Apply Now

How Long Does it Take to Repair Bad Credit?

When your credit score takes a plunge you’ll find it difficult or maybe even impossible to find creditors that are willing to lend you money or offer you a mortgage. And when you do find a willing lender, you likely won’t get very competitive interest rates. As depressing as this may sound, it’s not hopeless; if you play your cards right you can have your credit repaired in a relatively short period of time. We highly recommend that you contact for bad credit mortgages or their private lending services to help you restore your credit.

So how long, exactly, does it take to rebuild your good name in the credit world? The answer to this question is somewhat of a sliding scale depending on your definition of a “good credit score”. A credit score is rated on a scale of 300 to 900 points, with a higher number being a better score. The following table will help explain what impact your score will have on your borrowing ability:

Credit Score Between 300-649

It’s unlikely that you’ll be able to get credit at this point. You’ll have to continue paying your bills on time and waiting for your score to improve until it reaches the next level.

Credit Score Between 650-699

Getting above the 600 score is your key to getting some of your credit back. If you’re diligent in paying your bills on time and reducing your debt levels you can get to the 600 level in about 3 years. At this stage the credit that you do get will likely come at a fairly high cost in terms of an interest rate because you still present a pretty significant risk to lenders.

Credit Score Between 700-759

At this stage you shouldn’t have a problem getting credit and it will come at reasonable interest rates but certainly not the best rates. Even with the best consumer behaviours you likely won’t reach a score of 700 before four years.

Credit Score Between 760 or Higher

When you’ve reached a score of 760 or higher you’ll be able to get some of the best interest rates in the market and obviously the higher your score the more offers that will be available to you.

In absolute terms, many blemishes on your credit report won’t last for more than seven years but you will begin seeing improvements from the moment you start paying your bills on time and lowering your debt. Consult our article How to Build Good Credit for tips.