topic Re: First Time Credit in Understanding FICO® Scoring

First Time Credit

Anonymous — Mon, 09 Jan 2012 04:04:39 GMT

I only established a 3 month credit history and my Experian score as of 1/7/2012 is 717

is this real or a fake score?

First credit card and its only 3 month old.. I maintained a low balance and i always pay off my balance.

Re: First Time Credit

llecs — Mon, 09 Jan 2012 04:06:12 GMT

Where did the score come from?

Re: First Time Credit

-Cain- — Mon, 09 Jan 2012 04:09:32 GMT

Fake score. I believe in another thread you mentioned buying your score from Experian.

Is this your only tradeline? FICO scoring requires 6 months of credit history to generate a score.

Re: First Time Credit

Anonymous — Mon, 09 Jan 2012 04:16:18 GMT

Thats what i heard, it has to be 6 months to generate a credit score but others say once you open a credit card the creditor reports the balance to the credit bureaus and they start generating credit scores. im confused. im a new credit user and i badly need a car. im planning to get a brand new car few months from now

Re: First Time Credit

-Cain- — Mon, 09 Jan 2012 04:21:35 GMT

The bureaus can start generating their own proprietary scores, but those aren't used by lenders. Most lenders use FICO scores, with a select few using Vantage Scores.

Re: First Time Credit

Anonymous — Mon, 09 Jan 2012 04:58:01 GMT

I kinda understand now. Thanks.

So i have to wait 3 more months before getting a car loan?

Re: First Time Credit

-Cain- — Mon, 09 Jan 2012 05:03:37 GMT

Not necessarily, I got a car loan without a credit score.

Re: First Time Credit

Anonymous — Mon, 09 Jan 2012 05:25:25 GMT

Really? How did you do that? Coz here in CA, they credit check to qualify for a loan.

Re: First Time Credit

-Cain- — Mon, 09 Jan 2012 05:39:58 GMT

I'm in California. My Credit Union did it for me. While you may not have a FICO score, you certainly will have a credit file. They should be able to pull that.

Re: First Time Credit

Anonymous — Mon, 09 Jan 2012 05:43:28 GMT

Ok. They gave you a blank check? Wat was the apr?

Re: First Time Credit

-Cain- — Mon, 09 Jan 2012 05:44:34 GMT

The way i like to see it is your credit report/file is building, but FICO likes 6 months in order for it to make its first assessment of the type of risk you'll be to creditors.

Sort of like college football, where the BCS polls/computers do not publicize their rankings right away, they'll start at some point into the season to factor in more numbers.

Re: First Time Credit

-Cain- — Mon, 09 Jan 2012 05:47:27 GMT

I was pre-approved for a $15k loan on a $19k purchase at 8% APR. American Honda offered something like 16.25% to me. I did have some history with my CU already though. Again, this was my personal experience, so YMMV. Just letting you know it is possible.

Re: First Time Credit

Anonymous — Mon, 09 Jan 2012 05:54:15 GMT

I have a credit card with CAP ONE and they have auto loan programs too. I might give it a try. But i read some bad reviews about it

Re: First Time Credit

-Cain- — Mon, 09 Jan 2012 06:00:17 GMT

I have no experience with Cap1 auto loans, but just do research on it. I'm sure you'll find plenty of reviews and you'll get a good idea of them from what the majority of people feel. I don't think everyone will please 100% of people all the time, so you'll have to read that review and form your opinion of what happened and decide if it's good for you.

Re: First Time Credit

-Cain- — Mon, 09 Jan 2012 06:01:54 GMT

Another possibility is going through Cap1 to get your loan, then 6 months-1 year down the line go shopping for a refi at a better rate with your bank or CU.

Re: First Time Credit

Anonymous — Mon, 09 Jan 2012 06:02:24 GMT

Thank you so much for your responses/advices and helpful informations.

Re: First Time Credit

Anonymous — Mon, 09 Jan 2012 06:40:42 GMT

Well bad news. I got denied.

Re: First Time Credit

Revelate — Mon, 09 Jan 2012 07:05:55 GMT

@Anonymous wrote:
Well bad news. I got denied.

I'm not surprised: cap 1 auto is not nearly as "subprime" as they used to be, and nowhere close to what their cards are. I wouldn't sweat it that much, I don't know anyone that has any interaction with cap 1 and comes away smiling.

If you have a decent downpayment, you can absolutely find someone to give you a loan. Just make sure it reports, and go open another card as well somewhere, secured or otherwise.

Re: First Time Credit

Anonymous — Mon, 09 Jan 2012 07:19:44 GMT

This sucks. I already have 8 hard inquiries coz i had no idea that everytime you apply for a cc autoloan etc affects you credit report and score. I just established 3 months and i already have a bad record

Re: First Time Credit

Revelate — Mon, 09 Jan 2012 07:29:05 GMT

@Anonymous wrote:
This sucks. I already have 8 hard inquiries coz i had no idea that everytime you apply for a cc autoloan etc affects you credit report and score. I just established 3 months and i already have a bad record

Well if you just pulled the auto one on Cap 1, I can pretty much guaruntee you they pulled all three bureaus: so you now have a 13ish day clock starting basically tomorrow morning - go shop for auto loans and it won't impact your score any further as though auto loan inquiries will roll up into one score wise.

Beyond that, you're doing fine, you know far more at your current stage of life than I did at that time. You'll be OK, inquiries don't kill you, and they fade off the scoring faster than anything other thing which actually gets on the report.