How long does it take to raise a credit score?
My credit score is pretty low 662 I dont own a credit card and i paid my car off in 3 years instead of 5 so i have no credit right now.I plan on getting a credit card to try and raise my score how long would it take to raise it to 700.Im trying to obtain a loan to buy a house
It seems you are a pretty responsible person, so there is an option you may not be aware of. Do either of your parents have a credit card acct that is pretty old & in good standing…also with a low balance? Explain to them what you want to do
Ask them what bank it is through. Call that bank & ask if an authorized user, when added to a credit card, would have this account reporting to the 3 credit bureaus. If it is yes, ask your parents if they will add you to their acct. This will give you a nice aged credit card account without getting a ding for having a recent inquiry as well as a new card. Make sure they know that you do not need a card for yourself & you don’t even have to know what the card # is.
The FICO scoring system likes to see a mix of credit. Having a car loan and a credit card on your file will be a plus. You can always be removed after you get a house & a CC of your own.
I would never give this advice to someone who had already tanked their own credit.
March, 9th 2010 at 1:10 am
It takes 7 years for something on your credit report to be erased. My guess is it will take 7 – 10 years to raise your score so long as you practice good behavior and pay your bills on time
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March, 9th 2010 at 1:38 am
Getting a credit card will lower your credit rating for the first 6 months.
It is considered "new credit".
Also, making loans will lower the score at the beggining.
If you have more than 6 months, get a credit card.
But to get those top scores – you must pay in full each month.
It is 100% myth that carrying balances and paying interest is good for you.
Something that ladies that watch QVC all day in their trailers will tell you.
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March, 9th 2010 at 2:27 am
Probably about 6-12 months.
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March, 9th 2010 at 2:37 am
It will take 12 – 18 months
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myfico.com
March, 9th 2010 at 3:06 am
It seems you are a pretty responsible person, so there is an option you may not be aware of. Do either of your parents have a credit card acct that is pretty old & in good standing…also with a low balance? Explain to them what you want to do
Ask them what bank it is through. Call that bank & ask if an authorized user, when added to a credit card, would have this account reporting to the 3 credit bureaus. If it is yes, ask your parents if they will add you to their acct. This will give you a nice aged credit card account without getting a ding for having a recent inquiry as well as a new card. Make sure they know that you do not need a card for yourself & you don’t even have to know what the card # is.
The FICO scoring system likes to see a mix of credit. Having a car loan and a credit card on your file will be a plus. You can always be removed after you get a house & a CC of your own.
I would never give this advice to someone who had already tanked their own credit.
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March, 9th 2010 at 3:13 am
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March, 9th 2010 at 3:49 am
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March, 9th 2010 at 4:35 am
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