FICO 5 months in
#1
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Joined: Aug 2014
Location: Lake Nona, FL
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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!
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!
#2
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Joined: Oct 2007
Location: Charlotte,NC
Posts: 1,717
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.
#3
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Joined: Aug 2014
Location: Lake Nona, FL
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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.
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
#4
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.
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.
#5
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Joined: Oct 2007
Location: Charlotte,NC
Posts: 1,717
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
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
#6
Re: 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 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? .....
#7
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Joined: Aug 2014
Location: Lake Nona, FL
Posts: 205
Re: FICO 5 months in
Thanks guys,
Just my usual impatient self.
I guess I don't really NEED that new car....
Just my usual impatient self.
I guess I don't really NEED that new car....
#8
Forum Regular
Joined: Nov 2013
Posts: 83
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!
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!
#9
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Joined: Aug 2013
Location: Athens GA
Posts: 2,132
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.
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.