How long will it take to repair my credit?

Question

I have a credit score of 580. I am getting a new mortgage and plan to pay off all my late bills, etc. Assuming I keep current on my home mortgage, how long will it take to get my credit score back up to a respectable level?

Answer 1

Depends in how bad of shape you're in - they keep 3 years of credit card history, but if you pay some off and have "available credit", your score will bump within a few months.  Best bet, pay maximum on one card, minimum on the others, and when each one is paid off, DON'T close it - keep it open for available credit, but stop using that card.  That strategy works best with the FICO scores rather than paying a little on each card. If you pay everything off and stay clean for 3 years, almost all of the late pays will be washed clean off of your record and you should be well into the 700's.

I've found some good information here too...

http://www.safelinked.info/jump.php?link...

Best of luck to you.

Answer 2

When you pay off the late bills send them a letter requesting them to either delete the negative entry or have it updated to say paid as agreed.

Answer 3

Depends on what needs to be cleared up as to how long and how difficult it is. I raised my credit score from 535 to 700 in 6 months doing it by myself. It is doable, it is not doable overnight though.  

Answer 4

it would of been a lot better to have paid those late bills before getting a mortgage but sometimes it cannot be helped. If you have any open bedrooms in your house rent them out. I know it kind of sucks to have to have someone in your house but it should help you stay current on your mortgage. A mortgage loan is one of the last things you want to get behind on especially when you already have late bills. Its the biggest debt you're probably ever have and is taken very seriously to creditors.

Get your bank involved in building your credit. Even better if your are a member of or can join a Credit Union. Use their services which most are free which can possibly consolidate your debt or just set up a budget. They will more than likely advise to double up on the payment of late debts. They will also tell you if they think it'll be beneficially to get a part time job even if its only any extra 10 hours a week.

All in all doubling your late payments, staying current on your mortgage by getting roommates, a part time job, and a steady budget you can probably raise your credit to the high 600s within 3 years.

remember that late payments look worst of your credit then the amount of debt you have including cell phone bills and car insurance. Foreclosure stays on your credit for over 7 years so not being current on your mortgage is a no and bankruptcy says on your credit for 14 years. Good luck. Credit sucks...

Answer 5

Honestly it all depends. The best thing to do would be to contact your creditors BEFORE  you pay bills and asked them to reduce the debt. sometimes they will lower it as much as 75% but most often they can lower the amount you owe by 25%. Another thing to negotiate with them is how the report the information on your credit report. You should negotiate them before making a payment to either delete it off your report or report it as "paid" or "pays as agrees" this will boost your score. The most important thing is to get any agreements in writing before sending any paymetns. If after all this they are still reporting the information incorrectly youshould contact a reputable credit repair agency. They will be able to remove this information since they creditors wont be able to verify what they reported if it truley isnt true, they would have to remive it by law. So they answer to your question it would realisticly take 3-6 months to bring your credit score above a 640