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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 finally finish paying off your credit cards, it's natural to wonder when you'll get the big payoff of a better credit score. The reality is, it doesn't happen right away. How long it takes for your credit score to improve depends largely on how well you've managed your debt over time. Credit Utilization Ratio Obviously, your usage of available credit will fall to zero once your credit cards are paid off. That's a bonus for you since credit usage makes up 30 percent of your score. Of course, if you did this with a consolidation or home equity loan, your score won't improve at all.