Rebuilding Your Credit

[jon31]

I have been waiting for my credit card to hit the 6 month mark. It is the only line of credit I have. It just updated today and nothing, no score increase. my utilization is at 6 percent. Does it always give and increase or any suggestions on bumping my score? Thanks!

[socalracer]

i am not 100% sure on this, but my thinking is that it woudl actually take 7 months, because the reporting date is usually behind. I am some what unfamilar with the rule that it will increase after 6 months. in my experience that has never happened to me, but I have several tradelines.

[JohnPTEX]

I've never heard of an "automatic" score increase at 6 months for credit cards - I'd really be interested to hear what someone knowledgable in this area has to say as I have one coming up on its sixth month soon!

[jon31]

yes, i've been diligently reading my fico and other boards and have read it ages at 6 months and can give you the biggest increase in the cards history.

[pizzadude]

I wouldn't expect a large FICO boost based on a single account aging past 6 months.    The FICO scoring benefits of on~time payment are achieved slowly and over time, as opposed to the FICO scoring ding for late payments, which are immediate, severe, and long lasting......

[JohnPTEX]

Man now I'm really excited - I have one credit card that hits six months as soon as the payment from May hit my credit and the another that will hit six months in August - right now the MyFICO score simulator has me at above a 700 by taking my CC util down to less than 10% (I hope thats accurate) - I plan on buying a home in November - with the util down and two credit cards hitting six months I may be in a good position!!

[JohnPTEX]

Second question - is this the same for auto loans too?

[Repo-ed]

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JohnPTEX wrote:

Second question - is this the same for auto loans too?

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WIth an auto-loan added to your "mix of credit", which will very likely give you a boost to your scores.

[JohnPTEX]

Well I ask because I also have an auto loan that hits the 6 month mark in July

[jon31]

i think auto loans give you an increase after 12 months from what I've read