I just started building my credit. And I wonder how long does it take until they make up a score for me? I have 2 credit cards on file.
2006-08-13 17:45:28 · 3 answers · asked by unknown11233 1 in Business & Finance ➔ Credit
Credit scores are not just based on your credit. They are also based on how long you have lived at your current residence, how long on the same job, how long your employment history is. What types of loans you've had, ie. credit card, installment, etc, if you've paid things off over time without missing payments, and they also consider the credit limit you have on your credit cards. Another factor that plays into the score is how much debt you have in ratio to your income that is reported. Your score can go down if you are showing too much debt.
RECAP:
Being employed by the same company for more than two years
Being at the same residence for more than two years.
What type of credit you have?
How much is your income/debt ratio
Payment history
2006-08-16 08:48:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
7-9 months usually. Do NOT charge more than 30% of the max on the cards and your credit rating will skyrocket. It shows you have discipline to the credit agencies. Keep a low balance even if its 10 dollars. Dont make payment in full every month. This will establish your rating quicker.
2006-08-14 00:51:00 · answer #2 · answered by Paul S 2 · 0⤊ 0⤋
12 months
2006-08-14 07:53:26 · answer #3 · answered by hen d 2 · 0⤊ 0⤋