Daniel Teo • Sep 06, 2018
If you’re looking to get your financial house in order, you may ask yourself: “How long does it take to repair my credit?” It takes time – but it is possible! There are three common mistakes that can negatively impact your credit score:
When these mistakes happen, a record of the infraction will make its way onto your credit report. If potential lenders see a pattern of these mistakes in your credit history, they may be less likely to approve a personal loan or offer a loan with a higher interest rate. Either way, they may see you at risk of potentially not paying back the money they lend.
Thankfully, your recent credit activity plays a larger role in calculating your credit score than old information. No matter what shape your credit is in, it is possible to rebuild and repair it.
The time it takes to rebuild your credit depends on the status of your delinquent accounts. There is no quick fix – repairing your credit score may take some time. Depending on your situation, it could take a few months or even a couple of years.
The amount of time that negative information will stay visible on your credit report depends on what’s reported. You can expect this negative information to stay on your credit report for the following number of years:
Your credit score is calculated to reflect your credit habits. A missed payment, for example, may initially have a significant negative impact on your score, but that impact will diminish over time if you’re able to demonstrate that you can manage it well.
Keeping the common mistakes in check will have the greatest positive impact on improving your credit health.
Regularly monitoring your credit score, through a free credit score check and a free credit report with Borrowell, can help with making practical decisions to better your financial well-being. Repairing damaged credit can take some patience, but the benefits that come with an improved credit score and the savings from lower interest rates are worth the effort.
Doing these 5 things can help you get an excellent credit score, according to a new Borrowell study.
Nov 01, 2019
Welcome to The Ultimate Guide To Personal Finance For College And University Students, by Borrowell! In this five-part guide, you’ll learn about important personal finance concepts that will prepare you for the next few years of school and beyond.
Aug 07, 2019
Today is an exciting day for all of us at Borrowell! We’re pleased to share that over a million people have signed up to Borrowell as members. This is an important milestone. It means that one in every 25 adult Canadians uses our free credit monitoring service! By that measure, this makes Borrowell Canada’s largest fintech company.
Apr 02, 2019
Borrowell® is a registered trademark of Borrowell Inc. All Rights Reserved. The Equifax credit score is based on Equifax’s proprietary model and may not be the same score used by third parties to determine your credit profile. The score provided to you for educational use is the Equifax Risk Score.
2014-2020 Borrowell® | The Credit Is All Yours!