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I have absolutely no credit, at all. I got approved for a credit card through my bank and plan on paying the balance off monthly. If I do this religiously, how long until I have a credit score? and then what do I do after that to make it even better?

4 Thoughts on How long will it take me to get a decent credit score?
  1. Reply
    hypoE
    November 10, 2011 at 1:23 pm

    I had a 727 initially after using my first card for 3 months. Shouldn’t be too long if your are starting from a clean slate.

  2. Reply
    bloomorningglory
    November 10, 2011 at 2:15 pm

    Agree, starting from no credit is much better than starting from bad credit. You should have a score within a couple of months and it should be good within a 6 months, year max.

  3. Reply
    Cold
    November 10, 2011 at 2:20 pm

    It will take a full 6 months to develop a credit rating.
    To make it better: Just keep paying in full each month.
    Never use more than 30% of your available limit.
    Ex: If your limit is $ 1,000, make sure you never touch $ 300 at any time during the month.
    This is when credit scores start reducing.
    Enjoy having amazing credit…

  4. Reply
    SPIFIMAN1
    November 10, 2011 at 3:18 pm

    This should help you to understand how credit scores work..

    FICO scores from 300 to 850 and Vantage scores from 501 to 990.

    Here is the breakdown for both systems.

    Vantage Plus system scores from 501-990.
    A-901-990
    B-801-900
    C-701-800
    D-601-700
    F-501-600

    FICO system scores from 300-850.
    Elite-740-& up
    Prime-700-739
    Preferred-660-699
    Standard-625-659
    Sub-prime-624-& under

    FICO is the only one that matters since it’s the one that all major lenders look at.

    So as you can see it depends on if your looking at a true FICO score or a Vantage plus score.

    As far as what makes up credit scores it’s the following;
    1. Payment history (longer the better) 35%
    2. Time in bureau (longer the better) 15%
    3. Types of credit (mix of credit cards & installment loans) 10%
    4. New credit (new accounts and inquiries) 10%
    5. Debt to credit ratio (lower the better) 30%

    And just so you will know Experian only uses Vantage, Equifax only uses FICO and Transunion uses both depending of which type of credit report is requested of which there are 3. The standard that people get from the Internet, the auto enhanced which only car dealers and lenders see and the factual which only mortgage people see. The last two are not available to the general public.

    To have the very best score and profile people need 3-4 credit card accounts (revolving) with balances below 30% of their credit limits and 2 cars, homes, boats, motorcycles, computers, furniture or personal accounts (installment) all with good long payment history’s.

    Add to this that unless you get your scores either direct from either Equifax or myfico.com your getting what’s called a FAKO score which makes it even worse because they all have their own system to calculate scores.

    So to have a decent score 60-90 days. To have the profile needed to support that score 12-18 months and 2 more open lines of credit.

    Good luck.

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