Bad Credit Rating

Posted by admin on November 24th, 2009 at 04:51pm

Question:
Information about bad credit rating?
As of now, I have a bad credit rating but have been hired at a decent job which means I am able to pay off my loans and overdrafts within six months. If I can do this and then refuse to borrow or go into my overdraft, how much time will it take for me to get my credit rating back to a higher rating? Thank you

Answers:
Seven years of decent credit will increase your score.

I paid off all my credit card balances and in three months I was fine with about a 30 point increase. I also had a few colection items and it increased from 520 to about 640 within six months but if you want to be very big like over 680 than that could take up to two or three years of stable good standing and no inquiries. I bought a home as soon as my credit increased to 640.

It depends on how bad your credit is. Shopping catalogs will come off in two years. that is why they will start bugging you when that time is almost finished. If they fool you into a payment, so they will get off your back, it is only a trick. If you commit to payment, you’re back on the two-year thing. However, stay up to date on your payments now, they watch the current activity a lot.

I had a bad credit rating seven years ago and I am still not clear. I think I am still blacklisted. It doesn’t concern me now since I don’t do plastic. If I do not have the cash, I don’t buy it. I just wish i’d have done that seven years ago after three credit cards. I had a very low credit score nobody would go near me with my history.

Three years. Anything after that, companies are not that concerned with, but you must remember not to try and get credit within the first twelve months of getting rid of your debts and if you do only apply for two things within six months of each application, as the more credit you apply for harms your rating more than not paying back the credit as when the companies search they see all the applications.

Under Poor Credit Questions