It’s hard to calculate the time it will take to rebuild your credit after you’ve had a financial mishap. Many factors are at play here; however, the good news is that there are ways to get back on track. You can do things like pay down or pay off old debt and make all of your payments on time. When you are responsible with money, it is less likely that any event in the future will negatively impact your credit score.
At Trifecta Credit Solutions, we’ve seen many businesses and individuals in Allentown, PA , who filed for bankruptcy make a comeback in a short period! You can do the same; it just takes some patience and perseverance.
It takes a while to get your credit score back on track and depends on many factors, but turning it around is possible. So, if you feel your poor credit score has knocked you down for good, this blog post will change your mind.
The time required to rebuild credit depends upon some of the following factors:
1) How Poor is Your Credit Score?
A poor score means your credit has been tarnished and blemished because of late payments, excessive debt, or other issues. It takes some effort to fix these mistakes, but it is possible if you have the knowledge and the right tools at hand.
For example, paying off all unpaid debts in full will boost your score from 350 -550 points depending on how many accounts were closed while still being delinquent without any further legal action taken against them! This tactic does not always work, but it is worth trying out.
2) The Length of Your Credit History
The length of your credit history is another important factor in your score. The longer accounts have been open, the better they look on your record because it shows that you can make payments for several years without having any problems like delinquency or defaults. You can improve your history by making regular monthly payments and not letting the balances go past due even one month. After six months with no late payments, wait an additional three months before closing these accounts if needed – this will ensure a higher rating!
3) The Extent of Negative Impact
Not all negative marks are equal in your credit history. For example, paying 30 days late won’t impact your credit as much as paying 120 days late. Declaring bankruptcy or opting for foreclosure has a significant negative impact increasing the time you need to improve the credit score.
If you’re looking to fix your credit and open the doors to other opportunities in Allentown, PA , then Trifecta Credit Solutions is here to help you. We provide our customers with credit repair solutions enabling them to get back on their feet. Schedule a free consultation now and pave your way for staging a financial comeback.