How long does it take to build credit?

Answer 1

There’s no quick fix for building credit. The only way to build credit is to manage your credit responsibly over time: Make timely payments on your credit accounts and outstanding debts to establish a positive track record of handling credit. Pay all bills on time; stay current on all payments; keep balances low on credit cards. Like getting in shape, building credit can only happen with time and effort.

For someone just starting out, the best advice is to establish spending habits that will help you to make and keep your credit strong. Your credit score, which is a grade of how well you handle credit and loans, depends on two things: 1) The length of your credit history i.e. Do you have a track record that lets people see how well you handle credit? 2) The quality of your credit history i.e. During the time that you’ve had a credit history, have you created a pattern of making payments on time and following the terms of your loan or credit agreements?

The best way to build a credit history and then to get good credit, is to own a line of credit through a financial tool like a credit card. Keep your credit balance in good standing by making charges and then making monthly credit payments on time. But make sure never to spend more money than you can handle.

FYI: The credit reporting agency Equifax provides a helpful website with information on credit. It’s written for the general public, so it's very easy to read.

http://learn.equifax.com/