Increasing your credit score from 500 to 700 can be a daunting task, but it doesn't have to be. With the right strategy and a bit of patience, you can achieve a credit score of 700 in as little as three months. It all depends on your spending pattern and payment history. If you don't have a credit card yet, you have an opportunity to build credit out of thin air in just three to six months.
If your score is low because you don't have much credit history or you're just starting your credit-building process, you can improve your credit rating within three months to one year. Every month you pay your card bill on time, your credit score will increase, so set up a routine and you can increase your creditworthiness quickly. However, if you start out with bad credit due to non-payment or debt in collections, it may take much longer to build up your credit. That's because late payments, collections, and bankruptcy can stay on your credit report for 7 to 10 years.
To get a 700 credit score, you'll need to make sure that you keep up to date with payments and avoid skipping a credit card payment. You should also challenge false information on your credit report, cancel collection accounts, and reduce the percentage of credit used. If you need guidance or think it would be easier for you to have someone to help you through the process, you can try one of the 3 major credit repair services listed above. Opening new card accounts or increasing your credit limit can help build credit by decreasing this proportion, but that's not all that's needed. The Capital One QuickSilverOne card is top notch for those with fair credit (more than 580) and need to recover their grades, as it offers the opportunity to enjoy a generous rewards program and many of the same benefits offered by cards for those with good and excellent credit scores. Good credit scores can qualify you for most lines of credit you apply for, but it may still seem like you're at greater risk than someone with a very good or excellent score.
With some proactive actions and keeping your credit reports up to date with your credit reports, you can improve your credit rating quickly.