how long will it take to improve my FICO score?
by Author on Wednesday, September 8th, 2010 | 3 Comments
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It will also depend upon other credit lines on your credit report. Just pay all your bills in full and on time. Don’t apply for any new credit for next 6 months. Check your FICO score every three months. It usually takes two months to improve your credit score as creditors report your timely payments. I think you should apply for mortgage when your credit score is over 620.
It took me two years.
You need
- 3 – 5 open credit accounts paid on time from now on.
- collection accounts settled
- no more than 40% of your available credit limit used on each card
- limit amount the amount of credit inquiries
http://www.creditfast.com
Just add to what you just added lol
It took me two years of doing what I described above and I was able to purchase a nice house. So do what I did and you have a good chance. Good Luck : )
Typically it will take between 18-24 months of on-time payments (to a mix of debt like credit cards or installment loans) in order for your FICO score to rise.
If you don’t want to continue using debt (which is what I recommend) then continue to pay utilities and rent on time for at least 2 years. Also make sure you have lived at the same address for two years and have worked at the same job for two years. Then, for your mortgage, you could use a lender that does their own underwriting where they can look at these aforementioned things to determine your credit worthiness.