Six months' worth of account information is needed to calculate a FICO score. With VantageScore, you can get a score if you've had any credit activity in the last 24 months and it's been at least one month long.
Although you have no control over the specific score used by a lender, you can take steps to improve your score regardless of the type or version in use. Here are some practices to keep in mind if you want to improve your credit rating.
Take great care of your payment history. Make a plan for your money and pay your bills on time. All of your monthly bills, not just your credit card one, are included. If you want good credit, you need to establish a good payment history.
Keep an eye on how much of your available credit you're actually using. Your credit utilization ratio represents the proportion of your available credit that you are actually using. The best way to boost your credit score is to keep your credit card balances below 30%, and ideally below 10%.
Avoid going into debt. Get in the habit of keeping track of your expenses and your credit card balance will always be within easy reach. Having a system in place is necessary once you begin using multiple credit cards. You are much more likely to fall into debt if you do not keep track of every cent you spend.
Don't worry so much about how you're doing. You can easily raise your grade by adopting the suggested practices. But don't stress too much over the precise total. Any changes to your credit report will be reflected in your credit score. The credit score can be restored through patient, responsible use of credit.
Don't worry so much about how you're doing. You can easily raise your grade by adopting the suggested practices. But don't stress too much over the precise total. Any changes to your credit report will be reflected in your credit score. The credit score can be restored through patient, responsible use of credit. And don't worry if your credit isn't perfect. Raise your credit score to at least 760 to qualify for the lowest interest rates.