If you're behind on your mortgage payments, you can repair your credit in a matter of months to years. Employers and landlords often check your credit score, and if it's lower than 620, it can be a cause for concern. Fortunately, bad credit isn't a life sentence and there are ways to quickly improve your score. The best way to start is by getting a secured credit card.
This will help rebuild your credit and with 12-18 months of responsible use, you can turn a bad credit rating into a good or excellent one. You can also offset negative credit report records with positive information. When it comes to credit repair, there are legitimate companies that can help you, but there are also scammers out there. It's important to be aware of this and do your research before hiring any company.
Every time something changes on your credit report, your credit score is usually recalculated. Legally, you are entitled to receive a free credit report from each of the three major credit bureaus - Equifax, Experian and TransUnion - once every 12 months. This report will include a score for each component of your most recent credit score, as well as personalized advice on how to improve problem areas. You can also do the work yourself by following the advice given in the report.
The key factors in improving your credit are time and patience, so it's important to be consistent with payments and reducing debt. Once you have a fair credit score, you can apply for more attractive unsecured credit cards. The time it takes to get a good credit score will depend on where you started, the type of negative information in your credit report, and how quickly you can pay off the debt. However, the first step is to apply for a credit card if you don't already have one.
With time and patience, you can quickly improve your credit score.