Best Answer

Your credit history is simply the period of time you have had open lines of credit. Say you had five credit cards and you kept them each for exactly one year and then closed each of them. You would have five credit years of history but most scoring systems would see that as one year of credit history. If you had one credit card account for one year and another for the subsequent year and so on for five years, you would also have five years of credit history, but, again, scoring systems would still see that as (more or less) one year of credit history. Now, if you had one credit card for five years, then the scoring systems would definitely see that as five yeas of credit history.

So, creditors and scoring systems look at how long you have maintained each line of credit and the longer the better.

User Avatar

Wiki User

โˆ™ 2013-08-06 00:29:25
This answer is:
User Avatar
Study guides

Math and Arithmetic

20 cards

Please Evaluate this algebra expression -4 -3

Joe borrowed 8000 dollars on a one year note at 13 percent how much will joe owe when the note comes due

How much time will a 500 investment need to earn 100 in interest at a rate of 10 percent per year

1000 dollars in a savings account pays 7 percent interest per year The interest earned after the first year is added to the account How much interest is earned on the new principal the following year

See all cards

Math and Arithmetic

22 cards

Please Evaluate this algebra expression -4 -3

How much money should be invested at an annual interest rate of 8 percent in order to earn 250 of yearly interest

Joe borrowed 8000 dollars on a one year note at 13 percent how much will joe owe when the note comes due

What is the interest rate of 13.75 percent compounded monthly is equivalent to a daily compounded interest rate

See all cards

Credit and Debit Cards

29 cards

How do people keep track of the amount of money in their checking accounts

People who lease a car are paying for what

What describes how a fixed-rate mortgage works

What does a good credit history do for consumers

See all cards

Add your answer:

Earn +20 pts
Q: How do you build up credit history?
Write your answer...
Related questions

What is offered by Build My Credit?

The company known as Build my Credit offers a service that helps improve your credit score allowing for you to get loans and mortgages easier. They can help you whether you have no credit history or have a bad credit history.

Is a credit score of 711 good?

I have a credit score of 711 but limited credit history, which means not much experience so I'll need to build up credit. 711 is on the good range but you should also remember to maintain it or build it up. You wouldn't want your score to go down.

How do you rent an apartment with bad credit and no cosigner?

You are at the mercy of potential landlords and your own bad credit history. There is no magic trick available. You may need to wait and save up a substantial security deposit and try to build up a better credit history.

How can someone with no credit history build their credit?

To build a credit history from having none is a difficult prospect but any website that offers you a pay in 90 days or similar offer establishes a credit history. Alternatively the bank you have your savings account at might offer you a lower maximum borrow limit credit card which you can then use to establish a credit history.

I need to get my first loan, what can I do to to help build credit history?

Building a credit history requires taking out credit to get a history going. Open a no-annual-fee credit card and make sure to charge to it every month. Also, make sure to pay it off in full each month to build a positive credit history.

What are some steps to build credit history in the shortest time?

To build credit history quickly, take out a new credit card and pay off the balance each month. Also, make sure you do not have any balances on major credit cards or store credit cards.

How does one build up credit after bankruptcy?

You can build up credit after bankruptcy by opening up a new checking and savings account. Another good way to build up credit is to make sure you pay off your balance every month and get a secured credit card.

Can a person who has no job and no credit history get a gas card to build his or her credit history?

Your chances are pretty slim. With that being said, my suggestion to you is to open a bank account and start building a long term relationship. Once you build up $1,000.00 in your savings account parlay that into a secured loan. Make your payments for 6 months and then pay it off in full. Now you have a positive credit history. It is an old fashion way of building your credit but it works!

How long does it take building a reputation that will allow one to get business credit?

Building a business reputation does not happen overnight. Suppliers report monthly and it will take several months for your businesses credit history to be built up. Try and set up accounts with small suppliers to help build your credit history and keep your payments up to date.

How can I build my credit history?

Some of the best ways to build your credit history is to get a landline phone and make all your payments on time. Another way would be to get a credit card with a very low limit and pay it off every month.

How can you get a credit card with no credit history?

You can apply for small store based cards such as kohls, maurices, American eagle... They build your credit and are relatively easy to get with limited credit history.

How do credit cards build credit?

Credit cards aid to build credit history in the same manner that any debt, whether it is from purchasing a car or by just paying rent. Be responsible with credit cards. You should not overspend.

How could one build their credit score up?

There are a number of ways that an individual can build their credit score. Typically, an individual would build up their credit score by paying off credit cards on time and by not missing any payments.

Is there any way I can get a free loan to get instant money and to help build my credit?

You build up credit by making purchases on credit and making payments for them. Since you may not qualify for major credit cards, you can start with either debit cards or get department store credit cards such as Sears, Macys, Kohls, etc. The store credit activity becomes part of our credit history.

You dont have a credit card you don't plan to have one How can you build up credit without one?

You can build up credit thru a car loan if you make your payments.

What is your credit score if you have no credit and how do you get it?

A credit score is a number used to describe your financial history. You can build up credit from paying off any debts or loans on time. You can find your credit score through any financial institution, or online through programs.

How do I build up my credit score with credit cards?

You can build up your credit score with credit cards by wisely using your credit every month and paying it off in full every month. By paying off your cards, you slowly build up your credit score.

How does someone create a credit history?

Obtain a credit card and use it. Store credit cards are available to use as well-- they're specific to that store, of course, but it can be used to build a credit history with purchases and such. Any major payments made will count towards that credit history.

Can I get a credit card without any credit history?

You can get a credit card starting out with a small limit. If that still doesn't work look at getting a pre paid credit card to build credit. Bill payments on utilities are a great way to build credit.

What are the advantages of using a Legacy Visa card?

This company offers advice that you can trust, its easy to join, they help to restore bad credit or build up credit history, and they can be used at ATM's when most cannot.

Can you build credit history by using Debit card alone and not using Credit card at all?

No, spendings of debit cards aren't reported to credit reporting agencies. However it's possible to have a secured credit card(backed by a savings account) and build credit with that.

How does one obtain credit?

Capitol One has pre-approved credit cards for those who's credit rating may need improvement, or those who need to establish credit and build a credit history.

Is the Gesa Credit Union card good to help me rebuild credit?

If you think you can get the Gesa Credit Union card, then you may go for it or get one from a larger bank if possible. To build your credit, make sure you are prompt on your payments. As you use credit card, and pay it back, your credit history will build.

Need help findineg my credit history could someone help me?

To build your credit history you just need to get a credit card and make purchases with it and pay it off. They offer bad credit credit cards for people who are just starting out, you can call Visa, or Mastercard.

How do you get credit with no credit history?

You have to build it up by using small amounts of credit. First check that you are registered on the electoral roll in your area and that your credit report has your correct address, or does not contain old or inaccurate information. You may need to obtain a credit card from a specialised lender that caters for those with poor (or no) credit history. These tend to have higher percentage rates and low credit limits, but if you use this sensibly and don't make late payments you will establish a regular history of good credit use and your score will increase.