06-07-2012 08:04 AM
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!
06-07-2012 08:10 AM
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.
06-07-2012 08:13 AM
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!
06-07-2012 08:48 AM
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......
06-07-2012 09:15 AM
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!!
06-07-2012 09:17 AM
Second question - is this the same for auto loans too?
06-07-2012 09:22 AM
Well I ask because I also have an auto loan that hits the 6 month mark in July
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO