How long does it take to fix your credit?

Such an open ended question I get! Greetings friends! I hope everyone had a fantastical weekend and you're going to make Monday a great day! Having a great week starts on Monday, dust off that positive attitude and good mood and bring it into Monday!

I'm chatty about TIME today and how long it takes to fix your bad credit or in most cases, errors that are on your credit report. First we need a little education about your score and what makes your score what it is. Don't worry, I'm not going to get into the algorithmic calculations of FICO, we'll just keep in basic and fundamental. Looking at your credit, you may fit the category of bad credit so how would I get any new credit at all? You may have a pre-paid credit card, or just old collections and charge-offs and things like that. 35% of your credit score is based on your negative pay history! Some might say, holy buckets that is a lot, or others may think that's not so bad. The next number of 35% is based off your current debt and utilization ratios. Meaning the credit you have now, how are you using it? If it's credit cards, are you paying them off or at least down? Are the balances high? If you have an installment loan like a car, is it new on your credit? have you paid it down? Things like that have an effect on your score more than you might know.

We're talking about how long it takes to fix it or get it straightened out. Keep with me kids, I'm getting to it, you now know what 70% of your FICO credit score is made up of. I'm telling you this because just getting negative items off your credit won't just do the trick if you have nothing positive going for you and it turn if all you have is negative with no positive credit you're really going to be waiting. By not having positive or just waiting for negative items to age can take years! That deflates confidence and is very discouraging to many people and you are not alone. Things can be done a lot faster with the right tools and information. Instead of years you could get your credit freedom back anywhere from 45 days to 6 months depending on your situation. Remember, if you're going to make an attempt to the bureaus on your own you will wait for them to respond for 30 days which is allowable by law. They key is to just do it and stop wondering what if or I need to wait or whatever your excuse is. I'm here to help, I want to help this world by giving people their power back to have more freedom with their choices and educate my clients which directly impacts your financial future. If you need anything or have any questions, you know where to find me. I'm always around...

john@redphoenixco.com