How long does it take to get a credit score from 500 to 700 (2024)

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  • October 13, 2023
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How long does it take to get a credit score from 500 to 700 (2)

Are you tired of a low credit score holding you back from your financial goals? It’s time to take control of your credit health.

Many people wonder how long it takes to improve a credit score from 500 to 700. The answer is not a one-size-fits-all, but with the right steps and commitment, you can significantly improve your creditworthiness.

Imagine the possibilities with a higher credit score. You could qualify for better interest rates on loans, get approved for your dream apartment, or even secure that coveted credit card with fantastic rewards.

Here are steps you can take to improve your credit score and move from 500 to 700:

Check Your Credit Report: Start by obtaining a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion). Review them for errors and dispute any inaccuracies.

Pay Your Bills on Time: The most significant factor affecting your credit score is your payment history. Make sure you pay all your bills on time, including credit cards, loans, and utilities.

Reduce Credit Card Balances: High credit card balances relative to your credit limit can negatively impact your score. Aim to lower your credit card balances to below 30% of your credit limit.

Don’t Close Old Accounts: Closing old credit accounts can hurt your credit score. Keep them open, even if you don’t use them often, to demonstrate a longer credit history.

Diversify Your Credit Mix: Having a mix of credit types (credit cards, installment loans, etc.) can positively impact your score.

Be Patient: Improving your credit score takes time. Consistently following these steps can gradually raise your score over several months to a year or more.

Remember, everyone’s credit situation is unique, so the time it takes to go from a 500 to 700 credit score may vary. The key is to stay committed to responsible financial habits and monitor your progress regularly.

Consider speaking with a credit counsellor or financial advisor for personalised advice if you’re serious about increasing your credit score. Taking action today is the first step towards an improved credit score.

How Long Does It Take to Get a Credit Score from 500 to 700

A good credit score typically falls within a specific range that is considered favorable by lenders and creditors. Credit scores are commonly calculated using a scoring model, which assigns scores on a scale of 300 to 850. Here’s a breakdown of credit score ranges and what they typically mean:

Poor Credit (300-579): A credit score in this range is generally considered poor or very poor. Individuals with scores in this range may find it challenging to qualify for credit, and if they do, they may face higher interest rates and stricter terms.

Fair Credit (580-669): This range is often classified as fair or subprime. While it may be possible to qualify for credit with scores in this range, interest rates are likely to be higher than those offered to individuals with better credit.

Good Credit (670-739): A credit score in this range is considered good. Individuals with good credit scores are generally eligible for a wide range of credit products and may receive competitive interest rates.

Very Good Credit (740-799): Scores in this range are considered very good. Those with scores at the higher end of this range may qualify for the best interest rates and terms on loans and credit cards.

Excellent Credit (800-850): An excellent credit score falls in the highest range. Individuals with excellent credit are typically offered the most favorable terms and the lowest interest rates on credit products.


The time it takes to raise your credit score from 500 to 700 can vary widely depending on your individual financial situation. On average, it may take anywhere from 12 to 24 months of responsible credit management, including timely payments and reducing debt, to see a significant improvement in your credit score.

Several factors can affect the speed at which your credit score increases, such as the severity of negative items on your credit report, the consistency of your positive credit behavior, and the types of credit accounts you have. Addressing negative items like late payments or collections can accelerate the process.

Yes, there are steps you can take to expedite the credit score improvement process. Focus on paying bills on time, reducing credit card balances, and avoiding opening too many new credit accounts. These actions can have a positive impact on your score over time.

Beware of so-called “quick fixes” or credit repair services that promise instant results. Legitimate credit improvement takes time and patience. Be cautious of any offers that seem too good to be true, as they may involve unethical or illegal practices.

Yes, using credit-building tools like secured credit cards can be a useful strategy for improving your credit score. These cards require a security deposit and are designed for individuals with lower credit scores. Consistently using a secured card responsibly can help boost your creditworthiness over time.

Yes, it is definitely possible to achieve a credit score of 700 or higher with dedication and responsible financial management. Many individuals with previously low credit scores have successfully improved their credit profiles and reached higher scores through diligent efforts.

Yes, regularly monitoring your credit score and reviewing your credit reports is essential during the credit improvement journey. Monitoring allows you to track your progress and catch any errors or discrepancies that may affect your score negatively

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How long does it take to get a credit score from 500 to 700 (2024)


How long does it take to get a credit score from 500 to 700? ›

Average Recovery Time

Can you recover from a 500 credit score? ›

The bad news about your FICO® Score of 500 is that it's well below the average credit score of 714. The good news is that there's plenty of opportunity to increase your score. 99% of consumers have FICO® Scores higher than 500. A smart way to begin building up a credit score is to obtain your FICO® Score.

How to go from 450 credit score to 700? ›

Lower Your Credit Utilization Ratio

As a result, using less of your credit limit will likely lead to a higher credit score. You can lower your utilization by paying off loans and credit card balances. You can also ask your credit card issuer to increase your credit limit.

How fast can you repair bad credit? ›

Average score recovery time by type of event
EventAverage credit score recovery time
Hard credit inquiry3 months
Late mortgage payment (30-90 days)9 months
Foreclosure3 years
Bankruptcy6+ years
2 more rows

Is 700 a good credit score to buy a house? ›

Yes. Assuming the rest of your finances are solid, a credit score of 700 should qualify you for all major loan programs: conventional, FHA, VA and USDA loans all have lower minimum requirements, and even jumbo loans require a 700 score at minimum.

Is 650 a good credit score? ›

As someone with a 650 credit score, you are firmly in the “fair” territory of credit. You can usually qualify for financial products like a mortgage or car loan, but you will likely pay higher interest rates than someone with a better credit score. The "good" credit range starts at 690.

Is 580 a bad credit score? ›

Your score falls within the range of scores, from 580 to 669, considered Fair. A 580 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.

How can I raise my credit score 100 points overnight? ›

10 Ways to Boost Your Credit Score
  1. Review Your Credit Report. ...
  2. Pay Your Bills on Time. ...
  3. Ask for Late Payment Forgiveness. ...
  4. Keep Credit Card Balances Low. ...
  5. Keep Old Credit Cards Active. ...
  6. Become an Authorized User. ...
  7. Consider a Credit Builder Loan. ...
  8. Take Out a Secured Credit Card.

What credit score is needed to buy a house? ›

The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable-rate mortgages (ARMs).

Why did my credit score go from 524 to 0? ›

Credit scores can drop due to a variety of reasons, including late or missed payments, changes to your credit utilization rate, a change in your credit mix, closing older accounts (which may shorten your length of credit history overall), or applying for new credit accounts.

Should I pay off my credit card in full or leave a small balance? ›

It's a good idea to pay off your credit card balance in full whenever you're able. Carrying a monthly credit card balance can cost you in interest and increase your credit utilization rate, which is one factor used to calculate your credit scores.

What credit score is needed to buy a car? ›

The credit score required and other eligibility factors for buying a car vary by lender and loan terms. Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian.

Can I pay someone to fix my credit? ›

Yes, it is possible to pay someone to help fix your credit. These individuals or companies are known as credit repair companies and they specialize in helping individuals improve their credit score.

Is a 900 credit score possible? ›

Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

How much income do you need to qualify for a $300 000 mortgage? ›

How much do I need to make to buy a $300K house? To purchase a $300K house, you may need to make between $50,000 and $74,500 a year. This is a rule of thumb, and the specific salary will vary depending on your credit score, debt-to-income ratio, type of home loan, loan term, and mortgage rate.

How much house can I afford on a 70k salary? ›

Maximum home purchase price by debt-to-income ratio
Annual Salary$70,000$70,000
Down Payment$30,000$30,000
Current Monthly Debts$150$500
Mortgage Rate7.0%7.0%
Home Buying Budget$275,502$270,492
Dec 26, 2023

How long does it take to recover from a 500 credit score? ›

The time it takes to raise your credit score from 500 to 700 can vary widely depending on your individual financial situation. On average, it may take anywhere from 12 to 24 months of responsible credit management, including timely payments and reducing debt, to see a significant improvement in your credit score.

How long does it take to come back from a 500 credit score? ›

Average Recovery Time

For instance, going from a poor credit score of around 500 to a fair credit score (in the 580-669 range) takes around 12 to 18 months of responsible credit use. Once you've made it to the good credit zone (670-739), don't expect your credit to continue rising as steadily.

Can you do anything with a 500 credit score? ›

When your score is 500, you'll have trouble qualifying for some financial products. You will have to pay the highest rates on loans and credit cards, and you may pay more for car insurance. The good news is it might not take much to move the needle on your score.

How to go from 500 to 800 credit score? ›

How to Get an 800 Credit Score
  1. Pay Your Bills on Time, Every Time. Perhaps the best way to show lenders you're a responsible borrower is to pay your bills on time. ...
  2. Keep Your Credit Card Balances Low. ...
  3. Be Mindful of Your Credit History. ...
  4. Improve Your Credit Mix. ...
  5. Review Your Credit Reports.
Mar 12, 2022

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