Can I Raise My FICO Score from 499 to 750 - And How Long?

Reader Question: Is it possible to raise a FICO score from 499 to 750 if pay off all my debts and pay all my bills on time? If so, how long would that take?

To answer the first part of your question -- yes, it's possible to raise your FICO score 250 points. As for how long that will take, I couldn't even make an educated guess. The reason is that there are many variables that affect an individual's credit score (how long is the credit history, how many lines of credit are being used, etc.)

Here are some previous Q&A sessions you may wish to peruse:

How to Raise Your Credit Score Fast in 2009
This person wrote in asking a similar question to yours. In the response, I offered four specific strategies that can help you improve your score as quickly as possible. It includes the things you mentioned in your question, as well as a couple of things you didn't mention.

How Do I Fix My Score as Quickly as Possible?
A similar question to the one listed above, but in this response we will take a look at the FICO scoring model, one item at a time. You can't raise your score effectively until you understand how the scoring system works. This article is a great place to start.

What Is a Good FICO Score In This Economy?
A couple of years ago, you probably could have qualified for the lowest interest rates on a mortgage loan with a FICO score of 650 or above. Today, however, that is no longer the case. In the current economy [and who knows what will happen six months from now], you would probably need a score above 750 to qualify for the best rates on a loan.

If you haven't done so already, you should also review your credit reports (from all three reporting agencies) to make sure there are no errors. According to a study conducted by National Association of State Public Interest Research Groups, 79 percent of consumer credit reports contained errors. So get copies of yours and read through them for accuracy. If you find any mistakes, dispute them right away.

So, to sum up, it's certainly possible to raise your FICO score from a 499 to a 750. But how long that will take depends on many variables, so it's not something I could predict. Still, it's a worthy pursuit.

If you accomplish this goal and would like to share your success story with the readers of this blog (anonymous for your protection), just get back in touch with me later on. I'd love to publish it as a real-life story of credit success. You can reach me through this blog or by using the contact info on the main website. Good luck!