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This means you will spend the next few months working on your credit rating. It may take around six months to build a credit score, as you need credit activity for this period to be able to establish some credit history. You want to keep your credit utilization below 30%, which would be $1,500 of the $5,000 available.

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Based on fico, the most popular credit scoring model, you can generate a credit score after six months of reported payment history. Building credit after a default. A default will stay on your credit file for 6 years and should automatically be removed after those 6 years have elapsed.

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Your payment history accounts for 35% of your total credit score, so it's best to avoid making a late payment. How many years depends on what your current credit score is, and what steps you are taking to rebuild it. As mentioned earlier, payment history contributes up to 35% of your credit score.

Building Up Your Credit Score.

The three remaining factors (all worth 10% of your score) that help to determine your credit score are the length of your credit history, the amount of debt you have. Building a great credit score can take much longeras long as seven to 10 years in some cases. The advantage of a secured credit card is that the issuer will report your activity to the credit bureaus every 30 days.

Even A Single Payment Thats 30 Days Overdue Can Undo Months Of Good Work.

Sadly again, the answer is that it could take a (long) while. A missed payment could remain on your credit report for. 650 to 699 low score: