Good score for a 19 year old?

Anonymous · ‎06-10-2020

Hi,

I am turning 19 next week and my credit score is 727 (according to Bank of America and Discover's apps).

I have 3 credit cards:

- Bank of America with $400 limit for 1 year (it was a secured card but I received my deposit back last week, so it's unsecured)

- Discover Card with $1500 limit for 6 months

- Apple Card with $2000 limit for a month (I am paying my sister's phone's installments)

I also took a $3500 federal loan for college and will take again this year.

Is 727 a good score? I first saw my score in December and it was 690. I never missed a payment and the average monthly expenses for all 3 cards is around $150.

Thank you!

AllZero · ‎06-10-2020

@Anonymous wrote:
Hi,
I am turning 19 next week and my credit score is 727 (according to Bank of America and Discover's apps).

I have 3 credit cards:
- Bank of America with $400 limit for 1 year (it was a secured card but I received my deposit back last week, so it's unsecured)
- Discover Card with $1500 limit for 6 months
- Apple Card with $2000 limit for a month (I am paying my sister's phone's installments)

I also took a $3500 federal loan for college and will take again this year.

Is 727 a good score? I first saw my score in December and it was 690. I never missed a payment and the average monthly expenses for all 3 cards is around $150.

Thank you!

@Anonymous Happy early birthday! Yes, it's a good score for a thin-ish and young profile. All you need is time. You're on your way to a great credit journey. You have the foundation with good lender accounts and an installment loan. Congratulations on your success.

AllZero · ‎06-10-2020

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Free credit reports (disregard the VantageScore 3.0 score) at:
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Iusedtolurk · ‎06-11-2020

@Anonymous wrote:
Hi,
I am turning 19 next week and my credit score is 727 (according to Bank of America and Discover's apps).

I have 3 credit cards:
- Bank of America with $400 limit for 1 year (it was a secured card but I received my deposit back last week, so it's unsecured)
- Discover Card with $1500 limit for 6 months
- Apple Card with $2000 limit for a month (I am paying my sister's phone's installments)

I also took a $3500 federal loan for college and will take again this year.

Is 727 a good score? I first saw my score in December and it was 690. I never missed a payment and the average monthly expenses for all 3 cards is around $150.

Thank you!

727 credit score for a 18 turning 19 person is a great score. Many 19 year olds are either not aware of their credit scores or concerned with them.

For you having that score now and checking into this forum for credit knowledge shows you will have the right arsenal to build an impressive credit profile which will make a lot of things easier for you down the line.

Kforce · ‎06-11-2020

@AllZero wrote:

@Anonymous Happy early birthday! Yes, it's a good score for a thin-ish and young profile. All you need is time. You're on your way to a great credit journey. You have the foundation with good lender accounts and an installment loan. Congratulations on your success.

Just be patient and let time do it's magic.

The most common mistake for new, young credit builders is being in a hurry.

Congratulations on your success.

Anonymous · ‎06-13-2020

Kforce, Welcome to the forum. I just turned 18 last month and have a student Discover $400 and Apple Card 4K. This forum is so wonderful if you look around and stay awhile you will definitely learn a lot. I am headed to university in August and have no loans what so ever. My plan is to grow my credit limit and refrain from opening up a ton of cards while under 21 years. I am hyper focused on raising my scores by paying In full every month while keeping a low spend ratio to my credit limits - I also have one dedicated bank account linked for my cards only! I wish you luck and you seem to have a lot already but, definitely looking around and asking questions here is a great start. Good luck to you!