My credit report was in a slump for three years. Now, everything is fine: I pay everything in cash and I no longer have any credit cards. Unfortunately, I had to buy a car using a second-chance loan for $9,000 at 29% interest. All this because my credit score was so poor. I'll be paying $122 on time every week. It's not so bad, but I had to be very careful about extra charges (insurance I didn't need). Obviously, I absolutely do not want to extend these payments over 36 months: the car would triple in price. Based on your experience, could you give me a rough idea of how long it will take to improve my credit score, say by 50 points, by paying the weekly amount or by making larger payments from time to time (for example, $500)? Six months, a year?
This is a difficult question to answer precisely, as many factors come into play.
Visit the section of our website that deals with restoring your credit score.
You will find a lot of information on this topic there.
Visit the section of our website that deals with restoring your credit score.
You will find a lot of information on this topic there.
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