Zero Credit, No FICO

[llecs]

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PharmaDude wrote:

Thanks for the info llecs...for now I will await my extremely slow Applied Bank secured card to get here and establish a 50% balance ($250 max) and make timely payments. When the balance gets to zero I will charge another $250 and make payments on that.  As soon as I get another different type of card I will try and go to 10% on the secured card and maintain a zero balance on the new card. (i.e., charge something and pay it off immediately). That is if I am understanding your advice correctly.

Maybe by that time, I will be offered a standard CC with a higher limit. Then I'll be living the high life!

Message Edited by PharmaDude on 04-08-2009 01:11 PM

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I hope I didn't say that.

Charge whatever you want on the card and PIF or pay down below 9% before the next statement cuts. If you time it right, that new low balance ($0 to 9%) would be reporting. Next month do the same and again thereafter. You don't have to use it every month, but you should use it every 3-4 months to keep it active.

When you get that second card, do the same, but let one of the two report $0 monthly. Your ultimate goal is to get either 1/2 of your CCs reporting $0 with the other half reporting $1 to 9% OR get all but one to report $0 with one of the cards reporting $1 to 9%. YMMV. You'd have to tweak it and try it out over several months to find the optimum scoring on that.

[Anonymous]

I gotcha now...thank you. I still am waiting for my secured card so no mistakes made as of yet. I should have it within the next 10 days.

[Anonymous]

What is the minimum age requirement to establish a FICO score?

[llecs]

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Hardtaco2000 wrote:
What is the minimum age requirement to establish a FICO score?

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http://www.myfico.com/CreditEducation/questions/requirement-for-fico-score.aspx

[MarineVietVet]

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@llecs wrote:

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@Anonymous wrote:
What is the minimum age requirement to establish a FICO score?

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http://www.myfico.com/CreditEducation/questions/requirement-for-fico-score.aspx

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I can't find in that link the minimum age to establish a FICO score????? 

[DI]

You need an account to appear for 6 months before a FICO is generated.  After that, to raise the FICO score, you need a mixture of credit.

[StartinOver]

Maybe that is his answer: no age requirement?

[StartinOver]

Hey, PharmaDude. Please be sure and report back so we can know what score you start with and what makes it go up how much, okay?

[llecs]

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marinevietvet wrote:

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@llecs wrote:

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@Anonymous wrote:
What is the minimum age requirement to establish a FICO score?

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http://www.myfico.com/CreditEducation/questions/requirement-for-fico-score.aspx

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I can't find in that link the minimum age to establish a FICO score????? 

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I assumed that the poster meant "account age" vs. his/her age. AFAIK, there are no age requirements. You technically can have a FICO score shorty after birth if you get a SSN to create a credit file and the parents add you as an AU at that time. Your history would carry over and you'd have a FICO score.