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Fico shouldn't take 6 months to generate scores

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Established Contributor

Fico shouldn't take 6 months to generate scores

It's been about 3 months from my 18th Birthday and I've been gardening ever since my spree on my Birthday while I wait for my FICO score to come out. Everyone in this forum always assumes I have a FICO score and I don't blame them because everyone else does. A lot of topics I get involved in often end up with someone asking what my FICO score is and then I keep telling them I don't have them yet and then they say what I should do once I get them. Other times I can't post comparisons and FICO statistics in these forums and this includes the myFICO fitness challenge which I don't like missing out on. I wish FICO would just be like FAKO and provide score after like 1 month. Oh yeah I'm not wishing for a FICO score sooner in order to have a score for credit application. 6 months is a good time to garden before I get my citi credit card application. Although it does suck that a 5 month old credit 'score is like a 1 day old credit 'score' except for the fact that the 5 month one might have more inquiries. My main issue is not being able to be as active in these forums as I could be without the scores.

 

Edit:I also want to know if my $500 PLOC is revolving or installment on FICO. on my FAKO, the PLOC is an installment loan.








Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-795,Eq08-807,Tu08-787,EX98-761,Eq04-742
Goal Score: Ex98-760,Eq04-760


Take the myFICO Fitness Challenge

History of my credit
Message 1 of 16
15 REPLIES 15
Super Contributor

Re: Fico shouldn't take 6 months to generate scores

So you feel a FICO score should be generated sooner simply because you want to be more active on these forums.  I must say, now I've heard it all.

 

On the timeline of one's credit life, 5-6 months is about equal to pissing in the ocean.

Message 2 of 16
Established Contributor

Re: Fico shouldn't take 6 months to generate scores


@BrutalBodyShots wrote:

So you feel a FICO score should be generated sooner simply because you want to be more active on these forums.  I must say, now I've heard it all.

 

On the timeline of one's credit life, 5-6 months is about equal to pissing in the ocean.


I also want to know if my $500 PLOC is revolving or installment on FICO. on my FAKO, the PLOC is an installment loan.








Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-795,Eq08-807,Tu08-787,EX98-761,Eq04-742
Goal Score: Ex98-760,Eq04-760


Take the myFICO Fitness Challenge

History of my credit
Message 3 of 16
Super Contributor

Re: Fico shouldn't take 6 months to generate scores

I wouldn't think that different scoring models would interpret the coding of an account differently.  How the account impacts scoring could differ between models (like a mortgage on VS 3.0 vs FICO models) but how the account is coded I would expect to remain consistent.

Message 4 of 16
Valued Contributor

Re: Fico shouldn't take 6 months to generate scores

I've always been active in the forums since I found it even when I was in the same boat as you.
Message 5 of 16
Frequent Contributor

Re: Fico shouldn't take 6 months to generate scores

I understand your disappointment with having to wait 6 months for a FICO score to generate. My daughter received her first card from Capital One (QS) on June 24, 2016 at 18-years-old. She checked her annual credit reports on December 29, 2016 and her Capital One account and student loans were listed on all 3 credit bureaus. She then pulled her free Discover scorecard to see if a FICO score had been generated and indeed she had a FICO score of 722. She immediately apped for a Discover student card and was approved for $500, along with another Capital One card (platinum) for $500. She now has a total of 3 revolving lines in her name and will build on these for the next 4 years. Her income is only $15,000, will be less this year because her grades are slipping (less work, more studying). But anyway....

Once you hit the 6-month mark, I suggest pulling your FICO score before apping to ensure you have one. Tyr to reframe from applying for too many cards at once. BEST WISHES!!!

Current FICO 8s: Ex 726, Tu 746, Eq 716
Current FICO 9s: Ex 748, Tu ?? Eq 725
Total TLs: $160,000
32 (30-60 day) mortgage lates remain
Message 6 of 16
Valued Contributor

Re: Fico shouldn't take 6 months to generate scores

Imagine starting at 40+ years old with nothing in your report. 

 

The good thing is that you can get a couple of cards, wait 6 months and have a FICO around 720-730. I bet if you follow the secured loan technique maybe even 750. You will get better SL when you get your score and some history.

Message 7 of 16
Super Contributor

Re: Fico shouldn't take 6 months to generate scores


@Subexistence wrote:

@BrutalBodyShots wrote:

So you feel a FICO score should be generated sooner simply because you want to be more active on these forums.  I must say, now I've heard it all.

 

On the timeline of one's credit life, 5-6 months is about equal to pissing in the ocean.


I also want to know if my $500 PLOC is revolving or installment on FICO. on my FAKO, the PLOC is an installment loan.


Usually they report as a revolving account.


Total revolving limits 639500 (558000 reporting)
Message 8 of 16
Super Contributor

Re: Fico shouldn't take 6 months to generate scores


@Subexistence wrote:

It's been about 3 months from my 18th Birthday and I've been gardening ever since my spree on my Birthday while I wait for my FICO score to come out. Everyone in this forum always assumes I have a FICO score and I don't blame them because everyone else does. A lot of topics I get involved in often end up with someone asking what my FICO score is and then I keep telling them I don't have them yet and then they say what I should do once I get them. Other times I can't post comparisons and FICO statistics in these forums and this includes the myFICO fitness challenge which I don't like missing out on. I wish FICO would just be like FAKO and provide score after like 1 month. Oh yeah I'm not wishing for a FICO score sooner in order to have a score for credit application. 6 months is a good time to garden before I get my citi credit card application. Although it does suck that a 5 month old credit 'score is like a 1 day old credit 'score' except for the fact that the 5 month one might have more inquiries. My main issue is not being able to be as active in these forums as I could be without the scores.

 

Edit:I also want to know if my $500 PLOC is revolving or installment on FICO. on my FAKO, the PLOC is an installment loan.


Don't be in such a rush to get into debt. It's not really as much fun as we on the MyFICO Forum make it out to be Smiley Happy

 

I rue the day I was given advice, all correct, which I followed, about how to 'build my credit'; it led to a world of pain. I would have been much better off following my parents' advice, which was not to borrow. Period.


Total revolving limits 639500 (558000 reporting)
Message 9 of 16
Established Contributor

Re: Fico shouldn't take 6 months to generate scores


@SouthJamaica wrote:

@Subexistence wrote:

It's been about 3 months from my 18th Birthday and I've been gardening ever since my spree on my Birthday while I wait for my FICO score to come out. Everyone in this forum always assumes I have a FICO score and I don't blame them because everyone else does. A lot of topics I get involved in often end up with someone asking what my FICO score is and then I keep telling them I don't have them yet and then they say what I should do once I get them. Other times I can't post comparisons and FICO statistics in these forums and this includes the myFICO fitness challenge which I don't like missing out on. I wish FICO would just be like FAKO and provide score after like 1 month. Oh yeah I'm not wishing for a FICO score sooner in order to have a score for credit application. 6 months is a good time to garden before I get my citi credit card application. Although it does suck that a 5 month old credit 'score is like a 1 day old credit 'score' except for the fact that the 5 month one might have more inquiries. My main issue is not being able to be as active in these forums as I could be without the scores.

 

Edit:I also want to know if my $500 PLOC is revolving or installment on FICO. on my FAKO, the PLOC is an installment loan.


Don't be in such a rush to get into debt. It's not really as much fun as we on the MyFICO Forum make it out to be Smiley Happy

 

I rue the day I was given advice, all correct, which I followed, about how to 'build my credit'; it led to a world of pain. I would have been much better off following my parents' advice, which was not to borrow. Period.


Tell your world of pain story please.








Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-795,Eq08-807,Tu08-787,EX98-761,Eq04-742
Goal Score: Ex98-760,Eq04-760


Take the myFICO Fitness Challenge

History of my credit
Message 10 of 16
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