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Recent College Graduate Wanting to Raise FICO

JSunShine
New Member

Recent College Graduate Wanting to Raise FICO

I recently signed up of BofA's privacy assist. It is showing that my credit scores are the following: Equifax=628, Experian=641, TransUnion=707. It also showed an error of a delinquent account of about $700. I have disputed this; Experian took it off and I am waiting to hear back for Equifax and TransUnion.In addition to the delinquent account, I have about $35K in student loans, and a Capital One Visa card with a $750 limit, which has never had a late payment.

 

Question/ Issue #1: I feel discouraged that my scores is so low and I am just getting started. I know I have a limited credit history, but does anyone have any ideas as to why my scores are so low? Is this common?

 

Question/ Issue #2: In an effort to develop my credit history and my lines of credit, I have applied for 4 credit cards: Macy's, Discover Student, Ann Taylor, and Amazon Rewards Visa. DENIED!!! Smiley Sad . I don't plan to apply for ANYthing for the next 2 years, but if I can't get credit, how am I supposed to raise my scores?

 

Does anyone have any suggestions of where I can go for here?

 

 

Message 1 of 3
2 REPLIES 2
MarineVietVet
Moderator Emeritus

Re: Recent College Graduate Wanting to Raise FICO

 


@JSunShine wrote:

I recently signed up of BofA's privacy assist. It is showing that my credit scores are the following: Equifax=628, Experian=641, TransUnion=707. It also showed an error of a delinquent account of about $700. I have disputed this; Experian took it off and I am waiting to hear back for Equifax and TransUnion.In addition to the delinquent account, I have about $35K in student loans, and a Capital One Visa card with a $750 limit, which has never had a late payment.

 

Question/ Issue #1: I feel discouraged that my scores is so low and I am just getting started. I know I have a limited credit history, but does anyone have any ideas as to why my scores are so low? Is this common?

 

Question/ Issue #2: In an effort to develop my credit history and my lines of credit, I have applied for 4 credit cards: Macy's, Discover Student, Ann Taylor, and Amazon Rewards Visa. DENIED!!! Smiley Sad . I don't plan to apply for ANYthing for the next 2 years, but if I can't get credit, how am I supposed to raise my scores?

 

Does anyone have any suggestions of where I can go for here?

 

 


 

Hello and welcome to myFICO.

 

I have to tell you that the scores you get from BoA's Privacy Assist are not true FICO scores. Many. many sites will sell you "credit scores" but they are not FICO credit scores and since most lenders use FICO these "FAKO" scores are useless. The reports are accurate but the scores and often the advice given at these sites are confusing and many times simply wrong. Your true FICO scores might be higher or lower than those you got from BoA.

 

No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO. I suggest you do an internet search for "myfico discount codes" to save a little money. You can also purchase your Transunion score at www.transunioncs.com. At www.equifax.com Equifax  will still sell you an Equifax FICO score but they make it very hard to find.

 

I would stop applying for any new credit for awhile (perhaps a year or so) and let everything you have age for a bit. Use your credit card from time to time to keep it active but try and let only a small (<9% of credit limit) balance report on your monthly statement and then pay in full before the due date to avoid interest.

 

My opinions and advice are mine alone and I'm sure you'll receive other ideas and comments. Take all of it in and then decide what you think will work best for your situation.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


Message 2 of 3
Peach8321
Frequent Contributor

Re: Recent College Graduate Wanting to Raise FICO

First, I would get your scores from MyFico...they will only give you two but it'll give you an accurate idea.

 

Second, I would join a credit union...does your work have one?  Can you join USAA?  You can pay $20 +$5 in account to join PenFed,.... these places are usually better to get CC from and they have good banking products as well.

 

Right now, you have one high loan and one low CC reporting...and it's all fairly new so give it a year or two, using the Visa and paying it off in full and never letting more than $70 report and pay the SL on time and in 6mo or so, pull your scores again.  If they are above 700, then apply for a CC with your credit union but if not, give it more time.

 

I built mine up by being an authorized user on my mother's accounts - if you have a responsible parent willing to do that, it'll help right away.  The first CC I got was a store card, followed by USAA a couple of months later.

 

But unless you need a new loan (car or house) in the next year, just let everything slowly build and don't worry, a credit score does NOT define you as a person.

 

Good luck and welcome to the boards, there is a ton of helpful information here, no matter where you are in the credit world.

Current Scores: EQ: 740 (2/7/13)


Starting Score: 799
Current Score: 762
Goal Score: 800

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