topic Re: When does Fico Generate? in Understanding FICO® Scoring

When does Fico Generate?

Anonymous — Mon, 31 Mar 2014 21:54:08 GMT

Don't know where to put this.

My 1st credit account was generated 5th October 2013.

It's 31st March 2014.

Been 177 days, just shy of 6 months.

6 months credit history to generate a Fico. Is this 6 months on the nail, or in general?

Re: When does Fico Generate?

Involver — Mon, 31 Mar 2014 22:36:17 GMT

If you've waited 177 days I don't think waiting 10 more to be safe is going to hurt.

Re: When does Fico Generate?

CreditRookie22 — Mon, 31 Mar 2014 22:37:45 GMT

When your tl's report their 6th statement to the cra's.

Re: When does Fico Generate?

Anonymous — Mon, 31 Mar 2014 22:43:15 GMT

Does it have to be 6 consecutive months?

Fingerhut old account opened 10/3/13 closed 2/12/14, A new one opened shortly after.

Re: When does Fico Generate?

Creditaddict — Mon, 31 Mar 2014 22:47:45 GMT

@Anonymous wrote:
Does it have to be 6 consecutive months?

Fingerhut old account opened 10/3/13 closed 2/12/14, A new one opened shortly after.

try to buy a report... if you don't have a fico they won't charge you and you won't get a report.

Re: When does Fico Generate?

JLK93 — Tue, 01 Apr 2014 03:20:47 GMT

@Anonymous wrote:
Don't know where to put this.

My 1st credit account was generated 5th October 2013.

It's 31st March 2014.

Been 177 days, just shy of 6 months.

6 months credit history to generate a Fico. Is this 6 months on the nail, or in general?

If your first account was opened on October 5th, the opening date will be reported on your credit reports as October 1st. You will generate a fico score exactly 6 months from this date. You should be able to generate a FICO score on April 1st. It will also be necessary that you have used your card at least once in this 6 month period.

Re: When does Fico Generate?

Revelate — Tue, 01 Apr 2014 18:37:03 GMT

@oilcan12 wrote:
@Anonymous wrote:
Don't know where to put this.

My 1st credit account was generated 5th October 2013.

It's 31st March 2014.

Been 177 days, just shy of 6 months.

6 months credit history to generate a Fico. Is this 6 months on the nail, or in general?
If your first account was opened on October 5th, the opening date will be reported on your credit reports as October 1st. You will generate a fico score exactly 6 months from this date. You should be able to generate a FICO score on April 1st. It will also be necessary that you have used your card at least once in this 6 month period.

Not sure, maybe.

As I understand it it's a least one tradeline opened for six months or longer, and activity on any tradeline in the last six months to generate a FICO score.

I think that's based on lender reported payment history rather than on the open date, otherwise someone with a backdated Amex and nothing else could generate a FICO score and I'm not certain that's the case. Would be interesting to test though, if the individual is willing to try to pull a score today (or maybe tomorrow just to be certain) to try to see, I'd appreciate it at least.

Re: When does Fico Generate?

Revelate — Tue, 01 Apr 2014 18:40:27 GMT

Actually not really needed; similar trial here and my math in the prior post was sloppy.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Still-no-fico-score-When-will-I-have-one/m-p/2969574

Re: When does Fico Generate?

JLK93 — Wed, 02 Apr 2014 09:59:38 GMT

@Revelate wrote:
Actually not really needed; similar trial here and my math in the prior post was sloppy.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Still-no-fico-score-When-will-I-have-one/m-p/2969574

This test is not valid. The person only has 5 months of credit history and will not be able to generate a FICO score until May 1st.

I opened my first credit account on August 21st. On my credit report it shows the opening date as August 1st. On January 31st, I could not generate a FICO score for any of the 3 credit bureaus. On February 1st, I was able to generate a score for all 3 bureaus. This was exactly 6 months from August 1st. The score first generated 5 months and 11 days after the opening on the account.

At the time my score first generated, the account had reported to the credit bureaus in Sept, Oct, Nov, Dec and Jan for a total of 5 months.

When the account reported for the first time, in September, I had not yet made a payment on the account. So, payment history was reported in Oct, Nov, Dec and Jan. Only 4 months of payment history had reported at the time my first FICO score was generated.

Re: When does Fico Generate?

JLK93 — Wed, 02 Apr 2014 10:30:26 GMT

The post by llecs in the following thread discusses the generation of a 1st FICO score.

CAUTION: The math is not accurate.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-long-to-generate-a-FICO-score-and-where-can-I-expect-it-to/m-p/1681992/highlight/true#M67103

Re: When does Fico Generate?

Revelate — Wed, 02 Apr 2014 17:41:17 GMT

@oilcan12 wrote:
@Revelate wrote:
Actually not really needed; similar trial here and my math in the prior post was sloppy.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Still-no-fico-score-When-will-I-have-one/m-p/2969574

This test is not valid. The person only has 5 months of credit history and will not be able to generate a FICO score until May 1st.

I opened my first credit account on August 21st. On my credit report it shows the opening date as August 1st. On January 31st, I could not generate a FICO score for any of the 3 credit bureaus. On February 1st, I was able to generate a score for all 3 bureaus. This was exactly 6 months from August 1st. The score first generated 5 months and 11 days after the opening on the account.

At the time my score first generated, the account had reported to the credit bureaus in Sept, Oct, Nov, Dec and Jan for a total of 5 months.

When the account reported for the first time, in September, I had not yet made a payment on the account. So, payment history was reported in Oct, Nov, Dec and Jan. Only 4 months of payment history had reported at the time my first FICO score was generated.

IF the card reported in November (which some will report in the month you opened the card) Nov / Dec / Jan / Feb / Mar / April = 6.

Re: When does Fico Generate?

JLK93 — Thu, 03 Apr 2014 02:19:06 GMT

@Revelate wrote:
@oilcan12 wrote:
@Revelate wrote:
Actually not really needed; similar trial here and my math in the prior post was sloppy.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Still-no-fico-score-When-will-I-have-one/m-p/2969574

This test is not valid. The person only has 5 months of credit history and will not be able to generate a FICO score until May 1st.

I opened my first credit account on August 21st. On my credit report it shows the opening date as August 1st. On January 31st, I could not generate a FICO score for any of the 3 credit bureaus. On February 1st, I was able to generate a score for all 3 bureaus. This was exactly 6 months from August 1st. The score first generated 5 months and 11 days after the opening on the account.

At the time my score first generated, the account had reported to the credit bureaus in Sept, Oct, Nov, Dec and Jan for a total of 5 months.

When the account reported for the first time, in September, I had not yet made a payment on the account. So, payment history was reported in Oct, Nov, Dec and Jan. Only 4 months of payment history had reported at the time my first FICO score was generated.
IF the card reported in November (which some will report in the month you opened the card) Nov / Dec / Jan / Feb / Mar / April = 6.

No matter how you slice it, November to April is either 4 months or 5 months depending on the date the account was opened. By FICO scoring standards it counts as 5 months, however, by no stretch of the imagination can this time period ever be considered to be 6 months.

Re: When does Fico Generate?

JLK93 — Fri, 04 Apr 2014 00:12:24 GMT

@Anonymous wrote:
Don't know where to put this.

My 1st credit account was generated 5th October 2013.

It's 31st March 2014.

Been 177 days, just shy of 6 months.

6 months credit history to generate a Fico. Is this 6 months on the nail, or in general?

OP reported on another forum that he was able to generate a FICO score yesterday exactly as I predicted.

http://ficoforums.myfico.com/t5/Credit-Cards/573-any-chances/m-p/2975102

QuietForce was also able to generate a FICO score yesterday as I predicted:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/When-will-I-get-my-FICO-score/m-p/2973118#M78164

I tested and proved conclusively with my own credit experience that:

1) FICO score generation is based on the opening date of the credit account

2) The opening date is considered to be the 1st of the month that the account was opened

3) The 1st FICO score will generate on the 1st of the month

4) The number of statements reporting has no connection to the generation of the 1st FICO score

5) Reported payment history has no connection to the generation of the 1st FICO score

The experiences of two people have confirmed the results of my own tests.

I realize that for a long time it has been commonly accepted that 6 months of reported statements was the determining factor in the generation of a 1st FICO score. However, this was based on logic and not experimentation. This viewpoint has now been proven to be invalid.

Re: When does Fico Generate?

09Lexie — Fri, 04 Apr 2014 05:50:51 GMT

@oilcan12 wrote:
@Anonymous wrote:
Don't know where to put this.

My 1st credit account was generated 5th October 2013.

It's 31st March 2014.

Been 177 days, just shy of 6 months.

6 months credit history to generate a Fico. Is this 6 months on the nail, or in general?
OP reported on another forum that he was able to generate a FICO score yesterday exactly as I predicted.
http://ficoforums.myfico.com/t5/Credit-Cards/573-any-chances/m-p/2975102

QuietForce was also able to generate a FICO score yesterday as I predicted:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/When-will-I-get-my-FICO-score/m-p/2973118#M78164

I tested and proved conclusively with my own credit experience that:

1) FICO score generation is based on the opening date of the credit account
2) The opening date is considered to be the 1st of the month that the account was opened
3) The 1st FICO score will generate on the 1st of the month
4) The number of statements reporting has no connection to the generation of the 1st FICO score
5) Reported payment history has no connection to the generation of the 1st FICO score

The experiences of two people have confirmed the results of my own tests.

I realize that for a long time it has been commonly accepted that 6 months of reported statements was the determining factor in the generation of a 1st FICO score. However, this was based on logic and not experimentation. This viewpoint has now been proven to be invalid.

I'm not sure what you are trying to argue. It has always been known that no matter what day of the month an account is opened, for FICO scoring it would be counted as the first of the month.

What are the minimum requirements for a FICO score?

There's really not much to it; in order for a FICO® score to be calculated, a credit report must contain these minimum requirements:

At least one account that has been open for six months or more
At least one undisputed account that has been reported to the credit bureau with in the past six months
No indication of deceased on the credit report (Please note: if you share an account with another person this may affect you if the other account holder is reported deceased).

Re: When does Fico Generate?

JLK93 — Fri, 04 Apr 2014 12:01:34 GMT

@09Lexie wrote:
@oilcan12 wrote:
@Anonymous wrote:
Don't know where to put this.

My 1st credit account was generated 5th October 2013.

It's 31st March 2014.

Been 177 days, just shy of 6 months.

6 months credit history to generate a Fico. Is this 6 months on the nail, or in general?
OP reported on another forum that he was able to generate a FICO score yesterday exactly as I predicted.
http://ficoforums.myfico.com/t5/Credit-Cards/573-any-chances/m-p/2975102

QuietForce was also able to generate a FICO score yesterday as I predicted:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/When-will-I-get-my-FICO-score/m-p/2973118#M78164

I tested and proved conclusively with my own credit experience that:

1) FICO score generation is based on the opening date of the credit account
2) The opening date is considered to be the 1st of the month that the account was opened
3) The 1st FICO score will generate on the 1st of the month
4) The number of statements reporting has no connection to the generation of the 1st FICO score
5) Reported payment history has no connection to the generation of the 1st FICO score

The experiences of two people have confirmed the results of my own tests.

I realize that for a long time it has been commonly accepted that 6 months of reported statements was the determining factor in the generation of a 1st FICO score. However, this was based on logic and not experimentation. This viewpoint has now been proven to be invalid.
I'm not sure what you are trying to argue. It has always been known that no matter what day of the month an account is opened, for FICO scoring it would be counted as the first of the month.

What are the minimum requirements for a FICO score?
There's really not much to it; in order for a FICO® score to be calculated, a credit report must contain these minimum requirements:
At least one account that has been open for six months or more
At least one undisputed account that has been reported to the credit bureau with in the past six months
No indication of deceased on the credit report (Please note: if you share an account with another person this may affect you if the other account holder is reported deceased).

A moderator has been insisting that generation of a first FICO score is based on reported payment history and not the open date.

Re: When does Fico Generate?

09Lexie — Fri, 04 Apr 2014 22:37:39 GMT

@oilcan12 wrote:
@09Lexie wrote:
@oilcan12 wrote:
@Anonymous wrote:
Don't know where to put this.

My 1st credit account was generated 5th October 2013.

It's 31st March 2014.

Been 177 days, just shy of 6 months.

6 months credit history to generate a Fico. Is this 6 months on the nail, or in general?
OP reported on another forum that he was able to generate a FICO score yesterday exactly as I predicted.
http://ficoforums.myfico.com/t5/Credit-Cards/573-any-chances/m-p/2975102

QuietForce was also able to generate a FICO score yesterday as I predicted:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/When-will-I-get-my-FICO-score/m-p/2973118#M78164

I tested and proved conclusively with my own credit experience that:

1) FICO score generation is based on the opening date of the credit account
2) The opening date is considered to be the 1st of the month that the account was opened
3) The 1st FICO score will generate on the 1st of the month
4) The number of statements reporting has no connection to the generation of the 1st FICO score
5) Reported payment history has no connection to the generation of the 1st FICO score

The experiences of two people have confirmed the results of my own tests.

I realize that for a long time it has been commonly accepted that 6 months of reported statements was the determining factor in the generation of a 1st FICO score. However, this was based on logic and not experimentation. This viewpoint has now been proven to be invalid.
I'm not sure what you are trying to argue. It has always been known that no matter what day of the month an account is opened, for FICO scoring it would be counted as the first of the month.

What are the minimum requirements for a FICO score?
There's really not much to it; in order for a FICO® score to be calculated, a credit report must contain these minimum requirements:
At least one account that has been open for six months or more
At least one undisputed account that has been reported to the credit bureau with in the past six months
No indication of deceased on the credit report (Please note: if you share an account with another person this may affect you if the other account holder is reported deceased).

A moderator has been insisting that generation of a first FICO score is based on reported payment history and not the open date.

Not sure whom you are referring to but it is clear it is based on opened date.