How Long Does It Take to Raise a FICO Score?

Video Transcript

"This is Financial Adviser Patrick Munro talking about, "How long does it take to raise a FICO Score?" A Fair Isaac Score of the FICO Score is the preferred scoring system use by lenders nationwide. It's comprise of the Trans Union Credit Bureau, the Experian Credit Bureau and the Eco-Fax Credit Bureau; there are three and once their finalled into the FICO they become what's called a tri-merge. What the FICO Score is looking for is to make sure that there are not too many accounts active; too many accounts that are maxed out, if you will; to make sure there's a stable employment history with the individual and also to make sure they don't have too many of their credit card balances in arrears. You must make sure you pay your credit cards on time. If you have problems with your credit score, you can address each and everyone of these benchmarks and once you do, you will start to see an improvement in your credit score and it usually takes anywhere, depending on the problem, from thirty days to as much as six months, depending on the severity of the issue. This is Financial Adviser Patrick Munro talking about, "How long does it take to raise a FICO Score?""