How Long Will It Take to Raise My Credit Score to 700 or Above?

Reader Question: I have two credit cards and a car note, which I have had since 2006. The accounts are in good standing. My question is: How long will it take for me to raise my credit score to 700 and above. I asked this question because I would like to buy a home by the middle of 2009.

Unfortunately, I couldn't even offer an educated guess without knowing what your credit score is now. If you have been making all of your payments on time for the last two years, and you don't have any negative entries on your credit reports, you could theoretically have a score of 700 already. When was the last time you checked it?

If you are managing your credit cards properly (paying the bills, keeping the balances low, etc.), then you're doing exactly what you should be doing to achieve a good credit score. Same goes for the payments on your car loan.

Here are some related Q&A sessions you might want to peruse:

How Raise Your Credit Score Fast in 2009
This is one of the most popular articles on the site, judging by the number of times it gets viewed. It's a combination article + video tutorial, and it explains what you should be doing if you want to raise your score as fast as possible.

Is 700 a Good Score in This Economy?
A couple of years ago, you could qualify for the best interest rate a mortgage had to offer with a score of 700 or above. But that bar has been lifted slightly, in the wake of the U.S. economic crisis. Today, you might need a score of 720 or above to get the lowest possible rate on your home loan.

For starters, check your score if you haven't already done so. It may be higher than you think. Also, review your credit reports for errors if it has been more than a year since you've seen them. This is an important first step, because your score is derived from the information found within your reports. Once all of that's done, follow the advice provided in the first article hyperlinked above.

Hope that helps. Good luck with your quest.