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time to repair creditm rating?
missed one payment on an acct (house payment_) and suffered a 30 day late notice as a result. that caused a 100 pt drop in my credit rating from 803 to 700. i'm 52 and had a perfect history up to that point.
roughly speaking, how long (1 year, 2 years, 6 months) will it take to regain this loss?
thanx,
5 Answers
- ?Lv 73 years ago
Generally, negative items on a credit report stay for 7 years. There's nothing you can do if it's not an error except keep doing the right things and your score will gradually climb again. The positive things will eventually mostly overpower the negative item. But that won't happen next week, or next month, or possibly even next year.
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- Anonymous3 years ago
Well this sites guide is for the UK (its under the banking and loans tab -> how to improve your credit score) but the principles of credit are the same between the UK and the USA. It can take several years of making regular payments again (5 years in the uK) before a credit rating is restored, however this doesn't mean that all is lost. One missed payment is not game changing and you could still get finance and loans Im sure from the right provider.
Source(s): https://bestloans.net/
