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First Time Credit

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Anonymous
Not applicable

First Time Credit

I only established a 3 month credit history and my Experian score as of 1/7/2012 is 717

 

is this real or a fake score?

 

First credit card and its only 3 month old.. I maintained a low balance and i always pay off my balance.

Message 1 of 20
19 REPLIES 19
llecs
Moderator Emeritus

Re: First Time Credit

Where did the score come from?

Message 2 of 20
-Cain-
Valued Contributor

Re: First Time Credit

Fake score. I believe in another thread you mentioned buying your score from Experian.

Is this your only tradeline? FICO scoring requires 6 months of credit history to generate a score.
Message 3 of 20
Anonymous
Not applicable

Re: First Time Credit

Thats what i heard, it has to be 6 months to generate a credit score but others say once you open a credit card the creditor reports the balance to the credit bureaus and they start generating credit scores. im confused. im a new credit user and i badly need a car. im planning to get a brand new car few months from now

Message 4 of 20
-Cain-
Valued Contributor

Re: First Time Credit

The bureaus can start generating their own proprietary scores, but those aren't used by lenders. Most lenders use FICO scores, with a select few using Vantage Scores.
Message 5 of 20
Anonymous
Not applicable

Re: First Time Credit

I kinda understand now. Thanks.

So i have to wait 3 more months before getting a car loan?
Message 6 of 20
-Cain-
Valued Contributor

Re: First Time Credit

Not necessarily, I got a car loan without a credit score.
Message 7 of 20
Anonymous
Not applicable

Re: First Time Credit

Really? How did you do that? Coz here in CA, they credit check to qualify for a loan.
Message 8 of 20
-Cain-
Valued Contributor

Re: First Time Credit

I'm in California. My Credit Union did it for me. While you may not have a FICO score, you certainly will have a credit file. They should be able to pull that.
Message 9 of 20
Anonymous
Not applicable

Re: First Time Credit

Ok. They gave you a blank check? Wat was the apr?
Message 10 of 20
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