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Timeline & Tips. You may have heard that you can build âgoodâ credit from scratch in six to nine months. But thatâs wrong. You wonât even have a credit score, let alone a good one, until youâve had your own loan or line of credit for at least six months. And assuming you do everything right, it could take as long as three years to build what lenders would perceive to be truly good credit and five to groom excellence.
You must have, at one time, had a good credit score to qualify for the lease. Generally, the paying off of bills will take longer to get reported to credit agencies than a late payment...not fair but true. To reap the benefits of this, it will take about 3-6 months for the score to raise. This is because part of the scoring system takes into account that most people will lease or purchase another vehicle on credit within 3 months of paying off the previous loan.