How long will it take to improve your credit score? This is the question that is often asked by people who have problems with their credit score. Well the answer is variable, depending on you. But surely, it could not be done in a blink of an eye or in just one night. It will take some time to improve your credit score, but it will depend on you on how long it will take. If you keep on doing the right things, then you would improve your score faster. But if you still keep on committing the same mistakes, then maybe it would take you a lifetime to fix your score. Listed in this article are some things you could do improve your score in the shortest possible time you can.
First thing you can do is to fix your credit report. But how can you do this? It is obvious. You must firstly have a copy of your report from any of the 3 major credit bureaus. You have the right to have your copy once a year. And once you have your copy, you can take a look at it and see if there are any incorrect information. Incorrect information could damage your score so you better see if there is one and be able to repair it. Contact your creditor immediately and have them fix your report.
If you are a starter in the credit world, then try your best to always pay on time. Paying on time at all times could save you the trouble of fixing your score. Because by simply paying on time, you can build a very good credit score. Always beat the due date of your payments. If necessary, you could sell some properties you have to aid you during payment time. You could also try to set up automatic payment schemes from your bank account. In this way, you could still pay on time even though you lost track of the time or you forgot it was the due date. But be sure you have enough money on those accounts.
Next thing you can do is to know what affects your credit score. There are several factors that can affect your score. Firstly, as stated above, is how punctual you pay your bills. The more punctual you are, the better your score is. Second, the lower your outstanding balance from older accounts, the better your score is. So be sure to pay all your previous accounts even though they have stopped to collect from you. Do not try to just close them out for it would shorten your credit history. And having a shorter credit history can decrease your score. Lastly, you could try a mix of different credit accounts, loans, or the likes. But be sure to keep a clean record for each of them. But if you currently have any delinquent account, don't even try to apply for a new one.
Last thing you could do is to be patient. Give it time for your score to be fixed. Just keep doing the good stuffs and you'll be back on track.