how long will it take to rebuild my credit score from poor to good?

misterT_4

Hi! I just got turned down for car finance at cargiant, thanks to my credit score which I realized has gone from FAIR to very POOR within a year due to slow payments and two-three late payments, all thanks to two of my credit cards.

I can easily pay off the cards in three months, but just wandering if u guys or Mr Martin can tell me if my credit score can bounce back up to fair or good if I pay it all off and if not how long will take to rebuild my score?

As I definetly do not want to use bad loan companies for car finance, plz HELP! I am stressing!!!!!!!!

poorandindenial

There is no short answer but I have had companies tell me to be good for a year and come back again

All companies score differently but you need to show that you can be responsible with debt, so make sure you meet the repayments every month and in 6-12 months there should be some sort of improvement (although not sure how much). Don't apply for any more products for a while as that will hammer your rating too.

poorandindenial

And some info from Martin:

http://www.moneysavingexpert.com/banking/credit-rating-credit-score

lotus121

hi
this site was recommended im a new user
i need advise?

in debt and i dont know where to start

poorandindenial

Hi Lotus

The boards are a bit sparse at this time of the night but you should start your own thread and tell us as much about your situation as you can. In a second I will post a link here to a guide for newbies.

There is a lot of advice to be had here so if you don't manage to get an answer tonight please do come back tomorrow, if you can get on between 8 and 10 it is normally fairly busy.

EDIT: here is that link - click here

EDIT2: to start a new thread, click on the 'new thread' button below the bankruptchy board and to the left of the page counter for the main board

misterT_4

Thanks! fingers crossed I do well!!