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How does credit work.


1 comment

  • Official comment
    Kim L

    Hi Brendan, thanks for you post!

    In short, there’s not an exact amount of time you can spend building credit that will guarantee you’ll qualify for a loan. If there is such a criteria, it likely varies by lender and wouldn’t be shared by them publicly.

    In the article How Long Does It Take to Build Credit? It shares information about how long it can take to build a solid credit score if you're starting from scratch. However, a strong credit score may not be enough to qualify for a loan on its own. Lenders tend to prefer to see a long credit history. Although a lender may specify that they like at least two or three years of credit history, more is usually preferable. This article includes additional information that you may find helpful: What Credit Score Do You Need For a Personal Loan?

    While we don't current have a resource for determining the credit age requirement to be a cosigner, this article has some great information on cosigning for a loan: Co-Signing a Loan: Risks and Benefits.

    If you have any other questions about this let me know!

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