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How Long Does It Take To Build Credit?

I get asked this question a lot: “How long does it take to build credit?”

The short answer is that building credit takes a lifetime “but no you do not need to wait until 120 to get approved for your first mortgage”. So let’s discuss how long it takes to build credit for different loan types you’re looking to get approved for. And if applicable, we will also discuss some shortcuts.

Basic credit score - 6 months

In order to achieve a Fico score you need to have a tradeline open (credit card, loan, etc.) open for a minimum of 6 months.

Shortcut: You can get added as an authorized user on someone’s credit card that is already open for 6 months. After about 30 days the card will report on your credit report, including the credit history. So to Fico it will look like you already have a tradeline open for 6 months. You can read much more info about this here.

Mortgage - 12 months

To get approved for a decent rate on a mortgage you usually need two credit cards (or other tradeline) open for a minimum of 12 months. If you’re ok with a higher rate you can possibly even get approved for a conventional mortgage with only 6 months credit history as well.

Shortcut: You can get added as an authorized user on someone’s credit card that is already open for 12 months. After about 30 days the card will report on your credit report, including the credit history. So to Fico it will look like you already have a tradeline open for 12 months. You can read much more info about this here. The issue is that the bank can see that the credit history was built only by authorized users and they might decline the loan. This will vary by bank. A good mortgage broker will know which banks to apply at for your loan. An alternative option is to get added as a joint cardholder on someone’s card that is open for a minimum of 12 months. You can read more details on which banks still offer joint cardholders here.

Auto loan / auto lease - 8-12 months

To get approved for the advertised rate on an auto loan or auto lease you usually need two credit cards (or other tradeline) open for a minimum of  about 8-12 months. For a slighter higher rate you can get approved with only 6 months credit history as well.

Shortcut: With auto leases, at least with some finance companies, the authorized user trick described above can work. A good leasing agency will know which finance banks to apply at for your lease. An alternative option is to get added as a joint cardholder on someone’s card that is open for a minimum of 12 months. You can read more details on which banks still offer joint cardholders here.

Credit card - 0-24 months

Credit cards come on many different levels. There are credit cards that will approve even someone with no previous credit history and then there are some cards that will require 12 months history or even more.

We list some starter options here that will approve even with no previous credit history. 

After 12 months you should be able to get approved for most credit cards, except for some high annual fee cards that sometimes require 24 months of credit history. 

Other finance loans - 12 months

We can’t list every type of finance loan but the “golden rule” is that once you have 2 credit cards and your oldest card is open for 12 months or more, then your credit should be decent enough to get approved for most types of loans. 

Just make sure to keep these 5 factors perfect in order to always see your credit climb up and up.

The 5 Most Important Factors In A FICO Score

Every self-proclaimed guru on Google has “5 reasons why blah blah blah”.  But now I’m about to give you 5 REAL factors that FICO looks at when calculating your credit...

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Frequently asked questions
Which credit card builds credit the fastest?
All credit cards build credit at the same speed
If I have good credit in the UK can I transfer it to the USA?
No. But Amex can potentially approve you for a credit card based on your UK credit
Why does my mortgage broker not get a credit score when pulling my credit? I have had two credit cards for almost six months.
You need to have at least one tradeline for a full six months in order for FICO to generate a credit score

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Sam Sam has nearly a decade's worth of experience educating his many readers on everything credit. Sam spends his days checking out credit cards for a full report, from the minute benefit details to the shebang of welcome bonuses. Plus studying the ins and outs of building proper credit. It’s his favorite pastime and he loves sharing it with others.

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Today's best offers

The Business Platinum Card from American Express

Earn 250,000 points after spending $20,000 within the first 3 months.

More

Capital One Spark Cash Plus

Highest ever!! Earn $2,000 after spending $30,000 within the first 3 months. Plus, earn an additional $2,000 for every $500,000 you spend during the first year. You can earn the bonus unlimited times over the course of the first year!

More

United Business Card

Earn 100,000 miles after spending $5,000 within the first 3 months.

More
The smarter way of keeping track of your cards
Now available on Android and iOS
Get our app on

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