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I am 18 years old and I have 4,550 in available credit. I am guessing this is pretty decent, but I won't your opinion. I have had credit since August, not long enough to have FICO's but I have FAKO's (I know I know) of 721,736 & 728. I would like an American Express, but I was declined because I have no FICO. Well questions are is this enough credit for my page with an income of 67k and how much should I expect to have in about 2 years?
I do not intend to use all of the lines, but I put everything on the card and pay it off at the end of the month and I notice when my balance reports my FAKOS dip. I would just like enough available credit so that I will not have to pay the card before the statement date.
Any thoughs?
Well first off...you have a very good start for being 18. And congrats on being so young and wanting to stay on top of things---this will help you more than you think as long as you keep your credit in good standings. you have plenty of credit right now, you will not get anything else for awhile. I was in the same situation just 4 years ago and what i'll say is DO NOT APPLY FOR ANYMORE CREDIT for at least a year. You don't need it, nor will you get approved for it. Keep what you have and BUILD on it. your credit limits will increase depending on what cards you have. What cards are you currently carrying? When I was 18 I had Capital One, Discover, and Chase....all of which have very large limits today (4 years later more than 10x the credit limits i started with). So its hard to say exactly what you will have 2 years from now, just focus on keeping everything in perfect shape until then...this will maximize your liklihood of getting cli's. Also, 67k is a pretty impressive income especially for an 18 year old....What do you do for a living if you don't mind me asking? Lastly, don't apply for amex for quite some time...wait until you're at least 20. I tried getting an amex between 18-19 and it did not happen even though everything looked good on my record. Last year I was finally approved for one. I dont think they like short, unestablished credit histories.
Good Luck!
Unless you have NO reported credit on your reports, then you do have a FICO score. Did you attempt to purchase your scores on this site? If you have no FICO, then you have no reported credit data meaning your $4550 in available credit is either failing to report, or not reporting to the correct identity.
My kids at your same age, with nothing but a single account as authorized user had FICO scores.
To Mgs2010, they cards of NFCU 1k, Citi 1.8k, CFCU 1k, USAA 500 & ODUCU 250, I am a real estate agen, and a financial & research consultant.I am also a junior in college (finance major)...I am a junior due to advanced placement and dual enrollment. (That question always comes up)
And to the other I think you are forgetting that fico does no longer count authorized user the way they used too. I am sure you are aware of the no piggyback if not (look it up!) and the requierments for have 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:
EVERYONE PLEASE!: BEFORE REPLYING TO MY FORUM, KNOW WHAT YOU ARE TALKING ABOUT THIS IS WHY SO MANY PEOPLE WOULD RATHER NOT BOTHER WITH CREDIT, PEOPLE ALWAYS CONFUSING EVERYONE ELSE.
(exhale)...I HAD TO VENT
@Anonymous wrote:Unless you have NO reported credit on your reports, then you do have a FICO score. Did you attempt to purchase your scores on this site? If you have no FICO, then you have no reported credit data meaning your $4550 in available credit is either failing to report, or not reporting to the correct identity.
My kids at your same age, with nothing but a single account as authorized user had FICO scores.
Message Edited by txjohn on 12-05-2009 11:35 PM
Hmmm...I thought there had to be six months of credit history reported for a FICO score to be generated. OP stated he's only had credit since August, so he hasn't hit the six month mark yet.
If the account your kids were added on as AUs had a history longer than six months, that would be the reason why they had scores.
Found this thread on the forums about generating a FICO score:
ETA: There was discussion back in 2008 about revising the scoring formula to not include AU accounts. However the decision was made to NOT remove AU accounts from scoring.
http://myfico.custhelp.com/cgi-bin/myfico.cfg/php/enduser/std_adp.php?p_faqid=71
@MMart078 wrote:To Mgs2010, they cards of NFCU 1k, Citi 1.8k, CFCU 1k, USAA 500 & ODUCU 250, I am a real estate agen, and a financial & research consultant.I am also a junior in college (finance major)...I am a junior due to advanced placement and dual enrollment. (That question always comes up)
And to the other I think you are forgetting that fico does no longer count authorized user the way they used too. I am sure you are aware of the no piggyback if not (look it up!) and the requierments for have 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 (5 MONTHS FROM ME, AUG TO DEC)
- At least one undisputed account that has been reported to the credit bureau with in the past six months(SAME ISSUE)
- 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). AND IM ALIVE AND WELL
here is the link: http://www.myfico.com/CreditEducation/questions/requirement-for-fico-score.aspx
EVERYONE PLEASE!: BEFORE REPLYING TO MY FORUM, KNOW WHAT YOU ARE TALKING ABOUT THIS IS WHY SO MANY PEOPLE WOULD RATHER NOT BOTHER WITH CREDIT, PEOPLE ALWAYS CONFUSING EVERYONE ELSE.
(exhale)...I HAD TO VENT
Hi...you may want to do some research on that. You may have confused some people with that comment.
@MMart078 wrote:
And to the other I think you are forgetting that fico does no longer count authorized user the way they used too. I am sure you are aware of the no piggyback if not (look it up!) and the requierments for have a fico score
I'm not sure what you mean by this. If you mean that AU's are not allowed at all anymore then you are incorrect. I added my son as an AU to 4 of my cards just a few months ago and he is listed by all the CRA's as an "authorized user" He inherited the entire history of all my accounts.
This thread is already mired with misinformation.
You need an account age of six months before the FICO algorithms will generate a score for you. However, you can (obviously) obtain credit before FICO will generate a score for you.
Even under FICO08 (which as of yet no credit issuer is using for other that evaluation studies) AU's will generally count. FICO claims that certain fringe AU's will no longer be counted and that they have a secret special method for determining which AU's should be out. Since you can't obtain a FICO08 based report anywhere and no one uses FICO08 it is impossible to determine the veracity of this claim.
MMart078 wrote:
To Mgs2010, they cards of NFCU 1k, Citi 1.8k, CFCU 1k, USAA 500 & ODUCU 250, I am a real estate agen, and a financial & research consultant.I am also a junior in college (finance major)...I am a junior due to advanced placement and dual enrollment. (That question always comes up)
And to the other I think you are forgetting that fico does no longer count authorized user the way they used too. I am sure you are aware of the no piggyback if not (look it up!) and the requierments for have 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 (5 MONTHS FROM ME, AUG TO DEC)
- At least one undisputed account that has been reported to the credit bureau with in the past six months(SAME ISSUE)
- 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). AND IM ALIVE AND WELL
here is the link: http://www.myfico.com/CreditEducation/questions/requirement-for-fico-score.aspx
EVERYONE PLEASE!: BEFORE REPLYING TO MY FORUM, KNOW WHAT YOU ARE TALKING ABOUT THIS IS WHY SO MANY PEOPLE WOULD RATHER NOT BOTHER WITH CREDIT, PEOPLE ALWAYS CONFUSING EVERYONE ELSE.
(exhale)...I HAD TO VENT
The piggybacking thing can not be correct as your stating it, I see that you are a moderator and I understand that reponsibilty. I am the authorized user on a Discover and Visa, and haven been since July 2007, I still have no credit score. Thus I have drawn the conclusion that the piggybacking is not calculated in the credit score. No to your fallacy, you must agree that the number of post has no correlation of the accuracy of their information. To say that you would have to agree that someone who talks more than another is more correct. I thank you for your credit on my advanced placement and dual enrollment. Howver, right is right and wrong is wrong. All respect given.
After talking to a MyFICO representative and my own experience, I have arrived at the conclusion that, having an authorized user on your account, is included in your fico score if you have credit in your own name. However, it can not establish a score for you, but impact if you do have one. (one of those contradictories)--- thatg haulingupthescore was talking about. I feel apologizes are in order from me, as I was partially correct. However, others where partially wrong.