Established Member
britishexpat
Posts: 28
Registered: ‎05-08-2012
Re: Experian Score so low

When I started on the credit trip I applied for certain credit cards to get me started,  you have to start somewhere... got plenty of refusals straight away which is expected is it not.

Must admit at the start I did apply for around 10 cards, 10 HP's there. when letters started to arrive I realized that with no history and no score creditors had a good enough reason to refuse me. 

From the refusal letters I decided to contact TU as it appeared no one had any data with regards to my new ssn being authentic. after sending in all my details into TU I finaly was able to open an online account with them to view my new file and report. I did not do this with the other 2 beuraus as I thought that it would be done on its own.

 

After a month or so my score with TU was at the 718 mark. Great I thought now maybe I can get some approvals as I have some form of score that has been registered with the big boys. Applied for 6 more cards to which I was successful in gaining. There is another 6 HP's

 

Now I was on the road and thought that because I have a decent score I could get better cards with better limits..."yeah right" bitten there... and since then I learned that the score given was a FAKO one as non of my new credit accounts had reached the 6 month mark where then my true FICO score was generated.

 

So I have spent all that time applying under the pretence that I had a good enough score when indeed it was not true at all...

I have not applied for anything since then until recently as I have waited until one of my cards hit the 6 month mark(well 7 month infact) and thinking that my score should be at least in the FAIR to GOOD range of things by now.

 

I got an increase on my lowes card a few weeks.. refused at first but they gave me a little increase of an extra $200 to help pay for a generator due to hurricane Isaac coming through, I did not use this but got my limit increased to help build a bigger overal limit and lower utilization etc etc.

 

There is another HP... 17 there, with the 2 recent applications that's 19 in total... that's 12 that were unnecessary but I had to try to get off the ground. 

 

What I am going to do now is get to the bottom of the score with EX  to make sure nothing is wrong with them.. after this I do not intend in applying for anymore credit until pre approvals come to me...  and I intend on finding a credit union that looks beyond a computer generated score. the HP's I feel can be justified to a CU as new to all of this...and mistakes were genuine enough.

 

As for mixing business with personal that is a no no with me... a personal loan to use for my business is not relevent at all... I have a small concrete business earning me a wage right now but I am not able to do the bigger work due to not having the tools and advertising etc. I have a new business cc that my wife got for our business but limit is to low to even mess around with @$1k. Great start for my business credit scoring at least along with the business phone I have had now for 5 months...we have over $8k combined CL's right now but dont use them as I need a loan that will more than cover all our business needs and cover payments on any CC's we end up using... this type of business is one that means one decent size job would mean all loans paid off immediately and some in the bank.... it is a no brainer of a business. I just wanted decent CC limits to show lenders I have the spending power there and don't abuse it nor appear to be desperate for it.

Started Credit ladder April 2012.
First Year on ladder Scores: April 2013
Walmart TU FICO 654
Equifax FICO 617
Experian FICO 639
Transunion FICO 654

Started with very low limits at 300 each.
one year in limits and some nice New Cards in wallet:
Amex Green Open Limit
Amex Gold Rewards Open Limit
Amex Dillards 1k
Chase Slate 3.5k
Lowes 1.5k
Amazon 1.5k
Walmart 1k
TexacoChevron 1k
Furniture Row 1.7k
Cap 1 newcomers 750
Cap 1 Secured 450 (kept for AAoA)
Banana Republic 800
Chase Freedom 500
14.5k in first year, plus 3.5k Cap 1 Business (18k)

current UT @ 30% will all be clear this month so expecting scores to rise to 700's.

not bad for first years credit.