Two of the largest aspects of one’s credit history are: a) continuity of positive records; and b) impact longevity of negative records. In other words, there is no magic code / secret flag / friend at the bureau who’s going to make negative records disappear. There is only controlled credit re-establishing- which requires appropriate positioning & a thorough understanding of the credit bureau records.
When applying for bank credit in the future, your file will almost entirely be scrutinized around your credit score. However, don’t forget that it is the consistency of your credit repayment history that they are paying attention to. Sufficient amount of regular payments will generate enough credit improvement momentum for your score to increase.
Imagine a red wall being painted white. It will take a series of fresh coats before hints or red start disappearing behind your clear new color. Same way your ‘not so good’ credit past will continue to stand out on your credit file until the volume and quality of new positive records outweigh the past.
Before attempting any re-establishing, it’s imperative that your credit report is reviewed for errors and deficiencies. Because credit bureau agencies deal with a large number of accounts on a daily basis – errors are imminent & common. Even the most diligent of creditors may experience difficulty in achieving positive results over long periods of time.
Your credit score can’t be deleted, or fixed, but it can be rebuilt or reestablished to show lenders and creditors that your financial situation has either improved or maintained satisfactory.
In respect to re-established credit, it is always best to follow your local mortgage insurer’s guidelines, to ensure that you are following an established standard.
If you are seeking help with any of the above, talk to us about it.
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