@Anonymous wrote:
My score is around 680-700. I have 3 cc's and 1 auto loan. I have had all these accounts between 2-5 months. When they report as being paid for the first 6 months on time, will I see an increase in my credit score? Or will a low utilization be the only factor in keeping my scrore where it is now or even a little higher?
Keep in mind that you don't have just one score. Even with FICO there are a number of models used by creditors and for many models you have a score with each of the 3 major CRA's.
As for whether you'll see a gain at 6 months, we don't know every detail of the FICO models but I doubt you'd see a signficant jump. Payment History doesn't really work like that. It's more a matter of whether you've paid on time or not and derogs. Your Length of Credit will improve over time but translating X months into Y points is tricky as it's not just a matter of the one factor but your credit profile and how that factors in. Even if you don't see a jump it doesn't mean that these factors don't matter. All factors in your credit profile always matter. If your scores are FICO 8's then you seem to be in good shape for the very short history that you have IMO. You are just starting out. Building and rebuilding is a long, slow process so set realistic expectations and prepare to be in it for the long haul.
That said, if you want more info on scoring you might want to take a look at the Understanding FICO Scoring subforum as those the frequent it do tend to have more interest in trying to determine the details based on aecdotal evidence. See also its stickies about the various FICO models.
