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I’ve had my mastercard credit card for 10 months, and I’m trying to improve my score.I’ve been paying on time every month but my score has only gone up 5 points.Should I get another credit card? My limit is only $ 500.00.

5 Thoughts on How long does it take for your credit score to go up?
  1. Reply
    roger v
    June 21, 2011 at 12:02 pm

    Keep the balance under 250 and after a year it will start going up but, not much. Sometimes when you get another card your score will go down for a little while.

  2. Reply
    Paris P
    June 21, 2011 at 12:30 pm

    It takes years for your credit score to go up if you’re just starting out…. but yes, in order to improve your score you’re going to need another card with a higher limit because one of the key factors in the credit score is debt to available credit ratio.

    The best way to do that would be to either go to your bank and apply for their credit card (they can usually process the application for you over the computer) or to check your junk mail and see if you have any credit card mailings that say you’re preapproved for a credit card and fill out the form… just make sure it’s a Visa, Mastercard, or Discover card… store credit and gas credit cards won’t give you the higher limits that you need to improve your score.

    And then, make ABSOLUTELY sure your make your payments on time on all your credit cards, or your score will drop dramatically.

  3. Reply
    grierGRIER h
    June 21, 2011 at 1:30 pm

    To start with, you shall need a copy of your credit report. If everything in the reports is good, then you can be rest assured that you will have a good credit score. Getting your credit reports is easy and pain free. Actually you are permitted one free copy of your credit report, every year. In order to get your copy of the report, just contact anyone or all the three national consumer credit reporting agencies as given below:

    1. Equifax: 1-800-525-6285, http://www.equifax.com, P.O Box 740241, Atlanta, GA 30374-0241

    2. Experian: 1-888-EXPERIAN (397-3742), http://www.experian.com, P.O Box 9532, Allen, TX 75013

    3. TransUnion: 1-800-680-7289, http://www.transunion.com, Fraud Victim Assistance Division, P.O Box 6790, Fullerton, CA 92834-6790

    Get your free copy of your credit report by logging on to http://www.annualcreditreport.com or call them on 1-877-322-8228. Please note that http://www.annualcreditreport.com is the only website which is legally authorized by the credit rating program to provide you with your copy of credit report, free of cost.

    Equipped with the score, it is now easier for you to work towards improving it. The thumb rule for having a good credit score is to pay all your bills regularly. When you pay your bills on time, you increase your credit rating for future. This is for sure, the easiest and most simple way to boosting your credit scores! Read more from: http://www.credit-card-gallery.com/article/196,Increasing_Your_Credit_Rating

  4. Reply
    L-Boogie
    June 21, 2011 at 2:05 pm

    It takes time for your score to climb. Just be patient and keep paying your bills on time.
    Credit scores, on average, only change about every 90 days anyway…that translates to only 4 times per year. Trust me – it’s like watching paint dry. lol. If you check your scores only once per year, you will see a bigger difference.
    Good luck!

  5. Reply
    Millionster.com
    June 21, 2011 at 2:58 pm

    Changes to your credit report happen almost immediately so — if there are anythings that are going to raise your score likely they’ve already been reported..

    When you’re trying to build a solid credit score it’s important to get a comprehensive view of what is actually effecting it…
    Your Credit Score (also known as your MyFico score) is calculated with the following breakdown:
    35% – Payment History
    30% – Credit to Debt Ratio
    15% – Credit History
    10% – New Credit
    10% – Credit Types in Use

    I raised mine to well over 700 points fro 500 using these steps in less than a year — :

    # Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score tracking listed below. It really helped my get my score up.)
    # Never Miss a Payment, Starting Today
    # Never use more than 20% of your Available Credit
    # Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
    # Extend Your Credit Limit on Cards You Already Have before You Get New Ones
    # Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
    # Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
    # If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
    # Take out a Small Personal Loan and Repay it Over a Year
    # Ask Someone With Good Credit if They will Account Shadow you

    Read more here from my blog :
    10-Ways to Boost Your MyFico Score
    http://millionster.com/articles/debt/increase-fico-credit-score/

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