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Posted in Credit Scores
How long does it take for a credit score to go up?
I got into debt trouble a few years ago and am currently going through debt consolidation, combining 3 credit cards. I have a fourth I'm paying off on my own. A year or so ago my credit score was in the 580s and now my CS is 613 according to CK. I do want to build up my CS to be at least 650 within the next few years. so that I can apply for a home loan when my wife and I eventually get a house. What can I do to raise it up, and how long will it take to take action (i.e. if I apply for a credit card with a low limit how long will it take for any significant credit score increases?)
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splent

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There are lots of variables to the answer, so there's no easy way to answer this. I will say this - if you handle your credit properly, there's absolutely no reason why you shouldn't be able to get to 650 within your time frame. I would actually shoot for at least 700 if you have a few years, because you will get a much better rate on a house than at 650. Knowing very little about your situation and using only my own experience, I think two years is probably a reasonable goal to hit 650.

One thing to keep in mind when you apply for new credit:

- Your score is likely to DECREASE temporarily before ultimately increasing. It will decrease because having a brand new account will decrease the average age of your accounts, and since your score is pretty low at 613, your credit limit will not be high enough to offset the avg age of accounts being lower. Also, though this probably won't affect your score unless you have lots of them, you will add one "hard inquiry" to your credit report when you apply.

But don't fret - this number will rise as you pay off your debts, as the avg. age becomes older, etc.

Some of the quickest ways to get the number up is to make more than the minimum payments when possible - pay the debt down, basically. Also, if you are able to add any kind of installment loan (e.g., car loan) and then pay it off more quickly than the terms demand, you will also see a boost.

good luck!

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Response by
nathanmedic

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How long it takes

Hello There,

I recently moved the country and startng from scratch. I believed based on my job, i have been approved for a visa credit card by DCU for 5k limit.. I am wondering how long it takes for a good score to show up before i can apply for Chase Saphire Preferred Credit card. I'm wondering if it also helps or affects if i were to get an auto loan in next couple months. 

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lon3volf

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