I just got a credit card in october and I was wondering how long it will take me to build some credit so ....?

Question

that I can have a credit score? What are ranges for a good credit score and what are ranges for a fair credit score. So far I have been making monthly payments on time.

Answer 1

You are already building credit. But to build good credit you need to use it wisely. Keep your useage of the Credit Card to under 50% of the credit limit. That is if you have a $1000 limit, do not go over $500. The closer you get to your limit, even if you pay it off can hurt your score.

FICO Scores are based on the following
35% - Payment History
30% - Amounts Owed
15% - Length of History
10% - Inquires
10% - Types of Credit(Credit Cards, Loans)

Do this and keep making your payments on time and you will build a positive history.

Answer 2

You have a ways to go. Good credit is built over time. Remember to never buy what you can't absolutly pay at the end of the month. If you can't afford to pay you can't afford to charge. The only thing you need good credit for is to buy a car or a house. That is the two biggies and the goals for most people. Maybe student loans too. But that is it. Everything else needs to be paid for. You will be fine as long as you are smart and pay on time every time over time. Time is the biggie in credit. They give you time to charge, pay, mess up and that is all up to us. Then you can use time for that dream and have the things you want by always paying on time. Good luck. A good score is 700's. Not into that much. I always pay on time and have no credit problems.

Answer 3

You have a credit score already. Anything over 700 is considered good. 600-700 is OK, under 600 is fair to bad. You can raise your score by not having a balance as available credit is a piece of your score.

Answer 4

whilst you're truly adament approximately staying removed from credit enjoying cards, investigate David Ramsey's e book/radio tutor. He says which you would be able to desire to purchase a house with some money down and no credit-- some banks are nonetheless prepared to do each and every of the greater beneficial underwriting artwork and use your application/condominium historic past. in spite of if in case you elect to bypass the classic direction, sure, you do could desire to get a card at one time or yet another to get the suitable quotes once you do purchase. Loans try this too, yet to get the suitable rankings you are able to desire to have enjoying cards. you do no longer could desire to apply the cardboard. in any respect. Any month you have the cardboard open and it incredibly is cutting-edge-- which skill if there is no charge you're additionally cutting-edge Or if there's a charge, its paid on time-- you get the best credit. whilst you're worried you would be tempted ot use it as quickly as its open, get a save mastercard at a avert are no longer that into. Sears or something. ANd in case you nonetheless hate the assumption, have a discern with a good account historic past upload you as an "authorized person", after which wait some months and verify your credit. A majority of important CC's will checklist to the bureaus the comparable account historic past because of the fact the typical card holder.