A good credit score can affect whether you can borrow money when you need it and whether you qualify for the best interest rates. If you currently have a 600 credit score, you know there’s room for improvement. One question you may be asking is “How long does it take to go from a 600 to a 700 credit score?” The short answer is that each situation is different. Let’s talk about some of the factors that may impact your credit score.
Building or Rebuilding Credit
The length of time it takes to bring up your credit score depends on what factors caused you to have a lower credit score. If you’re just building credit from scratch and paying your bills on time, it usually only takes a few months to see your score start to go up. If you’re trying to rebuild your credit after negative items have hit your credit report, it may take longer.
If you have negative items on your credit report, they may continue to affect you for quite a while. Late payments, foreclosure, and collection accounts can all remain on your credit report for seven years from the time they were first late. Chapter 13 bankruptcy can stay on your credit report for up to seven years, while Chapter 7 bankruptcy can stay on your credit report for up to 10 years.
Bringing Your Score Back Up
Even though negative items can remain on your credit report for 7 to 10 years, your score can start to gradually go back up much sooner than that. It usually takes about three months to bounce back after a credit card has been maxed out or you close an unused credit card account. If you make a single mortgage payment 30 to 90 days late, your score can start to recover after about 9 months. It will probably take three years or more to start to bounce back from foreclosure or bankruptcy.
Actions You Can Take
You should be working on your credit score all the time and doing what you can to bring it up. If you have any accounts that are currently past due, work on getting them caught up as soon as possible. If you have a credit card that is maxed out or close to maxed out, work on bringing down the total balance owed as soon as you can.
Is Your Credit Report Accurate?
Make sure the information on your credit report is accurate. Look for things like incorrect personal information, wrong payment statuses, or wrong balances. Check that all payments are being reported accurately and that there aren’t any accounts on your credit report that you don’t recognize.
If you find any errors on your credit report, they need to be disputed right away. Dovly is an automated credit repair engine that can work with the credit bureaus for you to get inaccurate information removed. Try it risk-free with our free membership tier. Contact Dovly today.