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