Devin asked in Business & FinanceCredit · 2 months ago

What is the best way to build credit again?

I have had a credit card for 3 years now and my credit score was in"very good credit" range. I accidently forgot to make an electrical bill payment (they didn't give me a bill and was last month I lived there) of $100 and was 7 months late.. I received a derogatory mark and my credit tanked to just above "bad" to "fair". Will I basically have bad credit for the next 7 years? I called and they won't remove it. What can I do if anything to improve my credit?

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  • 2 months ago

    First, you can stop calling.  This is the most important thing.

    Second, as long as you don't call again and don't forget anymore payments, and, most importantly, don't do anything to try to improve it, then it should improve gradually.  It will take 7 years to be as good as it would have been if you paid on time, but it will improve some well before then.

    However, if you do anything because someone, especially on the Internet, told you that it would improve your credit, it may get worse again.

  • 2 months ago

    There are a lot of factors here depending on exactly what happened to your debt, but in all of them you are stuck with a ding to your credit for up to 7 years. Know, however, that the effect of this lessons over time. Today is worst than 6 months from now is worst than 6 years from now. The more recent the worst it is.

    No, you can't really do anything else. Moving is a common time that bills get missed especially with closed utilities. It's still your responsibility though.

    Source(s): There are a lot of factors here depending on exactly what happened to your debt, but in all of them you are stuck with a ding to your credit for up to 7 years. Know, however, that the effect of this lessons over time. Today is worst than 6 months from now is worst than 6 years from now. The more recent the worst it is. No, you can't really do anything else. Moving is a common time that bills get missed especially with closed utilities. It's still your responsibility though.
  • Amy
    Lv 7
    2 months ago

    You can put a statement on your own credit reports explaining that you received the bill late.

  • 2 months ago

    Don’t let it happen again and be patient. As time passes, your score will recover.  

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  • Anonymous
    2 months ago

    It is like, man, really simple.

    #1  Pay your bills on time.

    #2. Do NOT cancel any credit you have. Just pay it off on time.

  • Anonymous
    2 months ago

    Keep paying your credit card on time. It will take time but your score will slowly improve.

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