About how long does it take to build up credit?

Question

I'm a college student and up until now I'd never had a credit card or anything like that, so I didn't have ANY credit. But I bought a car in January of this year. I've made one payment so far and the second one is coming up soon. How long does it take for me to earn credit if I never had any prior to this?

so basically i'll have some credit in a few months, but it won't be high credit because i haven't been doing it for very long? and i won't have any oustanding balances. i'm transferring to a college closer to home and living with my parents again, so my expenses will actually go down and i'm good about not spending much money. i'm just trying to understand how all of this works...

um... i know it takes time. that's why i'm asking about how much time... haha

Answer 1

This is how your score breaks down:

35%- payment history
30%- total debt outstanding
15%- length of time you've had credit
10%- types of credit
10%- inquiries and new credit

Now how you can help yourself is to:

1. Get added as an authorized user. If you have a close friend or family member that has excellent credit, see if they'll add you on their account. You don't need a card, for this is just for reporting purposes only. If you're able to be added, make sure that the credit card company reports that account on your credit.

2. Get a secured card. This is the easiest credit card that you can get, without having a credit check. These may be offered where you do your banking or at Bank of America & Wells Fargo, for starters. You would have to put up a deposit upfront to secure the same amount in a line of credit, but the deposit would collect interest while you're proving your credit worthy. If possible, to increase the limit by adding to the deposit every 2 months or so, by doing that once the card does become unsecured, you'll keep that credit line and will have gotten the deposit back with interest. It looks good on a report when you have a high limit because it looks like you're trustworthy with a high limit. The key is to spend a small amount that can be paid off in full on time, every month. After a year of perfect payment history, the card should become unsecured.

Finally the monthly bills that you do have that you're paying regularly on like cell phone, car payment, etc. can be repoted to an agency called PRBC for positive credit. This is perfect if you're just starting out becuase certain things that you pay every month, may not show up on a report. Any payment that you pay can be reported in a scored report that can be used along with your credit reports. There's a lot that's covered in the website below, be sure to check it out.


Good Luck!

Answer 2

How Long To Build Credit

Answer 3

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Normally it would take you a minimum of six months (good credit standing, meaning you haven't missed any payments for your cards ) to build a good credit rating specially if you just started building your credit score. and just to add, every time you apply for a credit your credit rating goes down so it's also not advisable for you to keep on applying for a credit card, it's better to wait 6 months instead. I work for Chase as a Risk Management Analyst (Fraud Dept.) that's why I know.

Answer 4

It takes about half a year! Why not sign up Chase credit card? Chase is offering $250 free cash just for signing up and make a purchase. Got this information from this blog, http://chi-style.blogspot.com/

You can also get cash back on some purchases.
This credit card can help boost your credit score!

Answer 5

it will take at least a few months to build some credit. But part of the way credit is determined is by the length you have had credit, so this will take years. But credit is also determined on your outstanding balances, amount of times you have applied for credit (in a two year period) and your payment history..

Answer 6

The absolutely free reverse vin check sites generally provide fake information. To get real information, money will have to be paid. The free searches provide fake information so they can get your email address to send spam.

Stay away from shady reverse vin check sites, most likely you won't get any information after you make the payment. Not to mention you won't get a report and you won't get an answer if you try to call for a refund. Stick with a reputable reverse vin check site like http://www.reversevincheck.net that has been around since 1995.

Answer 7

That's not right

Answer 8

It will take some time 3 months minimum

Answer 9

It just takes time, and consistent effort.