New Visitor
slick4u
Posts: 3
Registered: ‎01-08-2012
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.

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
Re: First Time Credit

Where did the score come from?

Community Leader
Valued Contributor
-Cain-
Posts: 1,283
Registered: ‎04-06-2011
Re: First Time Credit
[ Edited ]
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.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 734 11/2012 (PSECU), TU98 695 9/2012
Goal Score: 725+ across the board


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New Visitor
slick4u
Posts: 3
Registered: ‎01-08-2012
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

Community Leader
Valued Contributor
-Cain-
Posts: 1,283
Registered: ‎04-06-2011
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.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 734 11/2012 (PSECU), TU98 695 9/2012
Goal Score: 725+ across the board


Take the FICO Fitness Challenge

Member
slick_4u
Posts: 11
Registered: ‎01-08-2012
Re: First Time Credit
I kinda understand now. Thanks.

So i have to wait 3 more months before getting a car loan?
Community Leader
Valued Contributor
-Cain-
Posts: 1,283
Registered: ‎04-06-2011
Re: First Time Credit
Not necessarily, I got a car loan without a credit score.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 734 11/2012 (PSECU), TU98 695 9/2012
Goal Score: 725+ across the board


Take the FICO Fitness Challenge

Member
slick_4u
Posts: 11
Registered: ‎01-08-2012
Re: First Time Credit
Really? How did you do that? Coz here in CA, they credit check to qualify for a loan.
Community Leader
Valued Contributor
-Cain-
Posts: 1,283
Registered: ‎04-06-2011
Re: First Time Credit
[ Edited ]
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.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 734 11/2012 (PSECU), TU98 695 9/2012
Goal Score: 725+ across the board


Take the FICO Fitness Challenge

Member
slick_4u
Posts: 11
Registered: ‎01-08-2012
Re: First Time Credit
Ok. They gave you a blank check? Wat was the apr?