topic Re: Getting from 620-750 in General Credit Topics

Getting from 620-750

Anonymous — Mon, 02 Apr 2018 21:29:29 GMT

Hello everyone ! Brand new here. New to managing credit in general. I just opened my first credit card (capital one platinum) and was at a 620 Transunion 623 equifax 630 Ex. I was told that once my report updates showing that I have a credit line and 0% utilization that my score should go up considerably? Is this true? Also is it feasible to get to a 740-750 within a year? It’s like the most important thing to me right now so I can buy a house within a few years. What can I do to jump 120 points?

Re: Getting from 620-750

SouthJamaica — Mon, 02 Apr 2018 21:43:33 GMT

@Anonymouswrote:
Hello everyone ! Brand new here. New to managing credit in general. I just opened my first credit card (capital one platinum) and was at a 620 Transunion 623 equifax 630 Ex. I was told that once my report updates showing that I have a credit line and 0% utilization that my score should go up considerably? Is this true? Also is it feasible to get to a 740-750 within a year? It’s like the most important thing to me right now so I can buy a house within a few years. What can I do to jump 120 points?

Assuming you have no negatives on your record, yes it's quite feasible. Keep your utilization (as measured by the statement balance) at 5% or less, and you'll be golden.

Re: Getting from 620-750

Anonymous — Mon, 02 Apr 2018 21:45:21 GMT

Where are you getting your scores from? Is this your only credit card? I've seen many raise their scores over 100 points in a year.

Re: Getting from 620-750

Anonymous — Mon, 02 Apr 2018 22:48:49 GMT

Yes it’s my only credit card and got my scores from credit karma credit sesame experience website and credit wise through cap one

Re: Getting from 620-750

Anonymous — Mon, 02 Apr 2018 22:54:24 GMT

@Anonymouswrote:
Yes it’s my only credit card and got my scores from credit karma credit sesame experience website and credit wise through cap one

Those are not Fico scores, they are Vantage score which virtually no lender uses. You need to get your Fico scores. You can use Credit Check total for a $1.00 trial and get all 3 of your scores, just be sure to cancel it before 7 days or you'll be charged the monthly rate.

Re: Getting from 620-750

Anonymous — Tue, 03 Apr 2018 03:32:56 GMT

Head to creditscorecard.com and sign up for this free service to get your EX FICO 08 score. That will give you an idea of where you stand relative to FICO scoring, as the VS 3.0 scores you've been looking at are not worthwhile.

Re: Getting from 620-750

Remedios — Tue, 03 Apr 2018 13:07:49 GMT

If the OP just opened his first card, he won't be able to see his Fico score for 6 months, if that is his only tradeline.

Re: Getting from 620-750

Anonymous — Tue, 03 Apr 2018 13:22:32 GMT

Isn't the Capital One Platinum their entry-level unsecured card? I would think if the OP had zero credit history at all he'd have to start with a secured card. Or, perhaps that card comes in 2 versions and the OP does have a secured one.

Re: Getting from 620-750

Remedios — Tue, 03 Apr 2018 14:09:27 GMT

Cap1 will issue unsecured platinum cards with low limits if there are no recent baddies.
It was my first card

Re: Getting from 620-750

Remedios — Tue, 03 Apr 2018 14:11:13 GMT

As soon my first card reported, VS was generated, low 600s

Re: Getting from 620-750

Anonymous — Tue, 03 Apr 2018 17:01:12 GMT

@RemediosCap1 will issue unsecured platinum cards with low limits if there are no recent baddies.
It was my first card

Will they issue it if you have zero credit history?

If you have no recent baddies, that suggests the presence of clean accounts (perhaps no revolvers though) which could mean a FICO score is possible if one is 6+ months.

I guess we need to hear back from the OP on this, as speculating as to whether or not he had previous credit history really isn't meaningful.

Re: Getting from 620-750

Remedios — Wed, 04 Apr 2018 01:07:50 GMT

Yes, it was issued with no credit history at all.
My second TL with Discover was the same way, issued only a month after Cap1, also unsecured.
Disco did ask for DL, utility bill and proof of income. I think the proof of income was the deal sealer.
Like you said, without OPs input, it's all just a guessing game.

Re: Getting from 620-750

Anonymous — Wed, 04 Apr 2018 01:45:55 GMT

Interesting. I wonder why so many people go the secured route then when there seems to be at least a couple of places that will approve an unsecured card with zero credit history.

Re: Getting from 620-750

Remedios — Wed, 04 Apr 2018 01:58:38 GMT

I am clueless as to how Cap1 decides who gets what.
I know how discover decides what to do with those who do not have fico score generated yet.
Basically, they use EQ Fico XD score.
Fico XD is generated when first TL is open, similar to VS.
My Fico XD score was included with welcome letter. It was around 645 and at that time I only had cap1 for about a month.
My *normal* scores were generated in March, four months later.

Re: Getting from 620-750

LionLaw — Wed, 04 Apr 2018 14:19:28 GMT

Welcome! We need to know more about your file before we can give you any information. You said that this is your first credit card. Do you have any other items on your credit report (Student loans, car loans, etc.), or is this your first credit ever?