How Long Does It Take to Get Your Credit Score Up?

How long does it take to improve your credit score?

There’s no hard and fast answer for how long it takes to get your credit score up.

It can take anywhere from a few months to several years.

The length of time it takes will depend on your credit history.

Other factors like moving home often, bankruptcy, county court judgements (CCJs), and defaulting on accounts can all negatively impact your credit score.

There’s no quick way to repair your credit score. That said, there are ways that you can improve it over time, which will then improve your future loan eligibility.

How to improve your credit score

Young people or those who’ve newly relocated can struggle with lower credit scores. However, there are ways to build your credit history and make you a more favourable loan candidate.

Prove your residency

Register on the electoral roll of your current address to prove where you live. Every time you move address, update this registration.

You should do the same with any banks and utility providers.

Ensure that there’s consistency in how you spell your address. Though seemingly small, inconsistencies have the potential to impact your overall score.

If possible, avoid regularly moving. Lenders look for stability, and moving home frequently can indicate that you’re having trouble paying rent.

Pay your bills on time

Pay regular payments on time and in full each month. This shows lenders you’re a responsible and reliable borrower.

Pay off your debts

As well as ensuring you make regular repayments, pay off all debt in full.

Keep credit utilisation low

Your credit utilisation is the percentage of your credit limit that you use.

A lower percentage is more favourable – try and keep it below 30% if you can. You can help to do this by paying off any outstanding balances or debts.

Minimise new credit applications

Hard credit checks leave a mark on your credit report. If your credit report shows multiple marks over a period of six months, this will negatively impact your credit score.

Plus, prospective lenders will see this as a sign that you’re a risky borrower, or that you’re in financial trouble. You’re therefore less likely to secure a loan.

Improve your credit score by minimising new credit applications requiring hard credit checks.

Dispute errors on your credit report

Check your credit report regularly. If you notice even small mistakes, such as misspelt addresses, raise this with your provider immediately. It could be the difference between being accepted or rejected for a loan.

Monitor your credit file for fraudulent activity, too. Scammers could take out credit in your name without you realising it. If you see an application in your report that you didn’t initiate, seek out a specialist fraud support team to report it immediately.

Consider applying for a credit builder card

A credit builder card can help rebuild your credit score. You’ll typically face low spending limits and high interest rates, and the initial application will cause your credit score to drop. This initial drop will disappear after a few months, and through responsible use of your card, you’ll actually build your overall score.

Avoid bankruptcy and CCJs

CCJs are County Court Judgements. Lenders can issue CCJs if they think that you won’t be able to pay back what you owe them.

Declaring bankruptcy or having a CCJ against you will lower your credit score for a number of years, ranging from six to ten depending on the severity of the problem.

How long does negative information remain on a credit report?

After around 12 months, hard credit checks will move off your credit report.

However, serious issues like debt foreclosures and collections, delinquency, or bankruptcy can remain on your report for anywhere from six to up to ten years.

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