Credit Cards Center Credit cards from our partners
Reply
New Visitor
Posts: 1
Registered: ‎08-20-2013
0

FICO Score inclusions

I have just checked my score for the first time since I am a recent college graduate and saving for a home purchase.  My score was in the very good range with no late credit card payments and nothing delinquent.  I have credit cards listed that are my parents accounts and I am an authorized user.  As an example, one AMEX account was established in 1984 and I was born in 1989. This looks like  Is this a good thing or a bad thing?  I do not have any credit cards in exclusively in my name.  Should I open an account to pay regularly?  Should I have my name removed as an authorized user?  After reading all of this information I am concerned about any sudden moves or inquiries and the potential negative impact to my scores. 

 

I'm hoping to improve my score to excellent (an additional 35 points) before I make any mortgage applications.  Thoughts?  Advice? 

 

Thanks

Moderator
Posts: 13,897
Registered: ‎04-15-2011
0

Re: FICO Score inclusions

I do think you need to add maybe a couple of revolving accounts in your name.  Your file is thin, it needs to be thickened up a bit to make it healthy.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: FICO Score inclusions

I think that you should remain as an AU on the American Express.

 

I think that you should apply for a new American Express Account in your own name.  Also, you may want to pick up a store card or two so that you can begin to establish credit in your own name.

 

When you get the new account, make sure that your "Member Since" date is 1984... otherwise call them and ask them to change that for you.

 

What are your scores now?  what is the timeline of your proposed home purchase?

 

 

 


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
0

Re: FICO Score inclusions

 

I concur, it would be good to open another revolving account or two.   Given your history with AMEX you might consider applying with them.

 

And don't worry about your existing AMEX card being older than you, it shouldn't be an issue with anyone.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Super Contributor
Posts: 9,141
Registered: ‎06-19-2013
0

Re: FICO Score inclusions


webhopper wrote:

I think that you should remain as an AU on the American Express.

 

I think that you should apply for a new American Express Account in your own name.  Also, you may want to pick up a store card or two so that you can begin to establish credit in your own name.

 

When you get the new account, make sure that your "Member Since" date is 1984... otherwise call them and ask them to change that for you.

 

What are your scores now?  what is the timeline of your proposed home purchase?

 

 

 


Which amex card would be easiest to try for to just get your foot in the door. I was thinking of trying to get BCE sometime next spring , but wanted one amex to get my feet in the door, which could help bce app later down the road.



EX Fico 774 3/3/15 Fako 806 CS/Credit.com 11/24/14
EQ SW bank enhanced 5/26/15 827 CK fako 807 5/11/15
TU Fico Barclay's/Walmart 7/6/15 786 Fako 808 Creditkarma 5/11/15
Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
0

Re: FICO Score inclusions


mongstradamus wrote:

webhopper wrote:

I think that you should remain as an AU on the American Express.

 

I think that you should apply for a new American Express Account in your own name.  Also, you may want to pick up a store card or two so that you can begin to establish credit in your own name.

 

When you get the new account, make sure that your "Member Since" date is 1984... otherwise call them and ask them to change that for you.

 

What are your scores now?  what is the timeline of your proposed home purchase?

 

 

 


Which amex card would be easiest to try for to just get your foot in the door. I was thinking of trying to get BCE sometime next spring , but wanted one amex to get my feet in the door, which could help bce app later down the road.


The charge cards are generally easier for approvals than the revolving cards.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.