How To Repair My Credit Score?

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How long will it take to repair my credit score?

It may sound pedantic but you cannot actually take action to alter your Credit Score/Rating, instead you can take action in order to change your Credit History – in turn, this affects you Credit Reference File, which in turn informs Credit Agencies who calculate your Credit Score/Rating.

So how long does it take to change your Credit History? Well, in short time is the best healer for any poor Credit Score – simply ensure all bills/repayments are made in full and on time, every time, and this action will help to restore a bad Credit History.

Indeed, many reputable Credit Agencies – such as Experian – state that regularly paying bills on time is the best way to improve Credit Scores. In addition, it is advised that you should aim to do the following:

“Minimize outstanding debt”

“Avoid overextending yourself”

“Refrain from applying for credit needlessly”

Being subject to any debt collection order/process is a sure-fire way to adversely affect a Credit History or Score.

But it’s true that any negative public records in your History – such as bankruptcy (a matter of public record) – have a shelf life and remain on file for certain amounts of time.

For instance, bankruptcies tend to stay on this record for up to seven years – though this can be longer if the bankruptcy gets complicated by things such as Bankruptcy Restriction Orders. Additionally, information relating to any late payments of bills also remain for seven years.

in addition to ensuring that any/all bills are always paid on time (certainly following a period of bankruptcy and, ideally, before – thus, hopefully, avoiding any need to embark upon bankruptcy) you can also do the following in order to help smooth a path towards a better Credit History:

If you have a credit card(s) then keep any/all balances as low as possible. The same goes for any other revolving credit that you may have (i.e. credit that has no fixed instalment repayment plan). This is because any outstanding debts of a large nature would aversely affect anyone’s Credit History/Score.

You should also be wary of opening new credit accounts willy-nilly, only doing so when absolutely needed. Having a big mix of credit may well prove confusing in the long run when it comes to keeping on top of them all and is not a cast-iron way of improving a Credit History.

Similarly, avoid simply moving debt around and spreading it across different credit sources – this can serve to tangle you up further. Also, simply opening accounts to close them, unused, as a way of trying to manipulate your Credit History can actually lower a Credit Score in the end as it will mean you have fewer accounts with which to house what could quickly become a larger, lump-sum, debt than expected.

Remember, as stated at the top of this guide, there is no quick fix or short cut to improving a poor Credit Score/Credit History.