My credit score is 628...?

Question

...I am looking to get it around or about 660 or 665. I have 1 Capital One credit card. I just took out a loan at my local bank for $500. I only took the loan to help establish my credit. My question is how long will it take for my credit score to shoot up to 665? Also, if this helps I have never been late with my payments and have no negative feedback of my credit report.

Answer 1

My score increased by 25 points in two weeks when my cards all increased my limits because my utilization changed. I am not saying do this but continue to pay on time and do not use more than 35-50% of your limit in Capitol One because utilization of your credit is worth 30% of your fico scoring. If you dont need loan pay for 6 months then pay it off. Time and PAYING ON TIME is the main thing that helps

Answer 2

Let me share with you my tips that you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year -- :

# Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score tracking listed below. It really helped my get my score up.)
# Never Miss a Payment, Starting Today
# Never use more than 20% of your Available Credit
# Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
# Extend Your Credit Limit on Cards You Already Have before You Get New Ones
# Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
# Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
# If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
# Take out a Small Personal Loan and Repay it Over a Year
# Ask Someone With Good Credit if They will Account Shadow you

Read more here:
10-Ways to Boost Your MyFico Score
http://millionster.com/articles/debt/increase-fico-credit-score/

When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it...
Your Credit Score (also known as your MyFico score) is calculated with the following breakdown:
35% - Payment History
30% - Credit to Debt Ratio
15% - Credit History
10% - New Credit
10% - Credit Types in Use

If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score!

Good luck to you! I hope this info helps!

Answer 3

If you handle that 500$ well, and also always pay your credit car bill on time, you could see it up to that level by the end of year.

BUT, since I cant see your full report there is no way to tell. If your score is 628 simply because you have not yet established credit, your score can jump up very fast. If you score is 628 because you have old collections or problems on your report it may take many years to get up to high 600s.

Answer 4

I agree with the first and sixth posters.

After 12-months of paid as agreed payments your score should be where you want it as long as you stay on top of your credit card also.

Never let your balance go over 30% of your limit and pay in full every month before the due date.

This will do two things, first it will establish a payment history and second it will keep your debt to credit ratio low. These two things alone make up 65% of your credit score.

Answer 5

Make sure you pay all your bills on time. You need a consistent, on time payment history of at least 12 months to increase your score.

Be sure to pay your credit card off in full every month. That will get you an increased credit limit in about 6 months or so which will help increase your credit score.

Answer 6

There are 5 things that determine a fico score: 30% is debt history, 30% is debt level, 15% is length of debt history, 10% is new debt, and 10% is type of debt. All of these determine fico score, not just a loan paid back here and there.

Answer 7

Don't carry balance on your cc over 2 months, pay them in full if you can. If you don't have a history of paying your bill late then chances are it should get you to higher scores within short period of time. Key is not to have balance on your cards for long period of time.

Answer 8

It should not take too long... 2-3 years of all positive information should help.... also, it will help once you have really high lines of credit. (over 10k)

Answer 9

Finally, that's what I was looking for! Thanks to author of this question.