credit score?
i just got a low limit credit card (first one) 4months ago. started at 300 limit. its not up to a 500limit. i pay more then my min but never the whole balance & i always pay on time. question is how long does it take before my credit score starts to go up (even by 1 point)? NOW its up to a 500limit typo
Public Comments
- depending on prior financial history ,there is no set time. the key is never be late. that is the most important part of credit rating
- Your credit score raises with time, however your score is probably already higher than when you started! It takes a good 6 months of history to start a thin credit file and about 3 years to establish a solid one. With the creditor already raising your limit they must see something good and you and with time you will start to get offers in the mail.
- If you are trying to improve your credit score, you will want more than one credit card. What I do is use the credit cards to pay for gas. Then I pay the ballance at the end of the month. You can leave a few dollars on the account if you like. When your credit line is increased that will raise your score. Keep your credit debt ratio in the area of 30 - 60%. The actual formula for the FICO scoring is not an exact science. There are many things that effect your score. Your payment history makes up about 35% of your score. The amount you owe makes up about 30% of your score. If you can continue to use credit for the purpose of building a good credit history, keeping your debt ratio as low as possible, you'll be well on your way to building an excellent credit score. :)
