For anyone with a bad credit score, the big question is, how fast can I repair my credit? When you have too much credit at your fingertips, or your payments have been late, and essentially have damaged your credit score. To qualify for more credit, you'll have to take steps to fix you credit history. But many people just don't have the patience for waiting months to see a change. So, how long will it take to repair credit, in the best conditions?
The answer will be different for each individual person. For people who have some past due payments but not major bad credit history, it may only take six months to fix credit. For other people who have bankruptcy, or even foreclosure or other major public record, or multiple past due payments and over due balances, it could take a year or more. You might consider using a credit repair agency to help you erase bad credit, but that really isn't necessary. The kinds of steps you need to take to fix credit are easily accomplished by anyone. Basically, there are two steps: Keep all your payments current, and stay current in your payments.
That's not as easy to do for some people. If your monthly payments are greater than your monthly income, you will need to work with lenders to get your balances adjusted or modified to allow you to pay them off. Some lenders will work with you to remove past due fees or other charges, or temporarily reduce your payments. Other will not work with you easily, and those lenders you will have to tell that they will be last on the list of cards you will be paying. The same goes for your balances. Some banks or credit card companies will reduce your balance if you are able to pay it off. You'll have to call and see who is really willing to work with you.
The time it takes to repair credit can be as little as 30 days, up to several years. Your credit history follows you for at least seven years, so even one late payment can affect your score for the next 7 years. However, the good news is just 2 years of good credit, with everything paid up and paid on time, should raise your score and be enough to get approved for credit.