A 720 credit score is considered excellent by credit bureaus like FICO and VantageScore But getting to a score of 720 takes time and effort. So how long does it really take to build a credit score of 720?
The timeline varies considerably based on your starting score and credit history. With diligent work some may reach 720 within 6 months, while others may need a few years.
Let’s first understand what makes up your credit score and the factors that influence how quickly you can improve it.
What Goes Into Your Credit Score?
The two most common ways to score credit are FICO and VantageScore. Both use a scale from 300 to 850. Higher scores indicate lower credit risk.
According to FICO, the breakdown of factors determining your score is:
-
Payment History (35%) – History of on-time payments for credit accounts, loans, etc.
-
Credit Utilization (30%) – Ratio of credit balances to credit limits.
-
Length of Credit History (15%) – How long you’ve had credit accounts opened.
-
New Credit (10%) – Number of new accounts and credit inquiries.
-
Credit Mix (10%) – Variety of credit accounts – installment loans, credit cards, mortgage, etc.
For VantageScore, the factors are slightly different but generally similar. Focusing on the major factors above will help boost your score.
How Long Does It Take to Reach 720?
Because everyone’s finances are different, it’s not possible to give a firm date. However, here are some estimates based on your starting score:
-
Starting Score: 300-549 – Expect 1. 5 to 2 years to reach 720. This is based on the idea that you don’t have any major credit problems and that you start building credit right away.
-
Starting Score: 550-599 – About 1 to 1. 5 years if you have a thin credit file. Up to six months if you have a good history.
-
Starting Score: 600-649 – Around 6 months to 1 year. You already have a base to build on.
-
Starting Score: 650-700 – 3 to 6 months by optimizing your credit mix and keeping balances low.
-
Starting Score: 700-719 – 1 to 3 months simply by reducing balances and minimizing hard inquiries.
Essentially, the higher your starting score, the less time it takes to reach 720. But regardless of where you begin, getting to 720 requires diligent effort.
Strategies to Reach 720 Faster
Here are 5 proven strategies to help you reach a credit score of 720 more quickly:
1. Always Pay On Time
Payment history being the biggest factor, set up autopay for credit card and loan bills. Even a single 30-day late payment can drop your score by over 100 points.
2. Keep Balances Low
Ideally, keep credit card balances under 10% of the limit. High balances hurt your credit utilization ratio. Pay off cards with the highest balances first.
3. Become an Authorized User
Ask a friend or family member with good credit to add you as an authorized user. It builds your credit history.
4. Limit Hard Inquiries
Each application for credit results in a hard inquiry, so apply sparingly. Too many inquiries short-term can lower your score.
5. Monitor Your Credit
Check your credit reports and FICO/VantageScore every 2-3 months. It helps you pinpoint where to focus your efforts.
Maintaining a 720 Score
Reaching 720 is an achievement, but staying there requires ongoing good credit habits:
- Make payments on time each month for all accounts
- Keep credit utilization low across all cards
- Have a good mix of credit types – installment loans, credit cards, mortgage, etc.
- Minimize new credit applications and hard inquiries
- Monitor your credit reports regularly for errors
The Benefits of a 720 Credit Score
Achieving a score of 720 unlocks several benefits:
- Easier approval odds for top credit cards and loans
- Ability to qualify for lowest interest rates from lenders
- Higher credit limits approved on credit cards and loans
- Increased leverage in negotiating favorable loan terms
- Option to rent apartments without paying large security deposits
So while building a credit score of 720 takes diligence and patience, it’s well worth the effort. Stay focused on good financial habits – the higher score will follow.
/how-long-it-takes-to-build-good-credit-4767654_final-5b370f861f4f42e5975e63c6bbeb2784.gif)
FICO Scores & Ratings
- Exceptional: 800-500
- Very Good: 740-799
- Good: 670-739
- Fair: 580-669
- Very Poor: 300-579
Is a 720 Credit Score a Good Score?
FICO and VantageScore are the two major credit score brands youâll come across when you apply for financing in the United States. Most lenders (90%) use FICO® Scores[2] along with the 5 Câs of credit. Yet VantageScore sells billions of credit scores[3] to lenders and other companies each year as well.
Most FICO Scores and VantageScore credit scores range from 300-850. Within this overall credit score range, there are five score categories.
0 to 700 CREDIT SCORE at 18 | How to Build Your Credit
FAQ
How fast can you get a 720 credit score?
Everyone’s credit improvement timeline is different. Reaching 720 could take weeks, months, or even years, depending on your credit score starting point. Yet even if the journey to 720 takes you longer to complete, it’s still worth the effort.
How fast can I build my credit to 700?
Long-Term (1-3 years): If you act responsibly with your credit over time, you can get a score of 700 or higher. While some people may see significant improvements in as little as 6 months, for many, it can take 1-3 years to reach a score of 700, especially starting from a score of 540.
What credit score does an 18 year old start with?
An 18-year-old doesn’t start with a specific credit score. Instead, they will either have no credit history or be considered “credit invisible” until they begin using credit and building a record.
How to get a 720 credit score in 3 months?
12 Strategies to increase your credit score in 3 monthsKnow your credit score. Your credit report details your history and financial accounts. Pay all bills on time. Stay within your credit limit. Dispute credit report errors. Increase credit history. Avoid repeated credit inquiries. Pay down debt. Become an authorized user.