Building your credit score is a crucial part of your financial journey. Getting a good credit score ensures you never get a rejection for any loan request. Yet, what if you default on a loan and are planning to improve it?
Building a credit score is easy for non-defaulters, but it takes time for others. On average, rebuilding your credit score can take six months to one year. However, it depends upon your current credit score. If you have a credit score near 750, less effort and time will be required to build your credit score.
Apart from your current credit score, many other factors are considered to evaluate the exact time required for score improvement.
You must note that a score above 750 is excellent, and you don't need to worry anymore. The lower your credit score is, the bigger problem it becomes. However, below 750 is a point of concern. Below are vital points to consider when improving your credit score.