@myjourney wrote:For someone with no credit history it takes 6 months to establish a credit score in most cases
^ This one!
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
@makolli wrote:Hello - since you are answering questions on how long it takes to build credit, I am wondering if someone can provide a time frame of how long it takes to rebuild credit. In a nutshell, I recently graduated from a Master's program, and now I am seriously in debt. While I was in grad school, I lived off my credit cards and opened new cards once the old accounts were at the limit. Now I have a job and want to get back on track. As recommended, I got my 3 in one credit report, thoroughly checked out my credit history, and paying off as much as I can. What is a reasonable amount of time to fix my debt situation and raise my credit score? I am looking to buy my first home in the near future. Thanks!
Welcome to the forums!
It all depends if you have any negatives (chargeoffs, collections) from those debts, or whether it's all just sitting out there and you've made the payments all on time.
If it's the first, it's going to be variable and I highly recommend checking out the Rebuilding forum for strategies on approaching them; if it's the second, then it's just a matter of paying down your credit card debt and you'll likely be everywhere you need to be mortgage wise.
@CJIII29 wrote:I will try to have $2000 to $3000 for a downpayment. I will be looking for something in the $10,000 range.
That will be fine for an auto loan in that time frame assuming you can prove income (2 paystubs or whatever).
Auto loans are the easiest of all loan types to get, and I do applaud your getting a second secured credit card (I also recommend the BOFA card, best in the industry currently and the inquiry isn't a big deal) and opening up a secured installment loan. As MyJ suggests, that's a very good credit building profile!