How Long Does It Take to Rebuild a Credit Score

If you really think about it there's no specific timeframe when it comes to rebuilding your credit. It based on what is causing your credit scores to be impacted as well as the steps you're taking to rebuild it.

For example, if your score takes a hit after a single missed payment, it should not take too long to rebuild it by bringing your account current and continuing to make on-time payments. However, if you miss payments on multiple accounts and you fall over 90 days behind before catching up, it will likely take longer to recover. The impact can be more exaggerated if your late payments result in repossession or foreclosure.

In either case, the impact of negative marks will diminish with time. Most negative marks will also fall off your credit reports after 7 years and stop impacting your scores at that point if not sooner. Chapter 7 bankruptcies can stay for up to 10 years.

Have your hear about credit repair companies? They offer to repair or "fix" your credit—for a price. It might seem tempting, but in reality credit repair companies can't do anything that you can't do on your own for free. So, be wary of so-called debt settlement companies that may encourage you to stop making payments in an attempt to try to "settle" the debt for less than you owe. Their plan can result in major credit score harm and may not even ultimately work to reduce your debt obligation.

Disclaimer : We are not credit experts this is just information found on experian.com. Please do your own due diligence and seek advice from a credit expert.