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Timeline & Tips. You may have heard that you can build âgoodâ credit from scratch in six to nine months. But thatâs wrong. You wonât even have a credit score, let alone a good one, until youâve had your own loan or line of credit for at least six months. And assuming you do everything right, it could take as long as three years to build what lenders would perceive to be truly good credit and five to groom excellence.
When you open a credit card account, the credit card company reports information about your account to the credit bureaus. The information that your creditors report creates your credit history. How long it takes to establish credit depends on when you open the account and how often your credit card company files reports. Some credit card companies report account activity to the credit bureaus every month while others send reports every 60 days. If your goal in building credit is to improve your existing credit score, you can accomplish that goal with a credit card, but the process is a slower one.