topic Re: How long take get a FICO Score? in Understanding FICO® Scoring

How long take get a FICO Score?

mksa21 — Thu, 01 Dec 2022 20:08:01 GMT

I was able to take out my first unsecured credit card with BOFA with a 1200 USD credit line on May 13.

On November 2nd I saw that I had a FICO of 736 on Experia because I tried to apply for a paypal loan (it was rejected because paypal tried to see my credit level with TRANSUNION and I did not have a FICO.

I tried to apply for a Chase business card, and what I found was that on equifax I have no credit score either, so I was rejected.

When am I going to have a FICO at Transunion and equifax? I only have ITIN then to see if they will update my FICO I can only use the BOFA app or apply for a loan (soft pull).

Re: How long take get a FICO Score?

SouthJamaica — Thu, 01 Dec 2022 20:39:55 GMT

@mksa21 wrote:
Hi

I was able to take out my first unsecured credit card with BOFA with a 1200 USD credit line on May 13.
On November 2nd I saw that I had a FICO of 736 on Experia because I tried to apply for a paypal loan (it was rejected because paypal tried to see my credit level with TRANSUNION and I did not have a FICO.

I tried to apply for a Chase business card, and what I found was that on equifax I have no credit score either, so I was rejected.
When am I going to have a FICO at Transunion and equifax? I only have ITIN then to see if they will update my FICO I can only use the BOFA app or apply for a loan (soft pull).

I have no personal experience with this issue, but I have heard in this forum on multiple occasions that it usually takes 6 months. If that's true you should be all caught up soon.

Re: How long take get a FICO Score?

USMC_Winger — Fri, 02 Dec 2022 04:29:47 GMT

@mksa21 wrote:
On November 2nd I saw that I had a FICO of 736 on Experia

When am I going to have a FICO at Transunion and equifax?

It takes 6 months for a FICO score to be calculated, but TransUnion and Equifax count the months differently than Experian does, so it actually takes 7 monthly reports before you get FICO scores at the other two CBs. As soon as your BofA CC reports to TransUnion and Equifax in December, you'll have FICO scores there, too.

Since you saw your CC account report to Experian on or about Nov. 2nd, you should see your TransUnion and Equifax CRs update in the next few days with your November status and show your first FICO scores on TransUnion and Equifax. The CBs don't always update on the same day, so there could be a slight delay between seeing the latest update on Experian and the other two CBs.

Re: How long take get a FICO Score?

mksa21 — Fri, 02 Dec 2022 18:20:32 GMT

Am I going to see equifax and transunion this first week of December? Or should I wait again for the closing date, which is the 17th? Are there lenders that only approve you if you have 2 FICOS with different credit agencies?

I say this because, for example, PayPal asks me for a credit score of 550, which is low. When they reject me they tell me the following

Transunion : Average age of personal accounts is too low

Experian : Credit Score 736

How many points can one raise with a use of -10% per month?

I want to apply to a business amex blue and I have seen many people who apply and get approved at the moment but it is not my case, they ask me to verify my income with a tax form (which is not possible since I am not a resident in the US)

How could I verify this? Or maybe it's because, like PayPal, Amex checks several credit agencies and sees that I don't have data in the other 2 credit bureau.

I always soft pull with tools to see if I've been pre-approved and see if anything changes... Is there a way to check everything with ITIN? for now only BOFA would show me my credit score with transunion... but I don't know if there are other cards to see my credit report with other agencies

Re: How long take get a FICO Score?

USMC_Winger — Sat, 03 Dec 2022 03:45:35 GMT

@mksa21 wrote:
Am I going to see equifax and transunion this first week of December? Or should I wait again for the closing date, which is the 17th? Are there lenders that only approve you if you have 2 FICOS with different credit agencies?

I say this because, for example, PayPal asks me for a credit score of 550, which is low. When they reject me they tell me the following

Transunion : Average age of personal accounts is too low

Experian : Credit Score 736

How many points can one raise with a use of -10% per month?

I want to apply to a business amex blue and I have seen many people who apply and get approved at the moment but it is not my case, they ask me to verify my income with a tax form (which is not possible since I am not a resident in the US)

How could I verify this? Or maybe it's because, like PayPal, Amex checks several credit agencies and sees that I don't have data in the other 2 credit bureau.

I always soft pull with tools to see if I've been pre-approved and see if anything changes... Is there a way to check everything with ITIN? for now only BOFA would show me my credit score with transunion... but I don't know if there are other cards to see my credit report with other agencies

@mksa21: Normally, banks report credit accounts on the same date each month. Since you saw your Experian credit report and first FICO 8 score on Nov. 2nd, then you should see it update again with new monthly data around Dec. 2nd on Experian and the other two CBs. However, Bank of America normally reports credit accounts to the CBs right after the statement closing date, so if yours is on the 17th, then I would expect to see your 3 credit reports update around the 19th or 20th of each month. I'm surprised you saw your initial Experian FICO 8 score on Nov. 2nd and not Nov. 20th.

I caution you to have patience with establishing credit. Financial institutions don't normally extend credit to someone with little or no credit history. You'll build trust eventually with a history of on-time payments, but expect a lot of rejection when applying for new credit accounts for the first 2 years.

Most lenders only do a hard inquiry at one CB, but Chase and AMEX will often do a soft inquiry at a 2nd CB, and Capital One does a hard inquiry at all 3 CBs.

You may be able to verify your income with bank statements showing your monthly income deposited into your bank account.

As for checking your credit scores, AMEX, Wells Fargo, Chase Slate, Chase Freedom, Chase Freedom Unlimited, and US Bank credit cardholders get their Experian FICO 8 scores every month for free. Andrews Federal Credit Union credit cardholders get their Equifax FICO 8 scores every quarter for free. You can also join Experian as a member and get a free Experian credit report and FICO 8 score every 30 days.