Credit Score Management

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Feb 11 2010

How Long Does It Take To Re-build Your Credit Score?

Posted by: Alan in Credit Score, tags: Credit, Does, Long, Rebuild, Score, Take, Your

I have a high credit score (over 700) & several credit cards I am not using & want to cancel so that I carry just two. I know that canceling these cards would lower my available credit & thus my credit score. In about a year I plot to buy a new car. Would my score recover by then? I am current in all my bills & pay off my monthly balances on time.

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This entry was posted on Thursday, February 11th, 2010 at 4:06 pm and is filed under Credit Score. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “How Long Does It Take To Re-build Your Credit Score?”

Dixie Darlin' says:

February 11th, 2010 at 10:25 pm
Yes, your credit score will recover in a year of consistent on time payments.
Anjell says:

February 12th, 2010 at 4:19 am
Not likely, that revolving credit would dash your score down quite a bit. There’s no reason to close them, particularly just before applying for a car loan. It’s quite up to you, but I’d wait until AFTER the car buy if I was going to close at all.
Adam says:

February 12th, 2010 at 11:08 am
You can just cut them up and leave them active. If they are not charging you any fees to keep the accounts open and they have excellent payment history then leave them open.
The longer your credit history the better.