what happens when i get a fico score?

[rootpooty]

I don't have a Fico score yet and about 2 months ago I got 3 secured cards see siggy. So basically like the title states what happens when I can pull an actual Fico score from tu and eq? I had about 6 baddies on each report and I got it down to 2 on each and looks like those 2 will stay cause those 2 ca's wont budge for a PFD so im hoping for a Fico score in the mid 600's enough to try for a Walmart card and maybe apple barclays then hopefully at the year mark my secured cards with bofa and navy federal will unsecure. Also before I got my secured cards I knew nothing about Fico scoring so I went on an app spree and everything was denied of course. So other than the inquiries that I have with my 3 cards I also have 5 more on there but they go away after a year right? Suggestions? And yes I plan to garden for the next year

[Anonymous]

I'm not really sure what you're asking - once you have a FICO score you have a score, I'm not really sure what you're expecting to "happen"?

Inquiries don't get deleted after a year, they stay on your report for 2 years. However, they stop counting against your FICO score after 12 months. So for the first year, it counts against your score - then for the next year, you still see them on their report but they don't affect the scoring - then they drop off completely. While they don't go away after a year, they stop hurting you, and it should only ever be an issue if a credit manually reviews the file and wonders about a ton of past inquiries.

Honestly, I think inquiry damage is overrated. With some more picky/conservative lenders, having a lot of inquiries might hurt your chances of approval (especially if you're already teetering on the edge of being denied), but it seems some people keep getting approved even after having tons of inquiries. I've had a whole bunch on my reports (still do, actually), but it's never been the sole reason for denial - usually short credit history is what kills my approvals.

[Gollum]

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@rootpooty wrote:
I don't have a Fico score yet and about 2 months ago I got 3 secured cards see siggy. So basically like the title states what happens when I can pull an actual Fico score from tu and eq? I had about 6 baddies on each report and I got it down to 2 on each and looks like those 2 will stay cause those 2 ca's wont budge for a PFD so im hoping for a Fico score in the mid 600's enough to try for a Walmart card and maybe apple barclays then hopefully at the year mark my secured cards with bofa and navy federal will unsecure. Also before I got my secured cards I knew nothing about Fico scoring so I went on an app spree and everything was denied of course. So other than the inquiries that I have with my 3 cards I also have 5 more on there but they go away after a year right? Suggestions? And yes I plan to garden for the next year

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A FICO score can be generated.  Nothing else happens.  A FICO score has no effect on the information in your credit report.  A FICO score is generated on-the-fly from the information in your credit report at that particular instant.

Inquiries in the past year are factors for a FICO score.  Inquiries remain on your credit report for two years, but inquiries older than one year are not factors for a FICO score.

Think of a FICO score as a way to sum up what is in your credit report.

[bichonmom]

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@rootpooty wrote:
I don't have a Fico score yet and about 2 months ago I got 3 secured cards see siggy. So basically like the title states what happens when I can pull an actual Fico score from tu and eq? I had about 6 baddies on each report and I got it down to 2 on each and looks like those 2 will stay cause those 2 ca's wont budge for a PFD so im hoping for a Fico score in the mid 600's enough to try for a Walmart card and maybe apple barclays then hopefully at the year mark my secured cards with bofa and navy federal will unsecure. Also before I got my secured cards I knew nothing about Fico scoring so I went on an app spree and everything was denied of course. So other than the inquiries that I have with my 3 cards I also have 5 more on there but they go away after a year right? Suggestions? And yes I plan to garden for the next year

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I believe that it takes at least 6 months of history to generate a FICO score. With 2 baddies and a short cr history, I'd expect something in the low 600s. I have a history of 2 years and only 1 baddie due to drop off next month, and my score has been in the 650 to 675 range. (It just dropped because I got 3 new CCs in 1 month.) From what I've read, collections have a major impact on FICO score, as does length of credit history. So, with those two things, I wouldn't expect a high starting score. But a year from now (depending on your collections), you could be in the high 600s.

@I wonder if there is something you can do about those collections. How old are they? Have you tried contacting the OC? Have you tried a supervisor/manager/exec @ the CA? Just a thought.

[rootpooty]

The 2 collections accounts are 4-5 years old with the oldest one falling off my reports march 2013. I have done everything except contact the oc. Should I try that? One account is from sprint for a lousy 39$ and the other is from an electric company for 196$

[beb86]

i would try a PFD