how long does it take to build good credit?

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    KikoffKikoff
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    #1071
    KikoffKikoff
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    There isn’t a set timeframe for building good credit. 

    It can depend on many factors, like if you’re starting fresh, or looking to improve an existing credit score. Generally speaking, building credit takes time and consistency. It can take months or even years to build, so don’t get discouraged if you do not see immediate results. 

    1. Building Credit from Scratch

    If you’re just opening your first credit account, it will take at least 6 months of reporting to the credit bureaus for a FICO credit score to be generated. This score is used by lenders to determine if you’re someone who can reliably pay off credit on time. The older your accounts, and the longer you’ve managed credit responsibly, the better your score. A Vantage score, typically used for things like rental applications, may generate a score sooner.

    1. Improving Existing Credit

    Typically, individuals who have existing credit that is fair or below can improve their score faster than those just starting or those with excellent credit. Once an individual consistently makes responsible credit decisions and pays on time, they may see results as quickly as a month, or for larger increases, over several months.

    1. Tips for Building Credit Faster
    2. Consistently pay off all lines of credit on time
    3. Keep your credit utilization rate low (use a low percentage of your total available credit)
    4. Keep your credit accounts open. Older accounts help improve your score
    5. Have a healthy mix of credit. 

    A Kikoff Credit Account can also help you build credit, whether you’re just starting or have established credit. You can sign up in minutes, and starting at $5 a month, you can build a credit history by using a $⁨750⁩ line of credit to use for Kikoff purchases. This doesn’t expire, so you can build credit on your schedule.

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The information provided in this blog post is meant for informational purposes only and does not constitute financial advice. Kikoff Inc. is a financial technology company and not a bank. The Kikoff Secured Credit Card is issued by Coastal Community Bank, Member FDIC. Terms and conditions apply & individual results may vary. Make consistent on-time payments to maximize credit building potential.  Credit factors outside Kikoff, like other account balances or delinquencies, can have an impact on credit building progress.  Subject to approval via identity verifications and subject to terms and conditions. Kikoff Credit Account reported line of credit intended exclusively for credit building purposes & can be used to finance the purchase of monthly Credit Service plans and/or digital educational material via the Kikoff Store. For more information, visit our Terms and Conditions and Privacy Policy. We report to the major credit bureaus: Equifax, Experian, and TransUnion. Features, tradelines, bureau reporting, & pricing may vary depending on plan purchased. This post may contain marketing messages and advertisements in compliance with the CAN-SPAM Act. Please refer to our Secured Card and Credit Account Terms for detailed product disclaimers.

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