Stellar Snippets
Building good credit history takes time. Showing you are responsible with money is a great place to start.
It can take between 3-6 months of consistent activity to establish a credit history. Great credit scores can take longer.
Based on popular credit scoring model FICO®, you can generate a credit score after 6 months of reported payments.
However, building a great credit score can take much longer, as long as seven to ten years in some cases.
You need 7 years of credit history to have "good credit". Excellent credit needs 7 years of accounts and on-time payments.
To start building good credit history, take out a credit-builder loan, which help you build consistent payment history.
Get a secured credit card, designed to help you build credit and is easier to qualify for as it needs a security deposit.
It is important to pay bills on time, as payment history is the most important credit scoring factor in your report.
Building good credit involves patience and consistency. Pay bills on time, track credit activities and stick to the plan.