How Long Does it Take to Rebuild Credit Scores?

You really do need to take your credit score very seriously, because it’s the key to so many financial aspects of your life. It will determine if you can buy a house, buy a car, start a business and myriad other things.

Unfortunately, by the time many people realize this, they have already done some things to set their credit score back. Even waaaay back.

Now you may be wondering how long it will take to build your credit back up. Sadly again, the answer is that it could take a (long) while.

How many years depends on what your current credit score is, and what steps you are taking to rebuild it.

For example, someone with a 550 credit score is in the “poor credit” range. But, if their goal is to get a low-downpayment FHA loan for a house, they only need to get it to 580. It may not take that long to lift a credit score by 30 points.

However, other credit scores may be lower due to things like previous bankruptcy. In that case, such a person may have to wait a full 7 years before that bankruptcy falls off of their credit report.

Wherever you fall in terms of “bad credit,” you need to realize that rebuilding that credit may likely to take years…sorry. It’s a marathon and not a sprint. But I’ve got some recommendations below for rebuilding your credit as quickly as possible.

Swipe Up

for more finance, business, and real estate advice

Read More

The 4 Best LLC Formation and Incorporation Services

How To Shop for Free: 7 Easy Ways That Work