Shocked by starting FICO score...advice please!!!

espnjunkie · ‎02-03-2012

I have been doing my best to garden for the past six months and build credit from scratch. I got anxious today and wanted to see if my hard work had gotten me anywhere. I ordered my Transunion FICO score from myfico.com and it shows I have a score of 741!!!! That's way higher than I would have expected with just 5-6 months of credit history. This is really encouraging but I am still a bit shocked. I have been wanting to apply for something like amex zync/green or citi forward but didn't know if I had actual scores yet. I would assume my other scores fall in line give or take a bit. IShould I apply for Citi Forward or Amex Zync now? I'm really excited haha.

My only account is a Capital One card I opened in August...

Advice?

“The real measure of your wealth is how much you’d be worth if you lost all your money.” ~Unknown
Citi Prestige World Elite Mastercard ($35,000.00), Merrill+ Visa Signature ($25,000.00), Amex BCP ($29,700.00), Amex Green (NPSL), Capital One Quicksilver World Mastercard ($10,000.00), Chase Ink Business Bold (NPSL)
TU-778 (12/03/2014))
EX (Plus) - 777 (10/21/2013)
EQ - 735 (April 2013)

espnjunkie · ‎02-03-2012

It reports me as having 5 months of credit history, but I already have a Transunion FICO. Would amex overlook a short history given such a high score?

“The real measure of your wealth is how much you’d be worth if you lost all your money.” ~Unknown
Citi Prestige World Elite Mastercard ($35,000.00), Merrill+ Visa Signature ($25,000.00), Amex BCP ($29,700.00), Amex Green (NPSL), Capital One Quicksilver World Mastercard ($10,000.00), Chase Ink Business Bold (NPSL)
TU-778 (12/03/2014))
EX (Plus) - 777 (10/21/2013)
EQ - 735 (April 2013)

espnjunkie · ‎02-03-2012

Average Age of Accounts is Six months actually haha. This is all kinda exciting...lame I know, but first ever fico score haha

“The real measure of your wealth is how much you’d be worth if you lost all your money.” ~Unknown
Citi Prestige World Elite Mastercard ($35,000.00), Merrill+ Visa Signature ($25,000.00), Amex BCP ($29,700.00), Amex Green (NPSL), Capital One Quicksilver World Mastercard ($10,000.00), Chase Ink Business Bold (NPSL)
TU-778 (12/03/2014))
EX (Plus) - 777 (10/21/2013)
EQ - 735 (April 2013)

Anonymous · ‎02-03-2012

That's great! With that score I'd say go ahead, but 1 caveat...Are you sure your Experian and Equifax reports also have a score? Each bureau updates at different times and just b/c TU generated a score for you doesn't mean the other bureaus have done the same. Especially if you've been told it takes 6 months.

LS2982 · ‎02-03-2012

I would wait until a full year of history for any prime cards.

EQ FICO 548 3/3/16

LTomBerry · ‎02-03-2012

Nice job on the opening score. Keep in mind creditors look at more than just the score so the AAoA might be a concern for some cards. I know AmEx likes 2 years history for their revolvers, not sure about the charge cards.

Starting Score: 690
Current Score: EQ 780 EX 814 TU 783
Goal Score: 800
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espnjunkie · ‎02-03-2012

That is a much higher score than I expected. I'm seriosuly tempted to apply for Zync right now. It is true that the other agencies may not have my scores yet, but since TU does it is likely that the other will too...

I have heard AMEX is lenient with shorter credit histories for the Zync...but honestly if that is my score i'm tempted to skip the Zync and shoot for green

“The real measure of your wealth is how much you’d be worth if you lost all your money.” ~Unknown
Citi Prestige World Elite Mastercard ($35,000.00), Merrill+ Visa Signature ($25,000.00), Amex BCP ($29,700.00), Amex Green (NPSL), Capital One Quicksilver World Mastercard ($10,000.00), Chase Ink Business Bold (NPSL)
TU-778 (12/03/2014))
EX (Plus) - 777 (10/21/2013)
EQ - 735 (April 2013)

nada9188 · ‎02-03-2012

It is well known on these forums that TU is the slowest credit bureau to update so I am sure the others have it.. Go for one of the amex charge cards and let us know the results.

Keep up the good work.

Anonymous · ‎02-03-2012

Keep in mind that charge cards don't report your credit line. So with a Zync or Green you are only going to have $750 line reporting from your Cap One. It may be more advantageous for you to get a credit card instead of a charge card and build up your total credit line across all cards. As someone who has finally gotten my portfolio to where I want it, I can't overemphasize enough the convenience of a high total credit line since all my spending each month is still <10% utilization and I never have to worry about making multiple payments/paying before the statement closes, etc.

espnjunkie · ‎02-03-2012

Ok so what do you think I should apply for right now? I know the history is short, but the scores are definitely high enough to apply for better cards than just a capital one.

I had been eyeing Citi Forward and Zync for awhile now, but if my scores are pretty decent should I just apply for green or gold? I'm still really really surprised that my first actual Transunion fico is a 741...but it is real. 50,000.00 annual income as well. I don't want to get too greedy right now and start applying for everything, but I would like to roll the dice on a card or two.

“The real measure of your wealth is how much you’d be worth if you lost all your money.” ~Unknown
Citi Prestige World Elite Mastercard ($35,000.00), Merrill+ Visa Signature ($25,000.00), Amex BCP ($29,700.00), Amex Green (NPSL), Capital One Quicksilver World Mastercard ($10,000.00), Chase Ink Business Bold (NPSL)
TU-778 (12/03/2014))
EX (Plus) - 777 (10/21/2013)
EQ - 735 (April 2013)