Short Credit History

Anonymous · ‎12-10-2007

Hi:

I am a legal inmigrant since (5/1/2004) and got a social security number shortly after (4-5 weeks), then opened a bank account and got some credit cards and car loans since then.

Even my payment history is very good and my balances are low, there is still this thing holding my FICO scores to be higher... my credit history is short... as short as my residency in the States (three and a half years).

My question to the forum is... what can be done, if anything to get the Credit Bureaus to consider a higher FICO Score based on actual time of residency... instead of using the regular calculation they use for citizens.

Regards:

Pascual

Anonymous · ‎12-10-2007

you just have to wait it out. my credit history is 6 years and i still get messages saying my credit history is too short.

i think fico high achievers have an average age of accounts of 19 years or so.

it's just a waiting game.

Anonymous · ‎12-10-2007

Thanks a lot for your reply... I was afraid that was the case... then... I guess I have to be patient.

Regards:

Pascual

MidnightVoice · ‎12-10-2007

pascualmachin wrote:
Thanks a lot for your reply... I was afraid that was the case... then... I guess I have to be patient.

Regards:

Pascual

I had to do the same. It will happen - just use the cards you have responsibly and it will go well.

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

Schoolbuskid · ‎12-10-2007

I think it depends on your situation because my friend is 28 yrs old and she has a score of 766. She started out by getting her parents to co-sign since then she has bought a house and leased several cars. I think it just depends on how you start, also it seems like having a mortgage helped her! Just something to think about!

Rebuilding and Reducing Debt, is my game plan.

MidnightVoice · ‎12-10-2007

@Schoolbuskid wrote:
I think it depends on your situation because my friend is 28 yrs old and she has a score of 766. She started out by getting her parents to co-sign since then she has bought a house and leased several cars. I think it just depends on how you start, also it seems like having a mortgage helped her! Just something to think about!

She has had the potential of over 10 years of credit. A new immigrant does not have that luxury

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

Anonymous · ‎12-10-2007

Hi Pascual,

Don't be discouraged about the length of history. I don't know how much it plays, but based on what I've read on the posts, others seem to think it plays a big role. My credit files show 3 years of history for Experian and Equifax and 7 years for Transunion. My scores as of 12/3/07 are as follows:

TU 768

EX 756

EQ 741

I have 1 credit card (Amex), 1 jewelry store card (Jared) and a mortgage. So, I guess it's possible my scores would be higher with a longer history, but I believe other factors can make up for the short history. For one, lots of will power and restraint.