Generating 1st Fico score

[Subexistence]

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@Anonymous wrote:

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@Subexistence wrote:

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@Anonymous wrote:

And on what date was your first account opened?

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October 2016.

In fact, I opened it on my 18th Birthday which I don't reveal publicly. However I can assure you that my BIrthday is after the 5th.

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Is the date difference (between the date that you pulled the scores and the date opened of the account) also less than 179 days?  (I.e. 178 or less?)

It would be nice to rule out the possibility that "six months" in this connection is operationally defined as 180 days.  That's a common definition for banks and many other institutions (also in various legal situations).  180 days is sometimes more than a true six months, but more often a tiny bit less. 

If in your case the difference was 178 or fewer days, then we could be certain that the Day 1 theory is the only possible explanation.

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I confirm using date between website that it is within 178 days or fewer.

[Anonymous]

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@Subexistence wrote:

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I confirm using date between website that it is within 178 days or fewer.

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OK.  Then it sounds like the only theory that would work is that all three bureaus define age using the "increment age by one month on the 1st of the month" rule.  I knew that at least one bureau worked that way but I had heard that one bureau might not.  Sounds like all three do.

[Anonymous]

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@Remedios wrote:

Yes,I need to wait till April. What I was trying to say is that on November 1st, Experian called it 1 month old ( 5 days old at the time) 

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Hi Remedios.  Yeah, the tricky thing here is twofold:

(1)  Just because a CMS summarizes its data on the front end in a certain way (even a CMS made by a credit bureau) that doesn't tell you how FICO works.  For example, many CMS will claim that a person with a 0.3% utilization is at 0%, whereas FICO considers it to be 1%.  That turns out to matter a lot to your score.

(2)  I had heard that Experian likely worked with the Day 1 rule.  That doesn't mean that the other two bureaus did, especially since any given FICO model is slightly different between the three bureaus.

Anyway, it appears that all three bureaus work the same way, given what SubEx is telling us about his experience.  Feel free to let us know what happens to you in early April, though!

[Remedios]

I will. I'm suffering from unscorable anxiety. I was reading and it seems everything gets punished with young thin files. I may be misinterpreting it, tho.

[Anonymous]

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@Remedios wrote:
I will. I'm suffering from unscorable anxiety. I was reading and it seems everything gets punished with young thin files. I may be misinterpreting it, tho.

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While this is true, it's also very temporarily.  You age out all of those punishments at around 24 months and can get a really incredibly high score at that point.  You definitely want your age of oldest account at least 2 years old, and try to get your average age of accounts over 24 months and keep it there going forward.  If you can get to your average age of accounts to 24 months with no inquiries or new accounts in the prior 12 months, you'll have a slamming FICO score assuming you have 3+ credit cards and 1+ installment loans reporting.

If you don't have a way to manage your account aging, PM me and I can fling you my spreadsheets which help manage when to app and what your future numbers will look like.  I use them myself to try to stay above certain thresholds so I don't go on crazy app sprees!

[Anonymous]

Do you have any concrete credit needs coming up in the next 13 months?  E.g. you need to buy a house or a car?

If not, do your best to relax.  Your score should be quite decent by Month 7.  Have you read up on the Share Secure Loan Technique? (Only need to read the first two posts in that thread.) 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

That's something you could implement in February or March.  With the SSLT fully implemented, your first FICO score should be just fine.  Alliant used to be the lender we recommended, but they just stopped offering SS loans.  We'll have some sound vetted alternatives to Alliant by March.

[Remedios]

Ok, so I may or may not have 3 revolving accounts, depending on how Fico sees AU account. The AU (Discover IT) account is not padding my account age. It was opened in November, so it's actually  1 month younger than my first revolver.  

I am the only one using it, so I have control over utilization.  If I knew that fico will ignore it, i'd get one revolver and be done for a long time, but if that is unnecessary, I'd rather just wait.  I guess I will not know till the score is generated and I can test it. 

[Remedios]

No, not in the next year or so. I was thinking about buying a car but not till December. 

[Anonymous]

Then do your best to relax.  We have many tested cases where a person's first scores were very decent if he has implemented both AZEO and the Share Secure Loan Technique.

[Anonymous]

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@Remedios wrote:

No, not in the next year or so. I was thinking about buying a car but not till December. 

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If you don't have any installment loans, monitoring the new SSLT threads to see what is discovered hopefully by March.  When I did the SSL myself, my auto FICO went up massively immediately.  The original thread is here and should be read even though Alliant stopped offering it.  Folks on these forums are testing other lenders to see what will replace it.  This can give you a 28-33 point increase for literally pennies a month.