How Can I Rebuild My Credit?
Updated: May 4
· Improving credit takes time
· You can rebuild your credit by paying your bills by the due date
· Paying off debt - especially your credit cards – and not taking on any new Accounts.
If you are in debt and need help, a reputable credit counseling organization might be able to help. Good credit counselors spend time discussing your entire financial situation with you before coming up with a personalized plan to solve your money problems. They won’t promise to fix all your problems or ask you to pay a lot of money before doing anything.
· Rebuilding your credit can be tougher than starting from scratch.
You are trying to show lenders and credit card issuers that despite slip-ups on your part or disasters outside of your control, you are very likely to make future payments as agreed.
· Start by making sure errors on your credit reports aren’t holding you back.
Correcting a big mistake in your report has the potential to add points quickly. If you have received forbearance or a deferral related to the corona virus pandemic, it’s important to check to be sure it is being reported correctly.
· If you have been a victim of identity theft, checking your credit reports regularly can ensure you catch fraudulent accounts and charges sooner.
There are companies you can pay to dispute errors for you, but understand the pros and cons before you choose this option.
You often can find non-profit credit counseling programs offered through:
· Credit unions
· Military bases
· U.S. Cooperative Extension Service branches
HOW LONG WILL IT TAKE TO REBUILD MY CREDIT?
Credit missteps and misfortunes do eventually fade into the past. The impact on your credit score and the time it takes to recover depends partly on how big the mistake was and how recent. Late and missed payments, judgments and collections stay on your credit reports for seven years. Bankruptcy can linger for up to 10 years.
Nonetheless, you can begin repairing things right away. You should begin to see improvement as soon as you start accumulating positive credit information to help counter the big negatives.
Pick the strategy or combination of strategies that works best for your situation, then monitor the results. Get weekly updates to allow you to see your progress over time. You can check your credit report frequently to see how your efforts are paying off.
Start taking steps to correct credit report errors that are keeping you from your Great Credit Score today!
CALL TARIQLAW at 718-674-1245 for legal help or send us a message here.