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My First Fico Scores!

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Anonymous
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My First Fico Scores!

Well guys not a bad day to end the week getting my first FICO scores! YAY! It doesnt show my two new accounts yet but here we go: EQ: 704 TU 709 and EX 742. All scores are based on FICO score model 8

Message 1 of 4
3 REPLIES 3
Anonymous
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Re: My First Fico Scores!

Great scores!  Almost in prime territory!

 

A few things to check to see that may help you boost them even more:

 

  • You want 3 open credit cards reporting -- this is the minimum to get a good "credit mix" boost.  If you have 3 cards, be aware that adding the 4th and 5th card will initially hurt FICO but once they age a bit, you'll get a nicer boost over just 3 cards reporting.
  • You want 1 or more installment loans reporting as open but not at 100% utilization.  Mortgages, auto loans, personal loans and student loans all count -- as long as you have ONE of these, you get the best "credit mix" boost.  People with no open installment loans may have a 20 point decrease in FICO 08 scoring.
  • If you have 3+ credit cards reporting, you should make sure all of them but one report $0 balance.  The one that doesn't report $0 should report MORE than $0 but less than 8.9% utilization.
  • One big warning: if you ever consider a personal loan, be very very focused on making sure it reports as a basic installment loan and NOT a "consumer finance account".  The latter can hurt your scores for up to 10 years!
Message 2 of 4
Anonymous
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Re: My First Fico Scores!


@Anonymous wrote:

Great scores!  Almost in prime territory!

 

A few things to check to see that may help you boost them even more:

 

  • You want 3 open credit cards reporting -- this is the minimum to get a good "credit mix" boost.  If you have 3 cards, be aware that adding the 4th and 5th card will initially hurt FICO but once they age a bit, you'll get a nicer boost over just 3 cards reporting.
  • You want 1 or more installment loans reporting as open but not at 100% utilization.  Mortgages, auto loans, personal loans and student loans all count -- as long as you have ONE of these, you get the best "credit mix" boost.  People with no open installment loans may have a 20 point decrease in FICO 08 scoring.
  • If you have 3+ credit cards reporting, you should make sure all of them but one report $0 balance.  The one that doesn't report $0 should report MORE than $0 but less than 8.9% utilization.
  • One big warning: if you ever consider a personal loan, be very very focused on making sure it reports as a basic installment loan and NOT a "consumer finance account".  The latter can hurt your scores for up to 10 years!

Don't worry im all ontop of that Smiley Happy. I opened a Cap one 20 Days ago and BOA Cash rewards 15 days ago. Both Still have not reported. I also have a self lender Credit builder loan which is alos reported. ( Wallet hub says its a secured loan).  IDK what it will how up on my real reports but ya.

Message 3 of 4
Anonymous
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Re: My First Fico Scores!

"Secured" reporting has no effect on FICO and that loan should help meet your positive "credit mix" points.

 

Report back for sure!  Onward and upward to 800!

Message 4 of 4
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