How long for my credit score to improve?
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I’m looking into taking a car loan. I need a minimum score of 680, but my current credit score (according to credit karma) is 652.
I’ve never missed a payment, and I have no negative information
Credit Karma cannot be used as an accurate reference
Your Credit Karma score is only an estimation. Credit Karma provides users with the TransRick score. It is TransUnion’s version of Fico, and it is based on your credit report at TransUnion. Although it’s usually within 50 points of your “real Fico”, it’s not what lenders use.
Your car dealer may use a different score (called “Auto Enhanced”). It’s a special version of Fico, especially tailored for the auto industry. He may be buying the score at Transunion, but he can also be buying it at Experian or Equifax (See understanding-fico-scores.html for more information).
For this reason, you can’t use these two numbers as an accurate reference. The score that you see is not what your lender sees. The only way to know if your score is good enough is to actually apply for the loan.
Building good credit takes time. If you make timely payments, your score will increase a few points each month. It may take you a year or more to raise your score.
If you have high balance-to-limit ratio (over 35%), you can get an immediate score increase of up to 50 points by paying off your debt. Other than this, it takes time.
Good luck
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