If you have 2 secured cards and a bank loan. How long will it take to go from a 600 fico to 720.?

Question

I know you have to pay on time and keep the balances low. But Im curious can it be done in a few months or does it take years. Also If you have low balance loans with very low balances, will addition secured loans help your credit score?

Answer 1

pay off as soon as possible. keep payments on time and keep balances, on your cards, below 50% max limit. you have good tradelines and a decent score so just keep it up and you should see some results in 6 months. as far as you jumping your score 120 points, can take a couple of years if you manage your loans and check your credit report biannually to make sure everything is correct.

Answer 2

Open two more credit cards. Never charge more than 30% of the available high limit. Every six months call all of them and ask to have your limit increased. Try to pay extra on the bank loan and get it paid off if possible. Pay all payments on time religiously, and never let any payment go 30 days past due; even if you have to borrow the money from someone to make the payment... With 4 credit lines which have high limits and very low balances and a bank loan that is paid or nearly paid, you'll be in good shape. Don't let anyone pull your credit report except to open these two other lines of credit. Open them sooner than later, so that they will be well seasoned by the time you want to use your 720 FICO. You may want to go to your bank and get another bank loan for $1,000. Put the money in savings and pay back $500 in two months, and the other $500 two months later
(but make the minimum monthly payments in between, of course). That way you'll have two satisfactorily paid off accounts. The secrets are simple: borrow some money - pay it back on time, and keep high limit credit cards open, but with very small balances. Make sure you use these cards, all of them, every few months for a tank of gas or dinner, then pay it off at the end of the month. That is what drives credit scoring; high limits that dont get used and a history of borrowing money which gets repaid satisfactorily. One to two years is all it should take and you'll be on your way. Good credit and education are the two things that will help you to succeed in this economy. Good luck!

Answer 3

That depends on if you have any baddies on your reports right now. Such as late payments, charge offs etc.

If you have no baddies, and create a healthy mixture of cards, it shouldn't take to long for your scores to raise. Keep in mind that when you apply for credit, your scores will drop a bit from the inquiry. But inq's are less of a problem after they are 6 months old and no problem after 1 year.

Depending on who you have your secured cards with, they should unsecure in about 9 months to a year.

Since you have a couple major credit cards and a bank loan, you might want to thing about getting a couple of store cards. Try Wal Mart or Target.

You might think about getting one more major credit card. Try the credit selectors on the Bank of America and Orchard sites. They pull soft pulls, which do not affect your scores, when doing the selector. The only time they pull a hard on your reports is if you actually apply for a card that is recommended. Keep in mind that even if they recommend a card, it is "NOT" a guarantee that you will get that card.

You are on the nose about paying on time and keeping your balances (utilization) low.

Answer 4

Be sure to keep your balances as low as possible. And pay them on-time. Maybe you don't have enough credit (length wise). In 6 months I went from 590 - 660. The only big payments I have is my car note. I only have 2 credit cards..max of $1000.00.

Hang in there, it will come up.

Answer 5

Depends on how ofter you loans are reported to the credit reporting agencies. Most reoprt monthly (the best) however some only report every three months. Pay on time

Answer 6

I've been trying to repair what my ex husband did to my credit for 2 years. I haven't paid anything late whatsoever and its only gone up 30 points this whole time.

I hope you have better luck.