How long does it take to build a strong credit history?
I’m 24 yrs old, and at the beginning of 2007 (between February and April) I became a cosigner on my fiance’s auto loan, and got my first Discover credit card with a $ 300 limit. Around the middle of 2008 I got an Express Store credit card that started at $ 250 and just increased to $ 450-where it will stay and I will not allow it to raise anymore. For the past 5 years I’ve had ALL utilities (cable, electric, gas, etc.) in my name and paid everything on time. All of my credit cards and utility bills have been paid on time and we have NEVER been late on a car payment. Oh yeah, and I only have ONE negative on my credit report for $ 450 from almost 7 years ago and I will probably only open up one more credit card in the future and that will be it.
So, I guess that means I’m on the right track and my score has GREATLY improved it is up to 640-680 and still rising. But my question is:
How long will it take for my credit to be considered “sufficient credit history” as even now it is still considered “young” credit?
And, by paying everything on time and keeping my credit card balance low, how much does your credit actually raise every month, 6 months or year??