2006-10-05 07:45:39 · 17 answers · asked by Anonymous in Business & Finance ➔ Credit
It depends on where you start from. If you are starting from scratch then it shouldn't take more than a year to get a good credit score. But in order to get a credit score you have to establish a credit account. Get a gas credit card or a regular credit card and use them for regular expenses being sure to pay the balance back to zero each and every month.
If you are not starting from scratch and attempting to repair your credit then it will take longer. The best thing to do is to get all of your delinquent account balances to zero and stay current with the rest. Then slowly but surely your scores will begin to climb. Usually takes a good 2-3 years for your scores to recover.
2006-10-05 07:52:30 · answer #1 · answered by Telesto 3 · 1⤊ 1⤋
That depends babe. Do you have bad credit? Or no credit at all? They are almost one in the same, but you are in a better position with no credit. Anywho, if you have no credit, get a low limit credit card, perhaps a gas card. Use it as often as possible, do not over draw and pay the bill on time every time. Do this for about three months, then add another credit card. Do the same thing. In about a year you should have a good credit record, but you will need more time to build a great credit history.
If you have bad credit, work at paying off all your current debts. Do not open any more credit lines. Once you are caught up on payments, stay up to date. As each debt is eliminated completely keep it open until you repair your history with the company, usually a year of on time payments. Then close those accounts while they are in good standing. Having too many open accounts, even in good standing can have a negative impact on your credit.
2006-10-05 15:49:05 · answer #2 · answered by Anonymous · 2⤊ 0⤋
Your credit is mostly cleared after 7 years, and completely cleared after 10 years. If you have been having credit woes, you will need to be patient, maintain a good standing with all credit card companies and the like, and just wait it out. To build credit from scratch, you will need collateral. Collateral entails owning a home, an automobile, or any other large purchase. These types of things build your credit. Also, always make all monthly payments on time.
2006-10-05 14:49:43 · answer #3 · answered by Faith C 3 · 1⤊ 0⤋
Do you know your current credit score? If not you should look at www.annualcreditreport.com
Once you know what you need to do to build your credit you can start from there and determine the timeframe.
Just remember to boost your scores
* Pay your bills on time
* Keep balances low on credit cards
* Pay off debt rather than moving it between credit cards
* Apply for an open new credit accounts only when you need them.
* Check your credit report regularly for accuracy
* If you missed payments, get current and stay current
You can also find extra help at www.myfico.com
Good Luck.
2006-10-05 15:18:25 · answer #4 · answered by Julie 3 · 0⤊ 0⤋
Assuming you pay all your bills either early or on time, and assuming that you carry balances on all lines of credit (cards, loans, etc), but none with balances of more than 25% of your limit, it'll take about 24 months for excellent credit. If you already have bad credit, it'll take closer to 3 years. If you have gone bankrupt, figure 5 to 7 years or more. The secret is to keep balances (not exceeding 25% of available credit) on all your lines of credit, pay more than the minimum, and pay EARLY or ON TIME.
2006-10-05 14:50:07 · answer #5 · answered by bikeworks 7 · 1⤊ 0⤋
Step-by-Step Credit Repair Guide
http://www.debt-loan-refinance-mortgage-credit.com/category/Step-by-Step-Credit-Repair-Guide.html
2006-10-06 08:59:26 · answer #6 · answered by men t 2 · 0⤊ 0⤋
7 years
2006-10-05 14:46:57 · answer #7 · answered by m 1 · 0⤊ 0⤋
If there is anything negative on your report, it will take seven years to come off. In the mean time, be sure to report any inaccuracies to the credit bureaus. Also, start with a Home Depot card....they are easy to get. Then you will start to receive more offers. You can go to www.annualcreditreport.com to request a free copy of your report
2006-10-05 14:48:17 · answer #8 · answered by Debbie 2 · 0⤊ 0⤋
It doesnt take long. get a store credit card, like sears or Kohls. Buy something, then pay if off in three installments. Do it again.
get a secured credit card. This is a card that is backed up by a savings account. Buy something. Pay it off in three installments.
Now, you have good gredit.
2006-10-05 14:47:56 · answer #9 · answered by alanc_59 5 · 1⤊ 0⤋
'good' meaning you're fair right now or poor? if you're way down there it will take about a year... pay off your highest interest rate credit card first and then the others.. also, cut them up! but keep at least one! you don't not want to have any and charge 'on occasion' and pay entire balance before due date... also, if you have a mortgage NEVER be late and NEVER late on a car payment... good luck!!! it can take about a year ...
2006-10-05 14:48:39 · answer #10 · answered by thenakats 4 · 2⤊ 0⤋