How long does it take to build up a good credit score?
gomanyes asked:
If my son gets his first credit card at age 19 and uses it responsibly and makes all his payments on time, how long will it take before he can get a good rate on a mortgage or major loan?
If my son gets his first credit card at age 19 and uses it responsibly and makes all his payments on time, how long will it take before he can get a good rate on a mortgage or major loan?
What the banks lookat when applying for a loan is a 2 year history o VERY close to it.
There can’t be ANY lates in that period of time.
About 2 years.
it should take about 6-9 months if he pays on time plus if his income is good with a stable job. check out to compare all major cards sided by side on rates, fees and rewards.
He also can use this service to avoid common mistakes while buiding credit, monitor changes in you score and pre-estimate future scores for different scenarios of payments – buildcredit.ifastnet.com