Credit ratings affect nearly all aspects of our modern lives. When you have poor credit, you have one question on your mind. How long does it take to repair your credit? The most realistic answer to this very important question is, “it depends.” 

Each person’s financial situation is unique and complex. According to Forbes, depending on where you’re starting from and how you manage your finances, it could take anywhere from a month to as much as 10 years. That’s quite a vast range. We don’t want to leave you with this unsatisfactory answer, so we’ll break down exactly how long it could possibly take and which factors will affect how long it will take for you to repair your credit.

How Long Does it Take to Repair Your Credit?

If you have a bad credit score, it may feel like it follows you wherever you go. How long do you have to wait to see a change? The amount of time it takes to repair your credit score will vary based on these three factors:

#1 Length of time you’ve had credit. In some cases, no credit is actually seen as bad credit. Lenders want proof that you can repay back what you agree to owe. If you’re just starting out, it may be easy to repair your credit score by simply opening a credit card and paying it off responsibly for a month or two. It is worth noting that this can have a bigger impact if you’re new to using credit than if you have a more established credit file.

#2 Your current credit score. This isn’t guesswork; there’s actually a very simple credit score chart. Anywhere from 720-50 is considered excellent credit, 690-719 is good, 630-689 is fair, and 300-629 is bad. It makes sense that it takes longer to reach 720 from 350 than 630!

#3 Any negative impact and the type. While all bad credit may be looked at the same, not all negative marks are created equal. Paying a bill 30 days late won’t impact your credit score nearly as much as paying 120 days late. Declaring bankruptcy or going through a foreclosure can also have larger negative impacts on your credit score than, say, paying one month’s credit card bill a few weeks late. Negative payment information, such as collections, late payments and Chapter 13 bankruptcy, will remain on your credit report for seven years, while Chapter 7 bankruptcies remain for up to 10 years.

Fast, Professional Credit Repair

Working to improve your credit is a worthwhile goal. The better your credit score is, the more reasonable the rates you’ll be offered on all your loans like mortgages, auto loans, and credit cards. It can also affect whether you’re approved to live in certain housing, offered jobs, and more. For this reason, we want to help you not only repair your credit, but do so as quickly as possible.