Question

How long does it take to rebuild your credit history? (1 point)

8 years
7 years
9 years
30 years

Answer 1

This is how your score breaks down:

35%- payment history
30%- total debt outstanding
15%- length of time you've had credit
10%- types of credit
10%- inquiries and new credit

The exact time frame that is required to build good credit varies significantly based on the variables mentioned previously. A person with no previous credit history who secures a loan, is never late on payments and who makes a good amount of money will be able to build a relatively good credit score within six months to a year. Those who have a terrible credit history, a severely low credit score and less income often require upwards of a decade to repair their credit and get it back to a decent score.

So i would say rebuilding a terrible credit history would be approximiately 7 to 8 years....