If you have a poor credit history, subsequent negative comments are like adding ice to an already cold bucket of water, whereas a creditor reporting good credit history is like adding a warm stone. How long will it take to warm up the water? That depends on just how cold the water was to start, how many warm stones get added, and whether any more ice water is added.
Over 33 percent of your credit score is based upon payment history, and you can make the most significant improvement to your score by making payments on time. But that means there are still additional areas, such as type of credit you have now and how long you've had credit, which can also influence your score.
If you are just starting out, then you can begin to build a fair-to-good credit score within a matter of a year and a half or two if you go about it the right way. However, it will take some time to get beyond that point because the length of your credit history plays a big role in your overall credit score. For more information, check out How is a Credit Score Calculated and How Can I Improve My Credit Score?
- If my debt has passed the statute of limitations in my state, how do I get the debt off my credit report?
- I'm a 22-year-old female who makes about $1,000 a month. I have a credit union credit card with credit line of $500. I recently applied for a Lowe's credit card and was denied. I'm always on time with my credit card payments. What would be the reason?
- I am an 18-year-old with no credit history. I have read Curtis Arnold's book and am successfully paying my community college tuition on my own. Which card is best suited for me when I only plan on using my future card for gas purchases?
- Are Discover Card credit cards any good?
- Which bank offers the best debit card?
- Is a credit score of 725 considered good?
- Why do you rate American Express credit requirements as "good credit" to secure a card? I thought to qualify for an American Express card you have to have excellent credit.
- Supposing you have a perfect credit score of 800 or better; which credit card offers the highest credit limits?