I just opened a credit card (never had credit in my life) How long does it take to establish a strong enough score to get a loan?

Most all of the government loans (FHA, VA, USDA) do not require a credit score to qualify for financing. Recently, Fannie Mae (for Conventional financing) also came out with an option that is similar. I'd be happy to answer any questions that you have about that. But to answer your question more bluntly, you will likely have a score after a few months of payments - however each individual lender or investor will have their own requirement regarding how many months you will need to have for that credit tradeline to have a pay history - and some will require more than one tradeline (standard is 3 total). Again - happy to help walk you through some of this specific to you if you like, feel free to reach out.

Most Government loans (FHA, VA, USDA) allow for "Alternative Credit" references.. if the lender runs your credit and you have no scores, or there is no info at all, then you can still purchase.. The lender will be required to look at and verify your rental history, including 12 months canceled checks or a verification from a property management company or apartment complex.. they can also use your payment history for utility bills, auto insurance payments, day care payments, even a regular deposit into a savings account can be use as an alternative credit reference. If you want to use Conventional financing, then the guidelines require that you have at least 3 open active accounts for at least 2 years, and you have to have a MID credit score of 620 or above to qualify for most programs.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

While some loans (FHA for instance) technically do not require a score to get approved, making this statement is really misleading and damaging to consumers. You are better off to live under the guidance of in order to get credit (for a home loan), you need credit. With that said, typically that first card will need to be at least 6 months only before you see it giving you a credit score. My further advice is to get a second card, and to understand you just need the card in your wallet. You DO NOT need to use it.

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