What’s better?

[FireMedic1]

If you have no score. They have nothing to go by. Its about risk. Lower score could be brand new to credit or baddies from the past. Once I hit 700 after BK over 9 yrs ago. Doors opened.

[Anonymous]

Someone who:
Has never had a loan
Has a total of 1 credit card that is older than 6 months old but less than one year.
Has a total of 1 HP
Has no AAs
Has 1% Uti

FICO Score estimator predicts score estimated to be between:
710 - 760

This fits data points of a few people IRL I know that had fit this model.

No score is preferable to poor score since in a matter of months after finding an issuer to let you in the door you will have a dandy score to hinge off of.

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As a guess as to what score is better than no score since I love arbitrary guessing and assumption?

842

[SRT4kid93]

@Anonymous 

John brings up a good point, it is actually shocking how quickly someone can develope really good score for themselves.

my equifax profile is my young one and about 4 months ago these were my data points on that card 

- no loans on that profile (open or closed)

- only 1 card on that profile (open or closed)

- had that 1 card for 9/10 months

- after that short amount of time I already had a 768 FICO score.

Of course, the rest of the profile mattes too. And if a lender sees that profile, they will see that's still very young and has very little established payment history. So while the score is good, the overall profile does not demonstrate the ability to pay bills for multiple lenders for a long period of time. 

meaning the profile is still very week in the eyes of any lender.  But if we are talking about score only, you can get a good score very quickly 

[Anonymous]

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@SRT4kid93 wrote:

Of course, the rest of the profile mattes too. And if a lender sees that profile, they will see that's still very young and has very little established payment history. So while the score is good, the overall profile does not demonstrate the ability to pay bills for multiple lenders for a long period of time. 

meaning the profile is still very week in the eyes of any lender.  But if we are talking about score only, you can get a good score very quickly 

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I am not actually sure what any of this is about besides not having anything to ask. I see no practical use of this comparison. There is no correlation.

"But if we are talking about score only, you can get a good score very quickly"

You start out of the box with a good score. You maintain and improve that score over time simply by always doing what you agree to do. No tricks. No gimmicks. "Do" and you don't have score taken away from you for extended periods of time.

"So while the score is good (for a new profile), the overall profile does not demonstrate the ability to pay bills for multiple lenders for a long period of time. "

Yes, and if you compare that new 710-760 to someone with a 580 score you are comparing:

• someone with a good score and no history of doing bad

with

• someone with a bad score and a history of doing bad