our credit score is determined on how you handle your credits. You might have believed that you are responsible enough to apply for different loans. However, it is not always what you think that matters, and when your credit score is down, chances are you might not just be able to get that loan you badly need.
So how long does it take to raise your credit score? The truth is that it depends on the condition of your score and this varies independently for every consumer. Although it is indefinite on how long you can raise your credit score, you still have the control to increase it. You can either do the fixing yourself or hire a credit repair service to help you raise your credit score. These credit repair businesses are expensive though!
In case you decide to do the raising yourself, here are some tips on how you can boost your score and save your time.
- The first thing that you must keep in mind is that you should pay your debts on time. Paying it on time every month will give points in a year. You must avoid delinquency because it will hurt you credit substantially.
- Review your score and remove any possible errors in your report as it affects your credit score. Wrong reports of you financial activity will tie you down and will make it hard for you to raise your score. A request for a credit report can take weeks before you receive it, and you have to spend time checking errors and discrepancies on your statement. After finding the errors, you send a credit repair letter to a credit bureau to ask this to be fixed, and this will take at least 30 days per the federal law to be checked, and another 60 to 90 days for the result to be given to you.
- Along with discrepancies you also have to check on your accounts, whether any account will get expired or not. Avoid this as to not create a decrease in your credit score. That’s why checking your whole credit report statement will take not just days but maybe weeks, with you calling up the companies themselves to check on your account from time to time.
- There are also times when lenders do not cooperate, and this will require further investigation on the credit bureau, which will again, take months to accomplish.
The whole process might even take up to a year to finish. Depending on how bad your credit score is, it might take longer than if you only need a little adjustment. Acquiring credit report, checking errors, reporting discrepancies, sending credit repair letters, fixing discrepancies, waiting for credit bureaus, and adjusting will take a long time. That’s why if you have no time to fix everything up, you can hire a credit repair service to do the task for you. Of course, you personally have to go through checking your own statement, but the next steps would be done by the credit repair service.
The Best Option
However, prevention is the best way to make sure your credit score doesn’t take a turn for the worst. There are a number of crooks lurking the internet and just waiting to use your money for their own personal gain. When this happens and you don’t know about it for 6-8 months it can really wreak havoc on your credit score.
Thankfully there is a company called LifeLock that can help you make sure you don’t fall prey to this unfortunate event. They have a wonderful service that allows you to monitor if people try to open up an account under your name. This is one way in which crooks will use your funds without your knowledge.
This article was written by Credit Innovations which is a credit repair company
located in Katy, Texas. They have helped hundreds of people get their finances back on track