How long does it take to build good credit?
Work and School asked:
I want to apply for this new citi bank rewards credit card. They say you have to have good credit in order to get approved. I’m 19, I’ve had a student credit for 7 months. I have always paid the bill on time and just got my credit line increased. Some people say it takes 6 months to build good credit, is that really true?
I want to apply for this new citi bank rewards credit card. They say you have to have good credit in order to get approved. I’m 19, I’ve had a student credit for 7 months. I have always paid the bill on time and just got my credit line increased. Some people say it takes 6 months to build good credit, is that really true?
Good credit 6 months to a year.. much longer to build excelent credit. It all dependa on how hard you work on it, it takes more than just paying your bills on time but that will at least get your credit good. To get it better than good though you need to understand what works for you and against you.. to much to list on here but you can do a search and find it all fairly easily. I had a 730 by the time I was 20 but I worked hard to get it there.
It doesn’t take very long because the credit score is a complete scam. The only way to have a good score is to accumulate debt. Anyone who tells you differently is trying to sell you something. Live debt-free and save your money. If you really need a plastic card in your wallet, get a debit card.
it usually takes about 6-9 months to build good credit if you make your payments on time which sounds like you have been doing. For the best reward credit cards check out here you will be able to compare all cards on rates, fees and rewards.
Contrary to a previous answer, you don’t have to accumulate debt to have good credit. In fact, the truth is exactly contrary to this suggestion. People with the best credit carry balances that are no more than 10% of their credit limits.
The answer building good credit in the least amount of time is to use your credit, but pay your balances off every month. The instant you find yourself unable to pay your entire balances every month, you must stop charging until you get your finances under control.
Pick up one new credit card every 6 months for the first year. This will give you 3 cards. Pay them all off every month and in 2 years you’ll be over 700 FICO.