young with fair credit

Anonymous · ‎07-02-2007

Hi forum I'm 24 and new to myfico -- My experian score is lower than I'd like (in the mid 600s). I suppose everyone would like a better credit score, but I wonder if my low credit score is because of my age. I noticed some open collections on the report and quickly paid the collection agencies... I wonder what else I could do. - Does anyone have information regarding average credit scores by age? I'd like to know if I should just be patient or whether I'm lower than those in my age group. - How would you suggest I accelerate my credit-building? I've paid off any known collections. Thanks for any help you can provide!

MidnightVoice · ‎07-02-2007

As Tusc would say:

Read Credit Scoring 101 - START HERE!

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

Anonymous · ‎07-02-2007

Thanks Midnight Voice, I couldn't find any information about average score in age groups/demographics, but there were some good tips for increasing one's credit score. Quick question -- would a CLI denial show up on the credit score? I'd like to increase my credit line if it would help my score, but if it gets denied, will I be penalized? Thanks again

Anonymous · ‎07-02-2007

No CLI denial will not show on your reports...

Rob

Message Edited by FICO_Focused on 07-02-2007 05:08 PM

Anonymous · ‎07-02-2007

the CLI decline will not show up on your CR, however, you may get hit with a hard Inquiry. This can have some effect on your score. Although not much for just one, but still.....

fused · ‎07-02-2007

EZ wrote:
Thanks Midnight Voice, I couldn't find any information about average score in age groups/demographics, but there were some good tips for increasing one's credit score. Quick question -- would a CLI denial show up on the credit score? I'd like to increase my credit line if it would help my score, but if it gets denied, will I be penalized? Thanks again

I agree with Midnight, read the credit scoring 101 thread and return here with your questions.

Anonymous · ‎07-02-2007

yup, that 101 is good stuff. I also picked up some good tips here: http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=5662 Thanks everyone.

Message Edited by EZ on 07-02-2007 10:52 PM