I'm 22 and I just got my first credit card. If I pay off every bill on time, how many months or years will it take before my credit score is perfect?
2007-01-06 07:56:23 · 7 answers · asked by Ralph 2 in Business & Finance ➔ Credit
Your credit score is determined by more than just paying your bills on time.
It depends on how often you apply for new credit, what percentage of your existing credit you are using and the age of your credit relationships.
Also things like drunk driving convictions and even speeding tickets or not paying library fines can effect you score.
Since more recent events are weighed more heavily, your credit score can rise - or fall - rather quickly.
I can't answer your question exactly. I would say a year or two.
2007-01-06 08:02:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A perfect score is 850 ... and you'll never achieve it. The experts say even someone with STELLAR EXCELLENT Credit history the highest score they've ever seen is about 825. BUT ... anything about 750 is for all intents and purposes perfect ... you'll be able to get the best offered interest rates, etc. as long as you're above 750.
Credit scores are generally posted once a quarter so if you just got your first credit card and/or your credit report was just now established, you'll have some score within about 3 - 6 months. It should be fairly high from the start if you have no negative history.
Good Luck.
2007-01-06 21:27:07 · answer #2 · answered by Informed1 4 · 0⤊ 0⤋
Ok, you better give me best answer on this one. In order to bet a perfect score, you need four revolving trade lines for about two years. Try to mix it up as well, credit card, auto loan, home loanetc... If you want results before that, you find someone who has had a credit card for like 5 or more years with a good payment history, and have them make you an authorized user on their account. they can cut the card if they want. Within 90 days, their pay history will be implanted on your credit report, thus making your score shoot up!! But with one card, you cant do much, but it will go up slowly in a couple. Also, the more money you spend and pay off helps. any other questionsemail me at minesbay@yahoo
2007-01-06 16:04:33 · answer #3 · answered by Miklo 3 · 0⤊ 1⤋
about 1 year
2007-01-06 16:04:22 · answer #4 · answered by friends4ever 2 · 0⤊ 0⤋
Perfect credit looks something like this:
2 revolving trades, low or zero balance
2 installment loans (auto + student loan for example)
1-2 mortgages (1st and 2nd for example)
All balances must be low in relation to the original amount lent
All trade lines 5+ years old or longer
No late payments or charge offs
2007-01-06 18:47:57 · answer #5 · answered by Kevin K 3 · 0⤊ 0⤋
A perfect score is 850 and you will never achieve it; bet on it.
2007-01-06 20:42:15 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You need to apply for at least three more credit cards to do that. (Just don't use them)
2007-01-07 15:28:08 · answer #7 · answered by Anonymous · 0⤊ 1⤋