Building a good credit score from nothing takes patience and discipline. It won’t happen overnight, but you can do things to speed up the process and make sure your score doesn’t slip in the process. To build a credit score from scratch, you first need to use credit such as by opening and using a credit card or paying back a loan. It will take about six months of credit activity to establish enough history for a FICO credit score, which is used in 90% of lending decisions. FICO credit scores range from 300-850, and a score of over 700 is considered a good credit score. Scores over 800 are considered excellent. Don’t expect a spectacular number right off the bat. While you can build up enough credit history in less than a year to generate a score, it takes years of smart credit use to get a good or excellent credit score. When you are just starting to build a credit score, time doesn’t work in your favor. Lenders want to see good behavior over time, which is much of what FICO scores take into account: Get a Credit Builder Loan Credit Score Factors Lower Your Credit Utilization Rate Bankruptcy LawyerWhen you need bankruptcy or credit repair help, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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