Regular Contributor
Asailorshort
Posts: 205
Registered: ‎06-04-2012
Re: How long to generate a FICO score and where can I expect it to start?

It's hard to say where your FICO score will start out, as Llecs said.  However, I work with a lot of young Sailors who *presumably* have short histories and it's not uncommon to see scores in the low 700s.  However, I say *presumably* because I have no idea what's in their files.  Perhaps a parent had added them as an AU on a card when they turne 18, giving them years of history right off the bat.  Also, given their age, its possible that they have 2 years of history, which is significantly more than 6 months.  It seems completely possible that you'll start out around 680.

 

As far as manipulating your util percentage, it may be too complicated for you to worry about, since it sounds like you have an excellent plan for automating everything.  I would caution that you should make sure whatever you have automtically running through those cards is less than 10% of your credit limit --- which can be difficult with  small CL.  If you're charging more than 9% of your CL thru the card each month, you'll want to make a payment BEFORE the statment date date (which is typically when ccc's report your balance to the CRAs).

 

The only other thing that I can think of to do to start out with the highest score possible, is a month before you plan on applying for the car loan, is to pay the balance on one of the cards to $0 before the statement date (and let the other report >9%), as FICO seems to factor in the number of cards with a balance as well.  Most say their score takes a slight dip if they let all cards report $0, but one card at 1-9% and the others at $0 seems to get people the most points.

Starting FICO 667 (5/2012) EQ
672 (7/2012) EQ. 681 (8/1/12) EQ
Current FICO 682 (10/13/12) EQ; 718 (10/13/12) TU
Goal: 760+ but 700-720 by jan 2013
No new apps tll jul 2013