topic Re: Creating a FICO from Scratch (Fastest Way)? in Mortgage Loans

Creating a FICO from Scratch (Fastest Way)?

CreditFun — Tue, 11 Apr 2023 14:47:01 GMT

What is the fastest way to created a FICO 620+

For example, which AU cards back date?

Will a secured card report quicker if AU is reporting?

What would happen in this scenario?

add 3 AU 2+ years seasoning w/ utilization <10%
add 2 new secured cards

Re: Creating a FICO from Scratch (Fastest Way)?

rosco75 — Tue, 11 Apr 2023 14:49:28 GMT

It would be near impossible to answer this without knowing more about your profile. We need more information in order to even try to determine the best way to get a score increase to those numbers.

Current scores?

How many accounts / what type?

Balances?

Delinquencies?

ETC, ETC

Re: Creating a FICO from Scratch (Fastest Way)?

CreditFun — Tue, 11 Apr 2023 15:30:47 GMT

There is no score.

Just 2-3 inquiries.

Re: Creating a FICO from Scratch (Fastest Way)?

CreditFun — Tue, 11 Apr 2023 15:31:29 GMT

There is no score.

just 2-3 inquiries.

Re: Creating a FICO from Scratch (Fastest Way)?

NC_Mtg_Loaner — Tue, 11 Apr 2023 15:41:02 GMT

Why not just go ahead and get 2 cards in your name ASAP?

I have no idea how an AU can build or boost your score, but (including an AU) it does create a dependency upon another individual which I've never been a fan of, but that's just me.

Re: Creating a FICO from Scratch (Fastest Way)?

CreditFun — Tue, 11 Apr 2023 15:42:44 GMT

From my research, adding two cards could take 6 months to create a FICO score.

Looking for the magic pill scenario.

I know it's been done before where people were able to get DU approval in 30-45 days without getting downgraded to a manual review.

Just looking for modern approach on things.

Re: Creating a FICO from Scratch (Fastest Way)?

RSX — Tue, 11 Apr 2023 15:57:27 GMT

get 1 secured card from whoever you bank with - fund it and use it regularly

get your name as an AU on 1 of the cards you mentioned

then wait and keep checking CK to see when your score first pops up

at the start it is best to learn that this is a Slow and Steady game

Re: Creating a FICO from Scratch (Fastest Way)?

RobynJ — Tue, 11 Apr 2023 16:15:39 GMT

In 6 months I went from not having a score to a 783 Fico 8/818 Fico 9. Check out my prior post.

https://ficoforums.myfico.com/t5/SmorgasBoard/My-build-from-a-blank-file-to-783-818-in-6-months/m-p/6603636#M84166

Re: Creating a FICO from Scratch (Fastest Way)?

ShanetheMortgageMan — Tue, 11 Apr 2023 18:36:27 GMT

In the last couple years I've noticed that CitiCards, AMEX, CBNA (Community Bank), JPMCB (JP Morgan Chase), THD/CBNA (Home Depot, Community Bank), FNB Omaha, SYNCB (Synchrony Bank), Capital One, Barclays Bank, and TD Bank USA/Target all back date authorized user history.

Re: Creating a FICO from Scratch (Fastest Way)?

Kforce — Tue, 11 Apr 2023 21:04:51 GMT

@RobynJ 's post has a path that was chosen with time as high priority.

You could just follow her example.

Others might pick another path with slower score gain and a card set that

would not need revamping, less work, and no loans.

Re: Creating a FICO from Scratch (Fastest Way)?

RobynJ — Tue, 11 Apr 2023 21:44:54 GMT

Well she is a he lol and now that I am a year and two months plus into it the only card that didn't and never will graduate is open sky. Look at my line up in my siggy. I have a pretty **bleep** good line up in a year time plus I now have a 30k+ auto loan through NFCU.

Re: Creating a FICO from Scratch (Fastest Way)?

Gmood1 — Wed, 12 Apr 2023 22:09:51 GMT

The fastest way to bump those scores, is for you to be added to 3 of the oldest tradelines you can as a AU. All with perfect payment history.

Wait a few months, and then apply for a couple of CCs of your own. You can skip the secure cards. Go straight to unsecured.

I've done this for multiple family members. It works like a charm. Your scores will be closer to 800 than 620, depending on how old those AU tradelines are. Just make sure the CC companies that you are added to back date.