How long does it take to have a credit file?
jenna asked:
I’m 18, I’ve had a credit card since November of last year and I’ve been paying off the entire bill every month. How long does it take to have a credit report on file? I’d like to take out an auto loan, but the bank says I can’t due to lack of credit history.
I’m 18, I’ve had a credit card since November of last year and I’ve been paying off the entire bill every month. How long does it take to have a credit report on file? I’d like to take out an auto loan, but the bank says I can’t due to lack of credit history.
When I got in the US I was 23 and had 0 credit. I got my first CC when I was 24. Since than I never had a late payment or any other negative factors in my credit and I am still under the FICO US average (which is 723). So 5-10 years should be the time it takes to establish a good credit history. BTW some Credit Card Companies wont even issue a card to your unless you have 3-5 years of history.
Hope that helps
You won’t have any credit history if you keep paying off the bill in full each month. The whole point of getting credit is showing that you can use it responsibly. You need to pay monthly installment payments for three months and then on the fourth month, you’ll have credit. Pay the card off in full every 6 months.