FICO 5 months in
 

I signed up today to get my FICO score from Experian. I know I have been pretty fortunate as my Credit Union gave me a very good credit card (unsecured) from day one as well as a couple of auto loans, which I have obviously paid back perfectly so far.

I was expecting very little in terms of a score, but was surprised to see a number in the mid 720's.

How is this possible after only 5 months?

I have no intention of now applying for credit left right and centre, but I would like to look at a mortgage and perhaps getting another credit card at some point.

Are Experian credit scores the same as a FICO score? It's a little confusing, you don't have a "credit score" as such in the UK, so trying to get my head around it all is a little tough this morning!

Re: FICO 5 months in
 

The number is pretty meaningless on its own. Score plus length of time plus variety in types of credit will eventually consolidate to provide a number that will help with mortgages and CCs etc. A good measure is 2 years in. Think there's a Wiki on what is needed to achieve a meaningful score.

Re: FICO 5 months in
 

That's what I kind of thought, but I guess I was confused about the reliance on the score. It's very clear in the UK that your score is just an arbitrary number and means nothing, but there seems to be a lot more emphasis on the number over here.

For example the best rates are for those with a FICO score over 750 etc. Seems to be nonsense if your score is 720 odd after 5 months

Re: FICO 5 months in
 

Meaningless. There are several different scores.

Length of history is much more important at this stage. Two years is probably a minimum but I still had problems ofter that.

The emphasis on the number here is all marketing by people like Experian wanting you to sign up and pay for the service. Cancel it.

Re: FICO 5 months in
 

Try and use that score for anything, the vendor will look through at the components that have brought you to that score and it wont be enough. I always received - not enough revolving line of credit or some crap like that.. when I was new.

Re: FICO 5 months in
 

Your credit score is the result of a mathematic formula, IIRC with five inputs: a + b + c + d + e. Just because two of those variables are "length of credit history" and number of recent credit queries/ applications, which are both very low, doesn't stop the others being spectacular, giving you a fairly respectable overall credit score. As others have said though, it might not be much use to you if you try to use it.

Re: FICO 5 months in
 

Thanks guys,

Just my usual impatient self.

I guess I don't really NEED that new car....

Re: FICO 5 months in
 

Mmmm, I didnt get any credit scores until after 6 months! Nothing on FICO, Trans Union or whatever. Suddenly, after the 6 months, everything started to appear and it has gradually risen up from there.

From what i understand though - the fastest way to get it to rise is to have credit and not use it. Though its a balance, don't take on credit for the sake of it. But a credit to debt ratio is considered as part of the equation. Pay the credit cards down, credit score goes up!

Re: FICO 5 months in
 

There is no such thing as "a" FICO score. There are many versions and different lenders use different ones.

Why pay Experian or anyone else? Use creditkarma or creditsesame and you get free scores and (with creditkarma at least) are able to view your credit report.