*Loan,banking and credit>>>credit repair

How long does it take to repair credit?

I have pretty awful credit due to collection accounts and deragatory credit items. I just this month took care of all of my collection accounts as well as caught up all of my accounts reporting past due. I do not have alot of credit cards but i the couple i do have been paid on time for the last 3 years, as well as my car payment being paid on time for 5 years. I was wondering how long it will take to raise my credit score? I had late payments reporting for my mortgage, i entered into a repayment plan after i fell behind when i was on maternity leave. I hadn't realized that they would be reporting me like i was past due even though i was following my repayment schedule.

Here's how your score is broken down

35%- payment history
30%- how much debt you have
15%- length of time
10%- types of credit
10%- inquiries and new accounts

With the delinquencies and the derogatory items that you had on your report, it affects 65-80% of your score. When you settled your collection accounts, did you request a "payment for deletion"? That's when you settle with the collection agency to have the item completely removed from your report. If not, although you paid it, it still can negatively affect your score because of the payment history.

What you can do to help yourself is if you have a close friend or family member with excellent credit, ask them if they would add you to their credit cards as an authorized user. You wouldn't need the card as it would be for reporting purposes only. Once you're added, their payment history would be reported on your credit history as well. Another thing would be to report the on-time monthly payments you are making to this agency called PRBC. PRBC is a consumer reporting agency that reports monthly recurring payments and scores it in a report that can be used in conjunciton with your tradtional credit reports. The Bill Payment Score, or BPS give a more accurate description on what you really pay, and when you pay it. Source(s): http://prbc.com/default.php?

I'm no expert, but I would imagine that the collection accounts need the most attention right now, and the reason I say that is because the other accounts are not considered a bad debt because you are paying them. They are just listed as slow pay, or missed payment.
You really need to call the boll collecting office and make sure that those collection accounts are scheduled to show that they were paid. It should take no longer than thirty days to show paid on your credit report, but stay on them if your report does not show that you paid them.
7 yrs totally clean if you pay every month on time
It can take up to a few years to fix your credit. Once you get caught up on all your behind payments, the negative comments on your credit come off with time. You can ask for a free credit report online-- I believe you can get one or two reports on without it counting anything against you. But once you catch up on late fees, as long as you don't have anything repossessed or declare bankruptcy, I believe they can come off rather quickly.
What alot of people don't realize is once u agree to any hardship program or any arranged payment plan, u must pay your payments on time. Every company has the right yo report any delinquent payment to the credit bureau. What you can do to stop that is try to pay your bills on time. If you know something is coming up & you wont be able to pay the amount u were given try working on a smaller amount. Paying a little sumthing instead of a late payment always helps. Most companys will work with you. Also to raise your credit score try paying some small things off, or dont skip payments. that way the only thing they can report is good standings. There is no real time limit on credit repair unless your in a settlement, negotiation,or arbitration program. Which is needed when ur bills are delequent, seriously behind, or the balences on ur credit cards are outragous. Check these website out:

http://www.nationwideassetservices.com...
or
http://www.aplusdebtfree.com

they can explain what happens to credit scores and how to fix them as well
depends on repair