The good news is that if you have bad credit, you’re not stuck with it forever. With our help, and some time, you can improve your credit score fast and with little trouble. Here’s how. Also: The 5 best credit cards for good credit Your credit score consists of a three-digit value to convey your financial responsibility. It shows lenders and financial institutions how well you can make timely payments. Your credit score falls within a specific range that lets lenders know quickly what type of credit you have – from very poor to excellent. There are two types of credit score models:  These two score types vary but slightly.

Also: The 5 best credit cards for bad credit Based on this breakdown, there are many reasons why your credit score is lower than before. These are some of the major factors that can quickly impact your credit score. 

No credit history or, alternatively, too much credit: If you don’t have a well-rounded credit history, it is difficult for lenders to assess your payment behaviors because there is no real way to determine if or how you will make payments for this debt. 

Too many new accounts: If you show too many new accounts, it can mean financial instability and signify that you may not be ready to take on another financial burden. 

Missed payments: It reflects poorly upon your credit if you fail to make regular, timely payments on your account.

Credit card debt: If you have a lot of outstanding debt, it can quickly lower your credit. 

Bankruptcy: Bankruptcy on your credit report is a major red flag to lenders because it shows that you were unable to pay your debt previously. It causes concern that you may have difficulties in paying this loan, as well.

Using research from FICO and CNBC, Bankrate assembled a 2022 report showing the typical time it takes to improve your credit. To best understand how long credit scores may stick around, you must first examine which events are currently plaguing your report. Once you identify the trouble spots, you can look to see how long it will take to improve them. For example, if you have a bankruptcy on your record, it could take six years or more until it is removed from your report. Also: Best bankruptcy credit card: Rebuild credit Instead of fretting about today’s credit score, work on improving tomorrow’s instead.

Make timely payments: Late payments can take up to seven years to drop off your credit report, depending on how long it takes for your credit issuer to sync up with the credit bureaus. Watch what you pay: If you can, pay more than the minimum to reduce your debt as soon as possible. However, if you cannot afford to pay more than the minimum, make sure you at least make that minimum payment so your account (and your credit score!) do not fall behind. No new accounts: When you apply for a new account, it can ding your credit report and take that much longer to remove. Debt-to-income ratio: Consider your debt-to-income ratio and try to get your utilization score below 30%, so your credit score will increase faster.

For other ways to improve your credit score, check out our new ZDNet guide to improving your credit. 

Bottom line

It may take a while to remove certain large financial events from your credit report, like a bankruptcy, but acting responsibly, like making payments on time and minimizing new accounts, can help move things along. Be sure to sign up for a free FICO credit report, such as with AnnualCreditReport.com, so you carefully monitor how your score changes over time.  At the end of the day, all you can do is act financially responsible and give your report time to recover.