Quick questions for the Credit guru’s outs there, I recently spoke with a credit advisor who informed me that it usually takes credit lines 6 months to mature on your credit report. I have a credit card that has been active for 2 months and a car loan for 3 months, what he said is that I would see an increase in my score once they hit the 6 month mark and “mature”. Is that the case? And how much of an impact could I expect to see? Also question 2… my Experian credit report says that one factor working against me is the amount of credit I have. I currently have 2 secured cards, one for 500 with capone and the other for 300. Would it help me to put down an additional deposit on both cards? And in order for the deposit to help how much would I need to put down? Sorry for all the questions, I tried searching but could not find my answer.
FICO has said that you need to have at least one active account that has been open for 6 months or more to actually have a FICO credit score. If the credit card and the car loan were both the first types of credit you've ever had, then this would apply to you. It's impossible to estimate where you scores will stand though because there are just too many factors at play in your credit profile. That said, payment history, credit utilization, and your mix of credit together make up a big chunk of your FICO scores. Increasing the limit on your secured cards or reducing the balances, which in turn will improve your credit utilization ratio, would be a smart move to make. Ideally, you want your CU ratio at 10% or less.
