I'm aware that not all people that don't have a FICO 8(under 6 months of credit history) are treated as the same credit invisible profile. Lots of people intially get rejected left andright for having no credit history while others land cards that even reject 700+ FICO scores. I got rejected from Cap1 and Discover unsecured when I turned 18 and had no credit. My friend who also doesn't have a FICO score landed citi DC with SL 1,200 and Discover unsecured with SL $5000 with no FICO although he had been an AU on chase for 2 years. Another one of my friends got co-signed for M&T card for $14,500 also with a FICO. I see lots of other posters say they got an Amex as their first card without any prior history while I had to wait for my score to generate for I dared to apply for my Amex BCE and landing a disapointing limit.
My question is what gives such a difference? Is it reported income difference, use of L2C or something else entirely?
Starting Score: Ex08-732,Eq08-713,Tu08-717
Assuredly income. That cosigner factors too obviously.
Whatever data they can find as well even if they can't generate a FICO score from it (why no FICO on that Chase AU file, not reported for 6+ months or something?), lenders don't just soley base their UW decision on FICO, some don't use FICO at all anymore seemingly. Everyon'e path is a little different, initial accounts don't matter all that much anyway, just build the profile to be strong and go on with life.
Credit scores are only one factor in credit approvals. You can't compare yourself to what others receive. You don't know what they have listed on their application or even what's on their credit report. They may tell you what they want you to know and nothing more.
You seem really hung up on what others have received in comparison to what you have. You need to find a way to get past that. You're young and should be very happy with the opportunities that have been given to you. As you grow, your credit report grows, you have stable employment and income, more things will become available. Don't be in a rush for things that come with time and experience.
@Subexistence wrote:I'm aware that not all people that don't have a FICO 8(under 6 months of credit history) are treated as the same credit invisible profile. Lots of people intially get rejected left andright for having no credit history while others land cards that even reject 700+ FICO scores. I got rejected from Cap1 and Discover unsecured when I turned 18 and had no credit. My friend who also doesn't have a FICO score landed citi DC with SL 1,200 and Discover unsecured with SL $5000 with no FICO although he had been an AU on chase for 2 years. Another one of my friends got co-signed for M&T card for $14,500 also with a FICO. I see lots of other posters say they got an Amex as their first card without any prior history while I had to wait for my score to generate for I dared to apply for my Amex BCE and landing a disapointing limit.
My question is what gives such a difference? Is it reported income difference, use of L2C or something else entirely?
I asked him to say what his score on his Discover TransUnion was and he said it had no score to report. Also on creditwise, he says it's a closed AU account. Maybe it was closed after less than 5 months of use?
@Thomas_Thumb wrote:
@Subexistence wrote:
@Subexistence wrote:I'm aware that not all people that don't have a FICO 8(under 6 months of credit history) are treated as the same credit invisible profile. Lots of people intially get rejected left andright for having no credit history while others land cards that even reject 700+ FICO scores. I got rejected from Cap1 and Discover unsecured when I turned 18 and had no credit. My friend who also doesn't have a FICO score landed citi DC with SL 1,200 and Discover unsecured with SL $5000 with no FICO although he had been an AU on chase for 2 years. Another one of my friends got co-signed for M&T card for $14,500 also with a FICO. I see lots of other posters say they got an Amex as their first card without any prior history while I had to wait for my score to generate for I dared to apply for my Amex BCE and landing a disapointing limit.
My question is what gives such a difference? Is it reported income difference, use of L2C or something else entirely?
I asked him to say what his score on his Discover TransUnion was and he said it had no score to report. Also on creditwise, he says it's a closed AU account. Maybe it was closed after less than 5 months of use?
SubE- My daughter received her L2C score along with her Discover credit card. After that she received no scores with her monthly statements until after 6 months. Then she started getting het Fico 8 score (TransUnion) with statements. She was never listed as an AU on anything.
Shr had an L2C score because she had been paying rent in her name and the landloard(s) must have been reporting it somewhere. Additionally she had utility bills in her name that she was reporting. If someone does not have rent or utility bills in their name, they may not have an L2C score that could be used as an alternative to Fico.
I tried to get a utility score last week but, I don't exist. Perhaps because utility bills, cable and cell phone are addressed to DW..
Approval results for those new to credit with no Fico score may be influenced by presence/lack of other types of payment history in the applicants name.
I actually got an L2C score that was considered excellent when I first applied for discover but i was declined since it wasnt a student card...
Discover is known for using L2C scores esp for younger folks.. you may not even have enough data to generate that....
Still waited for almost 2 years to reapply ....
I was coming from new/no credit as well....
It really does take 6mo to start generating a FICO score, even if you do get a card or instrument that reports...
