what could a 639 get?

[Anonymous]

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@CreditInspired wrote:

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A 693 from CK most likely is a 620 FICO. 

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I'm not sure what you're basing that statement on above, but I strongly disagree with it.  There are people that possess FICO scores 100 points above their VS 3.0 scores, while others have VS 3.0 scores that are 100 points higher than their FICO scores.

It's impossible to blanket statement predict a FICO score based on a VS 3.0 score.

[sarge12]

Not trying to be smart, but lenders do not grant approval based entirely on someones score. The score is an important piece of info for them, but it is not the only info they look at. If it is still like it was when I got a mortgage, the middle qualifying mortgage score is used to set rates on an approved score. They go over the full 3b hard pull line by line, as well as income and such and do not really use the score. A credit card issuer goes to approve or decline the loan. Mostly, credit card issuers use the scores and income mainly. I also have been told they do not just look at your score and if it is at a certain score they approve it. Some card issuers do a hard pull from all 3 CRA's. I know Capital one does. So we see it all the time, where two people with the same score, results in one being approved and one declined. No way to know for sure if it will be approved but, 639 is a fairly low score, so I doubt a really good card will approve him, but the Vantage 3.0 score provided by creditkarma is fairly useless, because lenders do not use that score. In my opinion the answer to your question what will a 639 get? Likely a lower credit score due to a hard pull, unless he goes the Credit One route with an annual fee. If he only has two months history period, I am not sure a fico score has even been generated yet. I think I remember someone saying either three or six months history is needed to generate a fico score.

[sarge12]

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@Anonymous wrote:
Step 1 - get FICO scores and credit reports from all three bureaus and basically disregard scores on CK - they’re a different scoring model that’s rarely used. It takes six continuous months of reporting to generate a FICO score, so check back in month 7.

2 - Chase wants at least a year of credit history before considering approval. They also are not typically friendly to thin files. They are an upper tier card and one needs to build up to them. Citi is also pretty stringent in their requirements. Once scores are available, look at prequal pages for Discover and CapOne. Get those, use them sensibly for a year, and see where things stand.

3 - higher scores are always better but as described above, scores alone do not gain approval. The whole credit history is taken into account.

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I do not think with only 2 months credit history he even can get a fico score yet...I may be remembering wrong, but think it is 6 months to generate a fico score.

[Anonymous]

You are correct

[sarge12]

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@Anonymous wrote:
You are correct

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I thought that was the case, but with all the posts telling him to pull a fico, I wondered if I was remembering wrong...thanks.

[Anonymous]

Yup, that was my point in item 1 of my post that you quoted. Gonna be a little bit before OP can pull a score.

[Anonymous]

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@sarge12 wrote:

Not trying to be smart, but lenders do not grant approval based entirely on someones score. The score is an important piece of info for them, but it is not the only info they look at.

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Agreed 100%.  I wouldn't even put credit score in the top 3 pieces of data that a potential lender looks at, maybe not even the top 5 depending on the circumstances.  Too often people seem to think that credit score is Number One.

[HeavenOhio]

When someone has only one account on his report, it's pretty easy to figure out the state of his history without the benefit of a score.

[Anonymous]

Yea, to reiterate there is no way to assume that you can determine someones FICO score based on their VS 3.0. Mine is like 708 or something like that and my FICO sit around 660. That blanket statement can be misleading especially to someone just starting out in the credit world and more importantly here on this forum.

I'd start with the FICO scores and go from there. 

[sarge12]

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@Anonymous wrote:
Yup, that was my point in item 1 of my post that you quoted. Gonna be a little bit before OP can pull a score.

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I just re-read your post....how the heck did I miss that you said it takes 6 months. I must be blind.