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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.
If you start with zero credit and get a loan or a credit card, youâll have a credit history but not a FICO score. This can make it tough to qualify for good-credit credit cards. After six months of having a line of credit, youâll have a FICO score, but it wonât be a perfect 850. If you make all your payments on time and borrow wisely, though, you could have a score over 700. (It wonât take as long to generate a credit score from VantageScore, FICOâs competitor.)