topic How's this credit score for a start? in Understanding FICO® Scoring

How's this credit score for a start?

Anonymous — Wed, 14 Nov 2007 06:40:49 GMT

Heya folks, I just checked my credit score for the first time in my life (I was uber curious) and found that it is 717. Now, I'm in college (21 yrs old) and got my first credit card about 6 months ago ($750 CL). I've had a student loan for around 2 years, of which I have recently paid off around 75%. I also have a cell from Verizon and they seem to be reporting to the credit bureaus.

Is 717 a good or at least decent rating for the above mentioned facts? From what I've gathered on the forum I just have to keep on paying off the card and let time increase my score, correct?

Oh, I just remembered to add something...I'm debating whether it'd be beneficial for me to call up my credit card company and ask them if I can have a high credit limit - 1) what are you experiences in regards to success with this? 2) would that be a smart move? Personally, I really don't need to use my credit card; once in a while, I put some kiwis at Cub Foods on it, but that's about it lol. Thanks a bunch in advance, Ian

Message Edited by ian on 11-13-2007 10:40 PM

Message Edited by ian on 11-13-2007 10:40 PM

Re: How's this credit score for a start?

Anonymous — Wed, 14 Nov 2007 12:06:13 GMT

Welcome ian-

Looks like you have a great start and keep doing what your doing.

Who is your credit card company? CLI's with a soft INQ is always good.

Re: How's this credit score for a start?

haulingthescoreup — Wed, 14 Nov 2007 12:18:02 GMT

VERY nice score! If you can get a couple of cards going with perfect payment history and maybe a combined $7500 - $10K credit limit or so, it will really help you after graduation when you go looking for a job, apartment, furniture, etc. Be sure to stay on top of payment dates. Late payments cause great sadness on credit scores...

Re: How's this credit score for a start?

Anonymous — Wed, 14 Nov 2007 12:26:58 GMT

Excellent scores Ian! Keep up the good work, and welcome to the forum.

Credit is such a delicate flower. So difficult to get scores like that, so easy to loose. NEVER miss a payment and you'll do well.

A credit line increase is well justified. And adding a couple more as well. What cc do you have now?

Re: How's this credit score for a start?

Anonymous — Wed, 14 Nov 2007 16:00:55 GMT

Hi,

Thank you all for the encouragement :-) I have some basic CC from Capital One. It was pretty much the only one I was able to get at the time w/o annual fee (why pay for CCs?). But even now I have problems getting a new card. I guess it's because my I haven't had credit long enough (e.g. "inexperienced borrower").

Re: How's this credit score for a start?

Anonymous — Wed, 14 Nov 2007 16:03:33 GMT

Who else have you tried? Have you gone to the BoA pre-approval website?

Re: How's this credit score for a start?

Anonymous — Wed, 14 Nov 2007 16:06:37 GMT

Hmmm, I can't remember. I believe I tried the Blue card (for students) and that didn't work out. I also tried a more advanced card from Capital One; something with rewards, but quickly abandoned my ambitions when I read that I needed at least 3 years of credit experience with a CL of $2000+. What's the BoA pre-approval site?

Re: How's this credit score for a start?

Anonymous — Wed, 14 Nov 2007 16:42:20 GMT

I wish more ccc's would have something like this, but this is the only one I'm aware of.

https://preapproved.bankofamerica.com/cc/SelfInquiry.aspx

Re: How's this credit score for a start?

Anonymous — Wed, 14 Nov 2007 16:45:50 GMT

If you have a true FICO score(as opposed to FAKO; those scores are useless) of 717, imo, you pretty much have your choice of the cards that you could get.

But don't go overboard in app'ing. You are penalized 10 points for every inquiry on your CR.

Re: How's this credit score for a start?

Anonymous — Wed, 14 Nov 2007 17:46:19 GMT

Well, here's the thing: My TransUnion FICO is now 720. It says that my payment history has been "Great", amount of debt is "Good" (hooray student loans...), length of credit history is "Bad" (well, 6 months), and amount of new credit is "Good". I checked out BoA preapproval and was only preapproved for that generic $29 per year card. Oh well, I guess I'll just sit back for a year or so, keep on paying on time and watch the score increase. Thanks for your help!

Re: How's this credit score for a start?

Anonymous — Wed, 14 Nov 2007 19:10:00 GMT

Understand. But keep in mind BoA is a prime bank card. And imo, it's higher up on the food chain than Cap1. And I have 2 Cap1's. lol

Re: How's this credit score for a start?

gNaRKiLL — Wed, 14 Nov 2007 21:35:52 GMT

Try Amex Delta skymiles card, you will get approved I almost guarantee it. Search through these forums for easy cards to get with high limits.

With your scores amex will probably approve you for a good limit like 2-5k or more. When you activate you simply asked to have your account switched to a blue card or blue cash card and from what Ive read they will do it most of the time, with your scores you should be fine. They check experian only almost always.. The delta card is alot easier to get approved for then their other cards.

Edit: noticed your length of credit history only 6 months is not very long but I dont know requirements for the amex on that. I do know that make sure you put a land line for a phone number or you'll probably get delayed and have to call in.

Message Edited by gNaRKiLL on 11-14-2007 01:35 PM

Re: How's this credit score for a start?

Anonymous — Thu, 15 Nov 2007 03:45:35 GMT

I managed to get the Blue card from AmEx (no annual fee, $1,100 CL). I guess I'm content for now. Now I get to lean back and wait a few years and watch :-) Again, thanks for all your help everyone!

Q

haulingthescoreup — Thu, 15 Nov 2007 05:11:05 GMT

@Anonymous wrote:
Well, here's the thing: My TransUnion FICO is now 720. It says that my payment history has been "Great", amount of debt is "Good" (hooray student loans...), length of credit history is "Bad" (well, 6 months), and amount of new credit is "Good". I checked out BoA preapproval and was only preapproved for that generic $29 per year card. Oh well, I guess I'll just sit back for a year or so, keep on paying on time and watch the score increase. Thanks for your help!

Hey, everyone, I don't know what the deal is with that site, but just about everyone gets turned down. (You should read Ms. QueenB's post on this!) I got one, too, and unless they're a big EQ-puller (could be), it's basically a nice little deal from BofA to find potential customers. The alternative is that I was turned down because I put in an opt-out.

I'll bet that OP gets a semi-pre-approved offer from BofA in the mail in a week or so.