topic Re: How is my credit score compared to other 19 year olds? in General Credit Topics

How is my credit score compared to other 19 year olds?

Anonymous — Fri, 18 Aug 2017 05:22:40 GMT

Decided to do my first credit score check, and got 702 for Euifax, and a 726 for TransUnion.
I have one credit card from my bank, and paypal credit. I used to use over 50% ututilization rate since i didnt know, but have never made any late payments.

What im concerned about, is that ive seen a chart on google comparing scores amongst age groups, and 18-24 recieved scores from 500-600s.

Is my score good for me being 19? Also, any tips on improving it aside from a lower utilization rate?

Re: How is my credit score compared to other 19 year olds?

Anonymous — Fri, 18 Aug 2017 08:40:45 GMT

Where are you getting your scores from? If it's CK, those are VantageScores not FICO scores, so they aren't very meaningful.

Re: How is my credit score compared to other 19 year olds?

mitchblue — Sun, 20 Aug 2017 14:41:24 GMT

I'm pretty sure I had a negative score when I was 19. Try here, free score and real Fico 8 https://www.creditscore.com/

Re: How is my credit score compared to other 19 year olds?

Anonymous — Sun, 20 Aug 2017 21:29:03 GMT

Do you have any loans? And if so, do they appear on your reports?

If not, we can suggest a way to add another 30 points to your score.

Re: How is my credit score compared to other 19 year olds?

Subexistence — Sun, 20 Aug 2017 21:45:31 GMT

@Anonymous wrote:

Is my score good for me being 19?

No.

Re: How is my credit score compared to other 19 year olds?

mitchblue — Mon, 21 Aug 2017 01:53:26 GMT

@Subexistence wrote:
@Anonymous wrote:

Is my score good for me being 19?
No.

If those scores are legit they're certainly good scores.. Over 700 at age 19 is fantastic.

Re: How is my credit score compared to other 19 year olds?

Anonymous — Mon, 21 Aug 2017 03:32:11 GMT

What do most credit scores "debut" at when they are first available at 6 months of credit history age? I would think someone with 6-12 months of credit history assuming they opened 1-2 cards and had perfect payment history and 1% utilization would have a score of about 700?

Re: How is my credit score compared to other 19 year olds?

Gmood1 — Mon, 21 Aug 2017 09:49:21 GMT

Step daughter's FICO score were between 730 and 750 with 6/8 months history. Two CC's reporting at the time with no back dating.

Re: How is my credit score compared to other 19 year olds?

Anonymous — Mon, 21 Aug 2017 12:18:54 GMT

@Subexistence wrote:
@Anonymous wrote:

Is my score good for me being 19?
No.

Actually yes lol! I'm 19 and can personally attest to the sheer horror that many people my age have about credit in general... translation most don't even have a credit score, you are way ahead of most people.

Re: How is my credit score compared to other 19 year olds?

Anonymous — Mon, 21 Aug 2017 14:11:57 GMT

@Gmood1 wrote:
Step daughter's FICO score were between 730 and 750 with 6/8 months history. Two CC's reporting at the time with no back dating.

And just to confirm.... no loans or any other installment accounts? Exactly two accounts total?

Re: How is my credit score compared to other 19 year olds?

Anonymous — Mon, 21 Aug 2017 14:39:55 GMT

@Gmood1 wrote:
Step daughter's FICO score were between 730 and 750 with 6/8 months history. Two CC's reporting at the time with no back dating.

Good data points here, thanks for that.

Slightly off topic here, but I think it's a bit ridiculous and somewhat of a flaw in the FICO system that someone can obtain a 750 score with 6-8 months of credit history. That's basically a score that's just as strong as an 850 in terms of being able to scoop up loans at the best interest rates and such. Granted, with UW they would see the short credit history and no doubt that take into consideration with respect to the lending decision. I just find it to be a bit crazy that someone with 6-8 months of credit history can essentially be given the "thumbs up" from FICO that they are of minimal risk and of essentially the same risk (score wise) as someone else with 6-8 YEARS of credit history for example.

Re: How is my credit score compared to other 19 year olds?

Anonymous — Mon, 21 Aug 2017 17:22:01 GMT

Hi. BBS. I agree 100%. The reason is that "no derogs" is much less meaningful when a person has only had a few months to make mistakes -- compared with no derogs with several years of history. Very young profiles should have a much sharper scoring cap than they do.

Re: How is my credit score compared to other 19 year olds?

Subexistence — Mon, 21 Aug 2017 18:18:46 GMT

@mitchblue wrote:
@Subexistence wrote:
@Anonymous wrote:

Is my score good for me being 19?
No.
If those scores are legit they're certainly good scores.. Over 700 at age 19 is fantastic.

From my experience, it's hard to have a FICO below 700 without negatives. My 6 month scores were all above 700. Also one can easily get a Vantage score above 700 in 4 months history from my experience.

Re: How is my credit score compared to other 19 year olds?

Subexistence — Mon, 21 Aug 2017 18:24:36 GMT

@Anonymous wrote:
What do most credit scores "debut" at when they are first available at 6 months of credit history age? I would think someone with 6-12 months of credit history assuming they opened 1-2 cards and had perfect payment history and 1% utilization would have a score of about 700?

Look at my starting scores in my signature to see where they debut at in 6 months. Usually 6-12 months of credit history has scores in the 730s without installment loans. With SSL, they can go up to 760 and even 770s. I believe the situation you suggest warrants a score of higher than 700.

Re: How is my credit score compared to other 19 year olds?

Subexistence — Mon, 21 Aug 2017 18:25:44 GMT

@Gmood1 wrote:
Step daughter's FICO score were between 730 and 750 with 6/8 months history. Two CC's reporting at the time with no back dating.

Yeah I think most people of the forums have similar experience. I believe GrassHoperStudent had 750 at 6 months history

Re: How is my credit score compared to other 19 year olds?

Subexistence — Mon, 21 Aug 2017 18:29:06 GMT

@Anonymous wrote:
@Subexistence wrote:
@Anonymous wrote:

Is my score good for me being 19?
No.
Actually yes lol! I'm 19 and can personally attest to the sheer horror that many people my age have about credit in general... translation most don't even have a credit score, you are way ahead of most people.

A lot of them are AU and have high scores generated from that.

Re: How is my credit score compared to other 19 year olds?

Subexistence — Mon, 21 Aug 2017 18:39:37 GMT

@Anonymous wrote:
@Gmood1 wrote:
Step daughter's FICO score were between 730 and 750 with 6/8 months history. Two CC's reporting at the time with no back dating.
Good data points here, thanks for that.

Slightly off topic here, but I think it's a bit ridiculous and somewhat of a flaw in the FICO system that someone can obtain a 750 score with 6-8 months of credit history. That's basically a score that's just as strong as an 850 in terms of being able to scoop up loans at the best interest rates and such. Granted, with UW they would see the short credit history and no doubt that take into consideration with respect to the lending decision. I just find it to be a bit crazy that someone with 6-8 months of credit history can essentially be given the "thumbs up" from FICO that they are of minimal risk and of essentially the same risk (score wise) as someone else with 6-8 YEARS of credit history for example.

I can attest to the fact that UW takes it into consideration. I applied for a card a couple days ago and was declined due to short age and with recon denied. My score I believe was 750 at the time.

The highest score I achieved thus far with 770Eq08 at like month 9 AoOA. I had perfected every area except age wich I meant I had installment loans, perfect installment utilization, perfect revolving utilization, no derogs, etc. This means that the difference between 770 and 850 lie entirely in age related factors. A whole 80 points is actually a lot. FICO, I would say, does give age a lot of consideration to age.

One thing you all are forgetting is that there is a dramatic difference between 18 and 19 as well as 6-8 months vs 24 months. An 18 year old might have a few months history while as 19 year old could have 23 months history which is more than double AoOA. I would say the score boost going from 1 year AoOA to 2 year AoOA is bigger than the score boost going from 7 years to 8 years AoOA due to diminishing returns.

Re: How is my credit score compared to other 19 year olds?

medicgrrl — Mon, 21 Aug 2017 18:57:20 GMT

My 19 yo son's scores ranged from 670-699 with only 1 installment being reported. This was with an 8 month history. Once he acquired a couple of credit cards, he went to about 720. I'm not sure where it is now with 1 year of credit history.

Re: How is my credit score compared to other 19 year olds?

Anonymous — Mon, 21 Aug 2017 19:49:57 GMT

@Subexistence wrote:

The highest score I achieved thus far with 770Eq08 at like month 9 AoOA. I had perfected every area except age wich I meant I had installment loans, perfect installment utilization, perfect revolving utilization, no derogs, etc. This means that the difference between 770 and 850 lie entirely in age related factors. A whole 80 points is actually a lot. FICO, I would say, does give age a lot of consideration to age.

Don't you have some inquiries? A perfect number of inquries is zero.

Under the "area" of age, are you including only those factors in the Length of Credit History category?

Or are you also including the following factors, which are typically classified under the New Credit category?

Age of Youngest Account

Number of new accounts (probably caluclated as a %)

Although "three" is generally given as the number of credit cards a person needs, I am not certain that consumers might not get a scoring advantage from having a couple more.

You also are a little borderline in terms of total number of accounts (which measures thickness vs. thinness).

You are likely in a highly restricted scorecard based on thinness, age of oldest, and age of youngest (the three factors used in scorecard assignment). You may get some more benefit when you have 1-2 more cards, a few more accounts total (no longer borderline thin), and a bigger Age of Oldest.

Re: How is my credit score compared to other 19 year olds?

Anonymous — Mon, 21 Aug 2017 20:42:53 GMT

@Subexistence wrote:

I can attest to the fact that UW takes it into consideration. I applied for a card a couple days ago and was declined due to short age and with recon denied. My score I believe was 750 at the time.

And this brings me to another spinoff topic that I've argued many times in the past, which is that scores should be indicative of what is determined upon a MR. f "age of accounts" is going to be the limiting factor here preventing one from obtaining credit, their score should be representative of that denial reason. IMO, score in this case shouldn't be 750. Maybe 700-710? 750 on paper basically suggests that someone can get approved for just about anything. Your denial obviously shows this is not true... so why should FICO give a score that suggests otherwise? A 700-710 score is solid, but does suggest that there's room for improvement in one or more categories, so a denial with such a score to me seems more fitting than a denial with a 750 score on an otherwise equal profile.