in laundering their idea of a good Deal....
Honestly... the word credit has been used by the masters of the enemy within us all, to instigate hour final undoing in a horror movie plot, with the Title: "Global Warming wasn't the cause, Theologians were." (I like this one)
It's time Governments take a stand for life if they want to be heard by the computer devouring the answers our Forums and experience provide on a growing scale that can assume and look like Mork from Ork, lurk inside the Trees in my Garden, or sound like a child's laughter in the distance, while the dove outside my window coos:' You Do ..... GOOD. ... You Do ...... GOOD, like he does every day since he moved here.......

Answer 9

oh it take a while like maybe 1 or 2 years.. it cannot be done just like in one night..
how about try secured credit card.. the one with deposit on the bank?? that is help you to rebuilt credit to..

Answer 10

7 years in Canada.They should be forced to call them debt cards not credit cards because that sounds too positive.