A popular question among consumers is, “How long does it take to improve credit scores?” Unfortunately, even government officials with the Federal Reserve Board can’t give an official across-the-board answer that applies to everyone. Some people might improve their credit score in one month, while for others with severe credit problems could take a year or longer. The good news is that no matter how good or bad your credit score is at this time, you can do plenty of things that will eventually improve your credit score.
- Check your credit report at least once a year. Sometimes the question really shouldn’t be, “How long does it take to improve my credit score?” In reality, it should be, “Is my credit report correct?” The Federal Trade Commission enables consumers to get one free credit report a year from the government-approved website AnnualCreditReport.com. Make sure your information is correct. If you have negative accounts that are not yours, this can unfairly drag down your credit score. Fortunately, every time you get a credit report you’ll also receive instructions on how to demand a credit item investigation by phone, postal mail or online.
- Only apply for new accounts, like credit cards, once in a while. Limiting the number of your applications for new credit is a key to improving your credit score? Every time you make that account application, an “inquiry” is noted on your credit file for two years. If you recently ran a bunch of applications for new credit, it might take a year or two for your credit score to recover from that spree. , “Credit”); _468″);
- Remember that most negative credit information reports for seven years, which drags down your efforts to improve credit score. Unfortunately, only time can eliminate negative credit reporting. If you pay your bills late or don’t pay them at all, this will dramatically reduce your credit rating and borrowing ability. The good news is that it might not take the entire seven years for you to be able to improve your credit score. As each year passes, your score should improve. You must be dedicated to paying all present and future bills on time or your efforts to improve credit score will feel like you’re in a vortex and getting nowhere.