2007-04-30 11:18:42 · 4 answers · asked by chip 1 in Business & Finance ➔ Credit
Immediately, it will drop your score.
Over time, say about three years or so, if you have no late pays on your credit report, it will start to drive your score up. This assumes that you are a responsible person and continue to pay all of your other bills, keep your debt low, keep your credit cards to a minimum (no more than three - EVER) and keep their balances below 50% of their limit, report your pay raises to the credit bureaus each time you receive one, etc., your score should rise and rise.
There is a limit to how high it will go, though. That is determined by about a million factors and a super secret formula and whether or not you have a letter from your mother, and what phase the moon is in. The truth is that only Fair Isaacs knows for sure how high your score will go and they ain't telling. We as professionals can only guess based on observation and the leaks that Fair Isaacs has deigned to give us.
2007-04-30 14:58:55 · answer #1 · answered by nebula7693 4 · 1⤊ 0⤋
Purchasing a home or vehicle is one of the best thing people can do to help their credit score. You must make sure and make your payments on time every month and in 12-18 months your score will go up like a rocket.
2007-04-30 18:25:40 · answer #2 · answered by ? 7 · 0⤊ 0⤋
Owning a home, in and of itself won't do anything to your credit score. Paying your mortgage on time will increase your score. Taking out the mortgage to begin with will temporarily reduce your score.
2007-04-30 19:42:00 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
As long as you make payments on time-it will skyrocket!
2007-04-30 18:26:01 · answer #4 · answered by Jim M 2 · 0⤊ 0⤋