How much time it will take to increase credit score?

[perfectionj]

How much time it will take to increase credit score? I have bad score but I want to improve it fast.

[bjl584]

It depends on your particular set of circumstances. Post your situation so others can have a look.

[iBond_007]

If you have a bad credit score the only thing to do is wait and not do things that negatively affect your credit history.

You score will rise as time passes. Delinquent payments stay on the report for 7 years. Bankruptcies stay for 10 years I think.

Inquiries remain on your report for two years. I've read that each inqiry reduces your score by about 5 points. You can avoid inquiries by not opening unecessary accounts. It's tempting to get 10% off at store registers by signing up for the store credit card. And maybe the discount is worth losing 5 points on credit score for 2 years - maybe not. Some inquiries can't be avioded. Like signing up for internet or cable TV services. Both Verizon and Cablevision have told me they would not run a hard credit check - and they have both run hard credit checks. Even opening a savings account at a bank where I already had multiple accounts in good standing resulted in a hard credit check.

One mistake many people make is closing existing credit card accounts. Sometimes it is better to close them, sometimes not. Closing the accounts is good in that is lowers the total number or revolving accounts. But it's bad if you have, or will have balances, because it increases the credit to debt ratio. For example, 10k in debt and 50k in available credit is probably better for your score than 10k in debt at 20k in available credit. The "thinking" is that you are closer to "in trouble" if you are using more of your available credit (based on debt to credit ratio).

Of course your specific situation matters a lot. If you give more specifics perhaps people will have better advice.

[LMA]

If you post vague question you get vague answers If you expand more on why your credit score is bad then you can get a better answer.

But generally speaking you have to fix whatever it is that is causing you to have bad credit. So if it's an outstanding debt then you need to pay it. If it's due to lack of borrowing then you need to CAREFULLY borrow some money like a through a charge account or something similar and pay it off so you establish a record of timely payments.

There are 100 reasons why you can have a bad credit score and another 100 ways to fix it. However, more than likely none of them will be fast.

[Gary Barzel]

The number of variables that play into an individual score make it impossible to say What one particular action you can do to increase your score by a number of points. What you can do is pay your bills on time, keep account balances low, and take out new credit only when you need it.

[AceBarks]

About a year ago when I paid off all my credit cards and my car, I decided to close all of my accounts. Bad idea.

I tried to sign up for Southwest cc to get the two free flights (bigger value than the annual fee). I was shocked when I was declined since I had a total 20k credit available previously. I have now had to "start over" with a Capital One card with a $500 limit.

I pay it off each month. But it was a bummer that all of a sudden I am not credit worthy.

[Eric80]

Unfortunately there is no fast way to boost your credit rating - it happens over a period of time, so it is a matter of making sure that you don't get yourself into more trouble; just ensure that you keep up with payments- if you think that you may be struggling then may be go and see your citizens advice bureau.

[naomibatac]

The amount of time to increase credit score will depend on how you make your payments and how you use your credits. But, it will take more than a year and there is no short way. Focus on paying your bills on time and in full. Eventually, your credit score will improve.

________________
Credit Card Help: Credit Cards Helpline - All you need to know about financial products

[JoshuaHeckathorn]

If you've got bad FICO scores, it'll take at least a year to recover if you start doing everything right from this point forward. Depending upon what kind of baddies you have on your credit reports, it could be longer. Give us some more details and you'll get more specific answers. If someone tries to tell you they can fix your credit scores fast, turn around and run as fast as you can.