How Long Does it Take to Increase your Credit Score?

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Good financial habits build a good credit score

Your credit score can change each time the information on your credit report changes. If you’ve been trying to work on improving your credit score, you may be expecting immediate results. If you need better credit you are eager to see the results as soon as possible. But how long does it take to boost your credit score?

It is possible to build a credit score in a couple of weeks. Steps must be taken to remove the negative information from your credit report. Adding some positive information may also help boost a credit score. It is true that correcting erroneous information, paying past due accounts and making prompt payments can result in improvements. Yet, you may only see little changes in your score.  It could take months up to years to see significant credit score improvements. About how long exactly is based on the following factors.

Where you start building your credit

It is much faster to build a credit score from scratch than when you have to fix a damaged credit. Building a credit score from scratch can be possible in about a month. But if you are trying to improve a less than stellar credit score, it might take much longer.

Your financial habits

Credit scores are determined by the information indicated on the credit reports. And whenever positive or negative information is added, the scores may change. Maintaining healthy financial habits on a monthly basis will reflect on your credit reports each month. As a result, your credit score will improve. So make sure to make on-time payments on your credit cards. And as much as possible, try to keep your credit utilization low or keep it at a healthy level.

How you define improvement

Your definition of “improvement” is a factor to consider. Trying to move your credit score from “bad” to “good” may take longer. But trying to boost your score little by little, even by a few points, may only take a few weeks.

There is no way to predict the exact time it takes to improve your credit score. It is hard to tell how soon your credit score will go up or how much it will go up. It will depend on how soon businesses send credit reports to the major credit bureaus. And even if they send their updates right away, it may take a few weeks for the changes to appear on our credit report.

If your credit report is positive, there is still no guarantee that your credit score will improve. It may go up or it may remain the same. The best thing to do is to track how your credit score changes and continue taking the right steps.

What is the fastest way to fix your credit score?

When you have a lot of negative items on your credit report, it may take a while to improve your credit scores. The good news is that there are plenty of things you can do to quickly boost your credit rating. Start by paying your past due balances or getting a credit limit increase. These steps will improve your credit scores pretty quickly. They impact credit utilization which makes up 30 percent of your credit score.

Disputing erroneous information on your credit report can also help raise credit score. So make sure you take time to get the errors removed from the report right away.

Working to maintain or improve credit scores goes for everyone. After all, credit scores are a product of healthy financial habits over a long period of time.  Now is the time to start working on your credit scores. Call The Auto Warehouse if you need to get a loan with bad credit