There’s no short answer, just like there’s no one-size-fits-all solution. However, in a nutshell, if you’re wondering how long it takes to fix a bad credit score, it could be a few months to a few years.
Here’s why.
The time it takes to fix a bad credit score
The severity of your credit score and the reasons for its decline will impact how long it will take to fix a bad credit score. It could be a few months if you only need to fix a few minor things or pay off some debts, but it could also take as long as six years if you’ve accumulated a larger amount of debt.
Quick fixes for a bad credit score
If your credit score is low because you simply don’t have any credit, then you can take careful and well-managed steps forward to improve your credit score. Most people now have some form of credit in place already, whether a car loan or a mobile plan, so be sure to make your repayments on time for these.
If you have not yet done so, register for the electoral roll and make sure there are no inconsistencies on your report, as these can both have a detrimental effect.
Aside from that, most of your efforts should go to building and maintaining a good credit score over time. Quick credit fixes are few and far between, and the longer your accounts are open and in good standing, the better they will reflect on your credit score.
Long-term fixes for a bad credit score
Most of the reasons for a low credit score require some more long-term effort, but the work is worth it. A good credit score opens doors that would otherwise be closed. If your score is low because of debt, then paying off your debt or going on a debt relief plan could help you get back on track.
Things like CCJs stay on your credit report for six years, even if you pay it off, so they may have an impact. If you have declared, or are going through, bankruptcy, making your way back to a credit score that is widely accepted as good may take some time.
There are resources out there to help, and while it may take time, the journey is worth the reward.
For support with debt and money, head on over to Citizens Advice for advice, tips, and help. For help with gambling, visit GambleAware.
To get you started on the path to improvement, check out our article about improving your credit score.
References:
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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