If your credit report is suffering from a negative connotation, then you must take some time and resolve the issue. Also if you are planning on increasing your credit and thinking, about how long it takes to build credit from 500 to 700, then for both solutions, you need to seek help from a Credit Repair Service. In this write-up, we will help you to answer all these questions.
Everything You Need to Know How Long Does It Take to Build Credit from 500 to 700
Honestly, it depends on a lot of factors. But do not worry; we are here to walk you through the whole process as easy as possible.
If you surf the internet, many websites will tell you directly, without any explanation, that it will take only 3 months to increase your credit from 500 to 700. But really how long does it take to build credit from 500 to 700? And is that easy? Not though. You need to understand that your credit report has to be very clean if you want to increase your score as soon as possible.
So, how to look for dirt or negative aspects of your credit report? Well, this is where you need the help of a Credit Repair Service. They are professionals, ready to help you with anything related to your credit report and credit scores. They will assist you to find out if you have any obstacles in the way to reaching a 700 credit score. The things they will clarify are:
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Do you have any previous credit debt?
If you have any unclear credit debt from previous years on your credit report, it might get a little hard for you to reach your desired credit score in a short period. The solution will be, to find out the type and area of your debt and clear it by repaying the debt as soon as possible.
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Do you have a previous record of maxed-out credit cards?
In this case, you can approach it in two ways. If you have a history of maxed-out credit cards, pay the due bill. Then make sure you get a copy of your payment that says that you have cleared the bill. Then it will take 30 to 90 days, on average, to solve this problem with your local debt collection agency.
If you see that there is no problem with your credit card bill, but it still shows that you have, then you will need a 609 dispute letter. This letter, duly filled, will help you to delete that fake account or credit card. Credit Repair Services like TransUnion, Equifax, and Experian can help you with that, but for precision cast parts federal credit union will be the smartest choice. After you have resolved these issues, you are good to go.
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How is your income?
To put it simply, if you have a 5 digit income, your credit report looks good and it will help you to increase your credit score. It indicates that you have a stable income and you are a good fit for the list of potential borrowers. Lenders are willing to lend you money because you can pay it within time. So, having an income of at least 5 digits is a plus point here.
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Do you have tax issues?
Last but not the least; if you did not clear your taxes, it is highly likely that it will take some time to reach your credit score from 500 to 700. You should keep all your tax papers clear and up to date if you want an increase in the shortest possible time.
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Others
Your number of savings and other accounts also play a minor role in this matter. How many accounts you have, the earnings of these accounts, source of income, etc play a role in the time to score more credits.
If you have fulfilled all the points, you have to wait patiently for six to eight months for your credit score to reach 700 from 500. If we break down the time frame, all the processes of clearing out credit card bills and debts usually take 3 to 4 months depending on how big the problem is or how long your debt collection agency is taking. After clearing all the earlier mentioned issues, it takes 2 to 3 months to officially show your credit score on the credit report.
Conclusion
We hope that this article helped you answer all your questions regarding how long it takes to build credit from 500 to 700. As mentioned above, you need to fulfill all the required prerequisite conditions if you want to reach a credit score of 700. A Credit Repair Service can help you to do so, and remember, it is always better to seek professional help in case of credits.