How Long Does It Take to Build Good Credit?

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Building good credit can take as little as a year from having no credit history or up to two or more years to fix negative credit problems. Find out how long it takes to build up better credit with information from a financial manager and currency trader in this free video on finance.

Part of the Video Series: Credit Information & Tips
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Video Transcript

I'm Roger Groh. We're here today to talk about how long does it take to build good credit? Well, there are really two parts to this. One is you don't have any credit at all, and the question is, how long does it take to build good credit? Well, it takes about a year of making payments on time to receive a very high credit score. The second part would be people that have had problems, or companies that have problems in the past, where they haven't made their payments on time, and have a bad credit score today. Question's how quick can you fix it? That's probably about a two year process, where you are trying to show that things have changed since the problems that you've had. You've consistently made payments on time and that the banks or lenders then can feel comfortable with loaning you money going forward. I'm Roger Groh and that's how long it takes to build good credit.

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