How long does it take to build credit?

How long does it take to build credit?

• I just recently got a credit card.  I had always used a debit card prior to this.  I make a decent six figure income, but credit scores prevent me from doing things like getting certain credit cards or having payment plans for cars available.  I understand the credit building process, but is there an explicit or approximate equation I can use to estimate how long it will take to get to a credit score n?

• Answer:

  In my experience, when you are starting from nothing, it can take anywhere from 6 to 9, but sometimes 12 months, of making on time payments on new credit before the credit bureaus have enough information to calculate a score for you.  While the credit bureaus are usually very “what have you done for me lately,” they require a relatively lengthy history of credit use before they will give you a score.   If you are looking for scores in a shorter time period than that, then I would suggest trying to “piggyback” on to someone else’s established credit account.  By that, I mean get on to someone you trusts (mom, dad, brother, sister, spouse) credit card as a joint account holder.  The credit bureaus have no way of differentiating between when you open an account, and when you are added to an account.  So, if you were to get on added on to a credit card opened in 2005, it would look like you opened a credit card in 2005.  That should instantly, well, within 30 days or so, give you 8 years of positive credit history, and a credit score.