@Anonymous wrote:Unless you have NO reported credit on your reports, then you do have a FICO score. Did you attempt to purchase your scores on this site? If you have no FICO, then you have no reported credit data meaning your $4550 in available credit is either failing to report, or not reporting to the correct identity.
My kids at your same age, with nothing but a single account as authorized user had FICO scores.
Hmmm...I thought there had to be six months of credit history reported for a FICO score to be generated. OP stated he's only had credit since August, so he hasn't hit the six month mark yet.
If the account your kids were added on as AUs had a history longer than six months, that would be the reason why they had scores.
Found this thread on the forums about generating a FICO score:
ETA: There was discussion back in 2008 about revising the scoring formula to not include AU accounts. However the decision was made to NOT remove AU accounts from scoring.
http://myfico.custhelp.com/cgi-bin/myfico.cfg/php/enduser/std_adp.php?p_faqid=71
MMart078 wrote:
To Mgs2010, they cards of NFCU 1k, Citi 1.8k, CFCU 1k, USAA 500 & ODUCU 250, I am a real estate agen, and a financial & research consultant.I am also a junior in college (finance major)...I am a junior due to advanced placement and dual enrollment. (That question always comes up)
And to the other I think you are forgetting that fico does no longer count authorized user the way they used too. I am sure you are aware of the no piggyback if not (look it up!) and the requierments for have a fico score
There's really not much to it; in order for a FICO® score to be calculated, a credit report must contain these minimum requirements:
- At least one account that has been open for six months or more (5 MONTHS FROM ME, AUG TO DEC)
- At least one undisputed account that has been reported to the credit bureau with in the past six months(SAME ISSUE)
- No indication of deceased on the credit report (Please note: if you share an account with another person this may affect you if the other account holder is reported deceased). AND IM ALIVE AND WELL
here is the link: http://www.myfico.com/CreditEducation/questions/requirement-for-fico-score.aspx
EVERYONE PLEASE!: BEFORE REPLYING TO MY FORUM, KNOW WHAT YOU ARE TALKING ABOUT THIS IS WHY SO MANY PEOPLE WOULD RATHER NOT BOTHER WITH CREDIT, PEOPLE ALWAYS CONFUSING EVERYONE ELSE.
(exhale)...I HAD TO VENT
Congrats on the advanced placement! The last year of high school is often a waste of time for some students.
As to the highlighted statement above, you are incorrect. FICO 08 was originally going to do this, but backed off, probably due to potential violations of the FCRA. (look it up!) There's a lot of obsolete and incorrect info on the internet, as I'm sure you are well aware.
You're right, since you seem to have no AU cards (older than 6 months), you won't have a score until you do hit 6 months.
How much what should you expect to have in two years? (this question from your first post) Total credit limit? If it's total CL, no telling. Banks have pulled back available credit big time over the last 18 months. I have always shot for (and not always hit) a minimum of $1K on a store card, $5K on a bank card, and $10K on a CU card, but those are pretty much numbers pulled out of a hat.
If you want to be an early FICO High Achiever, I'd advise keeping your total card count to 5, with at least one from a major national bank, and possibly one a store-only card (the jury's still out on this.) With banks being stingier, you're more apt to get good CLI's with fewer cards, because otherwise, it's too easy for an individual bank to evaluate your record and decide that you don't need any additional credit. The classic High Achievers only have about 5 cards going, and they tend to be all excellent cards, chosen carefully for rewards, growth potential, and so forth.
Meanwhile, as sort of a general observation, many of us enjoy having college-age members join the forums. I for one appreciate the energy and excitement. But don't be so quick to assume that you know what's what about everything. Credit is pretty tricky, and often contradictory. At a minimum, you might want to check the number of posts next to someone's name before blowing off their advice. We do have some high-volume posters who live in confusion, but most give valuable advice.