How long will it take to build a decent credit score?

Question

I am a student and currently have little to no credit. I will be getting a credit card to start building credit, but how long on average does it take to build a decent score if I handle my credit card well?

Thanks

(Also, are there other ways for students to build credit?)

Answer 1

it doesnt take long just get a credit card and make double payments if possible, and get more credit cards, at least 3 or 4 and make little purchases on them then pay off fast. best thing to do is double what you make on the apps.  

Answer 2

It takes yrs. Once you get a high score. You have to keep borrowing money and make payments on time to keep it high. It's the Biggest joke of the 21st century. It keeps you in debt. The fico score along with credit cards was designed by banks to get people into debt and keep them in debt.

If you pay as you go. If you live on less money than you make. You will not have payments and you will have money and not have to worship at the alter of the great fico.

Answer 3

Well, it depends on exactly what you want.  High scores take a little while to build up. It is good to have 2 years of excellent history to make it into the 700's

Not maxing out cards, and paying on time will help a lot.

Answer 4

It takes 1-2 years and is quicker than most people realize. I moved to the US from Australia and so had no credit history and no credit score, but through using my credit responsibly I was able to make it into the 700s very fast.

You need to understand exactly what effects your FICO score. FICO scores are calculated using a 100 point system, divided into the 5 areas that lenders care about the most:

1. Paying your bills on time = 35%

2. Your debt to credit ratio = 30% (This means how much debt do you have, relative to the total credit available to you. If you have two credit cards, both with a limit $1,000 each, your total available credit is $2,000. If you owe $250 on each card your total debt is $500 - only 25% of the available total of $2,000. Lenders like this ratio to be a maximum of 30-35%. In other words, try to not use more than $350 out of every $,1000 you have available.)

3. Frequency of new credit applications = 15%

4. Variety of credit types, for example installment, bank credit, credit cards = 10%

5. How old your accounts are = 10%.

This means that just 2 things, (1) pay on time, and (2) keep your debt below 30-35% of your available credit, will effect the vast majority of your score. These 2 things along make up 65% of your total 100 point FICO score - well over half.