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Couple things; credit score has zero bearing on income, if someone were to give me 1K cash and somehow I was living with no extra money beyond bare necessities, I could establish an 800 credit score within 2 years without AU's at least on FICO 8.
If you want to get her the highest credit score possible you can get this done faster by pulling the typical Alliant trick, and then finding a couple of $0 AF credit cards from CU's that she can get access to and just a minimal limit CC is fine for her needs from the sounds of it. 3-5 cards + 1 pretty loan = 800 in 2 years basically starting from zero.
I'm still interested in the VS score though, and I'd LOVE to have a blank slate to play with heh, kudos to you for helping too!
Wow. Just, wow.
A little over a month ago her Vantage 3.0 score was 698. This is with 0 CC balance, an AAOA of less than one year, and no derogs.
We added her as an AU to a card with no balance, raising her AAOA to just over 4 years, and allowed her card to report a balance of $1.00 for a utilization of less than 1%.
New score: 764
Booyah!!!! That's pretty impressive... will do similar with my kids in a few years... NICE!!!
I would say that the primary objective of giving her a file worthy of hassle-free apartment rental is achieved. That was easy.
Amazing what you can do with a credit file that isn't already stained. :-D
Dude, tell me about it. That should read as a blueprint for the parents of teenagers :-)
@Anonymous wrote:I think that myth is already dead and gone. You can be a 20 year old with a part time job making $15k per year and as long as you have a good mix with low utilization and perfect payment history possess an 800 score. My scores were in the 800's from about age 21-24 before I ever had a "real" job/income.
Agree. My son is proof of this. His current Fico 8's are in the high 700's Full time student, 21yrs old, about 20k per year from part time work.Has 3 CC and a small personal loan for the Installment part of the score mix. Has had credit established for 5 years.
@p- wrote:I would say that the primary objective of giving her a file worthy of hassle-free apartment rental is achieved. That was easy.
Amazing what you can do with a credit file that isn't already stained. :-D
I was lead to this thread by reading your other very inspirational thread.
My question is has this experiement yielded an actual FICO score yet. I see that you are listing the Vantage 3.0 scores. But I have been lead to believe that those don't always translate to FICO's well via here and cb.
Also, do apartments or any other lenders actually even look at Vantage scores? I am very curious about this because right now I am in a similar boat to your family member having no credit history at all. I managed to get 2 unsecured and one secured revolver at this point and have a Vantage 3.0 score of 702 reporting 10/15/2016 and no FICO reporting. I have an AAoA of 3.475 based on a closed positive account that is currently at 13.9 years.
So this thread/experiment is of great interest to me to see where it goes. Do you have any updates?
if this person may need a installment loan she still may have problems with not enough experience with that type of loan..... or to rent a place...
might need to add like a secure share loan from a CU.... yes theres a slight fee involved... but it would make a noticable impact on her score and tl's for having an installment loan...
that credit mix problem...
and she still has a thin file.. that may not hold an installment loan..... you got the score but its is isnt shored up with a thicker file...
Id definitely consider the Alliant trick....
and getting another card... at some point in the not too distant future.. even if its sd'ed or used for a reoccuring sub and autopays
-J
Also Discover offers a free FICO score for non-cardholders..... monthly...... creditscorecard.com
Something a bit more solid to go by...