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How long to rebuild your credit

CS1974
Valued Contributor

How long to rebuild your credit

Just out of curiosity... what was everyone's starting scores vs current scores & how long did it take to achieve that?
I started low 560-588 across the board in October 2018 and am currently 640-656 across the board.

Edited to say: I'm about 70-75 points from where I want to be.
July 2020
Experian Fico 8. 707
Transunion Fico 8. 705
Equifax Fico 8. 724

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Message 1 of 6
5 REPLIES 5
CreditGuyInDixie
Super Contributor

Re: How long to rebuild your credit

There's no meaningful answer because the credit reports of two people could differ enormously in the things needed to improve them (and associated timeline).

 

Suppose Bob and Tom both have bad scores and they both are aiming for a 760.

 

If Bob has a new chapter 7 bankruptcy, he'll need to wait ten years.

 

If Tom's bad score is caused by ultra-high utilization and having no loans, he can fix that in a couple months.

Message 2 of 6
BrutalBodyShots
Super Contributor

Re: How long to rebuild your credit

Your best bet is to find a few other members on the forum that started with similar profiles to yours and see how they were able to rebuild and improve their scores and over what period of time.  CGID is correct that profiles can be wildly different.

 

On my thick/aged/low utilization file, I started with 4 dirty accounts and a 619 score.  It took me about 18 months to clean those 4 dirty accounts (via GW requests) which took all my scores into the 825-835 range and then another 6 months of tweaking some things and aging to hit triple 850's. 

Message 3 of 6
bsteph54
New Member

Re: How long to rebuild your credit

What is this GW request I see people mention? I assume it's a letter of some sort, but what's in the letter?
Message 4 of 6
BrutalBodyShots
Super Contributor

Re: How long to rebuild your credit

In a nutshell, basically an apology and a request for forgiveness in the form of a credit report adjustment.  You can read a lot about GW letters in the rebuilding section.  There's also a thread on the Saturation Technique, a method of sending out a ton of letters in order to raise your odds of a favorable result.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-o...

Message 5 of 6
CreditInspired
Super Contributor

Re: How long to rebuild your credit

Welcome @CS1974

Your post would probably get more traction if it was posted in the Rebuilding Credit Forum since rebuilding is your actual target.

I only say this because in my case, my goal is to just continue creating a great profile vs rebuilding so I can enter the 800 club and stay there without jumping back and forth across the fence.

If you ask a Mod, they would move it.

DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

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