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First Score of my Life!

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Anonymous
Not applicable

First Score of my Life!

Hello everyone,

 

I applied for Capital one not too long ago. Here is the first thread of me getting approved for a Capital one card.  Last week I got an email from  nerdwallet and my Capital one Creditwise report that my Credit score is now 665.  The score is a Vantagescore though I believe from TransUnion.

Here is the part I am really confused about.  I got my Capital one 2 months ago and I have just been paying my balances and just paid my first ever month due bill. 

 

How did I get such a score in less than 2 months? The capital one card is not more than 2 months.  Has anyone experienced getting a credit score that fast? 

 

Although I am very happy about this but confused how I was able to get such a score in so less time. Is this something to be worried about?

Message 1 of 12
11 REPLIES 11
Gidgetmom
Frequent Contributor

Re: First Score of my Life!

One of the “selling” points for Vantage scores is the ability to produce a score quicker than FICO on a new file.  Most lenders use FICO though.

 

Nothing to worry about.  Use your credit responsibly and you have it made!

Message 2 of 12
thornback
Senior Contributor

Re: First Score of my Life!

That is one of the advantages of the Vantage model not available in FICO - the ability to score new borrowers based on very recent accounts - those less than 6 months old.  Nothing to worry about, it's just the way the model is built.   Keep up the great work!!  In another 4 months or so, you'll have a spanking new FICO to get excited about Smiley Wink 

Personal Aphorism:"Forget What You Feel, Remember What You Deserve"
Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA:
4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:  


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 3 of 12
Anonymous
Not applicable

Re: First Score of my Life!

I see ok. What about Verizon, TMobile and At&T. Do they all use Vantage or FICO? What is the advantage of Vantage score then if most lenders use FICO? 

Message 4 of 12
Anonymous
Not applicable

Re: First Score of my Life!

Hey TMR, nice to hear from you. Is there anyway I can check my fico score without paying for it?

Message 5 of 12
thornback
Senior Contributor

Re: First Score of my Life!

 Hi, Zee!! 

 

Credit Check Total offers a $1 trial for all 3 scores and reports.  You can then cancel before the trial ends to prevent being charged for a monthly fee. 

Discover Scorecard offers your Experian FICO for free - you do not have to be a Discover cardholder.

 

Some lenders also provide free FICOs to cardholders for the bureau of their choice;  for example, Amex offers Experian FICO,  Discover offers Transunion FICO. 

 

As for your previous Q about Vantage  -  there is no advantage to them.  It's assumed that model was created to rival FICO, but it would take quite a bit of time for a credit scoring model to gain enough traction to overcome FICO.   As of now, approx 90% of lenders use FICO to make credit decisions - so it's best to make sure your FICOs are the best they can be.  But in your case, Vantage is good enough to give you a ballpark idea of where you stand until your FICO becomes available.  Just keep in mind, your FICO may be vastly different (higher or lower) than your Vantage score because they weigh scoring categories differently -- but, they may also end up being pretty close. 

 

Also - Verizon, TMobile and At&T all use FICO scores -but they weigh other factors heavily for approvals - such as employment / income and past service usage, if any. So they are able to approve consumers even if they don't have sufficient credit history or low FICO scores - this is also why deposits are sometimes required to open an account with them. 

Personal Aphorism:"Forget What You Feel, Remember What You Deserve"
Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA:
4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:  


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 6 of 12
Anonymous
Not applicable

Re: First Score of my Life!

Ok, that is a great explaination, thank you v much!

Quick question - since my first card (Capital one) is less than 3 months old. I doubt I would have any FICO score. Is it even worth checking now and how long does it take for the FICO score to kick in assuming you are following all the FICO best practise?

Message 7 of 12
thornback
Senior Contributor

Re: First Score of my Life!

So - you have never had any other accounts -- no loans either, right?  If that's the case, then you probaby don't have a FICO yet.   But you can check using Discover Scorecard to be sure - just enter your personal info and see if they can pull up a score for Experian. Totally free, you don't have to enter any payment info. And if they can't pull up a score for you, then you can try it again next month. 

 

EDIT:  I missed your other Q -   FICO takes about 6 months of credit history to generate a score. 

Personal Aphorism:"Forget What You Feel, Remember What You Deserve"
Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA:
4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:  


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 8 of 12
Anonymous
Not applicable

Re: First Score of my Life!

I just did that and got a message that they were unable to create my account at this time. I guess that is because I don't have any FICO. And I never had any loan. Capital one is my only card. 

Message 9 of 12
thornback
Senior Contributor

Re: First Score of my Life!

Oh, sorry!    Well,  only a few more months of waiting.   Just keep doing what you're doing.  At least you have the Vantage score to keep you excited in the meantime!  

Personal Aphorism:"Forget What You Feel, Remember What You Deserve"
Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA:
4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:  


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 10 of 12
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