Member
MostlyAwake
Posts: 8
Registered: ‎11-03-2012
How long to generate a FICO score and where can I expect it to start?
[ Edited ]

Just starting out with establishing credit. Nothing on file except for the INQs for the two CC's I got ( both secured ). Activated them today and plan to put a static recurring charge on each of them and pay it in full each month.

 

I think I read 6 months somewhere but wasn't sure if that timeframe was a mandatory minimum or not.

 

If I do this for 6 months and don't mess up ( I won't, I have essentially automated the process ) what can i expect my scores to start out at?

We were looking to purchase a new(er) vehicle as soon as possible and our CU rep mentioned that they pull Beacon scores exclusively. I think 680 was their breakpoint for 2nd tier rates which would put us in around 3%, top tier rates is too far out for it to be a reasonable goal for us since we will have had to purchase something long before we would get there ( mid 700's )

 

Is 680 starting out too unreasonable? I just don't want to plan and budget for something that isn't within the realm of possibility.

 

Also, I have read up a lot about ping ponging a sub 9% util rate between the cards to maximize my gains but didn't want to hassle myself with it if it was only going to save me a statement cycle worth of waiting or a few points in the long run. Is this something definitely worth doing?

 

And just for clarification, The 680 baseline is also the breakpoint at which the inhouse CU manager can make lending calls without sending them to a senior loan officer who is going to number crunch, look at my limited history and then decline me.

 

I would very much like to have someone I know on a first name basis ( small town, pop. of about 900 people ) making that call which is why getting to the arbitrary figure of 680 is so important.

 

 




Starting Score: ????
Current Score: 728 EQ 11/2012
Goal Score: 750


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