@Anonymous wrote:I have been with myFICO.com for eight days. The same day I joined, I applied for a Barclays card because my credit is only fair (my TransUnion was 601, my Experion was 605 and the last was 656. I was just alerted that my TransUnion has changed from 601 to 773, a 172 point increase. I AM BLOWN AWAY. I have confirmed that my application for the Barclays was approved, as TU now reports I have 2 revolving accounts, when yesterday I had only one (my Emblem dental credit card). How in the world can getting a credit card (or whatever happened) can raise a FICO from 601 to 773?!?!
You only had a store card (the dental credit is effectively that, a single place LOC) Adding your first bank CC changes your bucket or grouping and you are now scored with people that have a CC and a storecard. Makes a big difference in statistical risk.
@cashnocredit wrote:
@Anonymous wrote:I have been with myFICO.com for eight days. The same day I joined, I applied for a Barclays card because my credit is only fair (my TransUnion was 601, my Experion was 605 and the last was 656. I was just alerted that my TransUnion has changed from 601 to 773, a 172 point increase. I AM BLOWN AWAY. I have confirmed that my application for the Barclays was approved, as TU now reports I have 2 revolving accounts, when yesterday I had only one (my Emblem dental credit card). How in the world can getting a credit card (or whatever happened) can raise a FICO from 601 to 773?!?!
You only had a store card (the dental credit is effectively that, a single place LOC) Adding your first bank CC changes your bucket or grouping and you are now scored with people that have a CC and a storecard. Makes a big difference in statistical risk.
Are you sure about that?
773 is a prime FICO score. It doesn't just drop out of the sky with the first credit card. One has to have some significant history of pay on time to earn it.
I suspect we do not have all the data about OP file yet. To be slow-revealed.
@Anonymous wrote:So sorry. I'm new to this. I am 54 y.o. and have a VERY long credit history. I lost my job in 2008 and was unemployed for 4 years with a bit of debt that was charged off. I hired Lexington Law to try to remove my negative items (after 9 months, they have removed 9 of 14 total, so I'm happy). Now I am trying to rebuild my credit by getting a new card and paying it off every month. I just don't grasp the leap from 601 to 773. Unless a particularly bad neg item was just removed within a day or two of getting the new card, and combined they kicked me up to 773. Still, that seems unlikely.
This.
No secret tiers of credit cards, just the negative being taken off the top of your score like a boot off the top of your head.
Congratulations! You are making progress!
@NRB525 wrote:
@Anonymous wrote:So sorry. I'm new to this. I am 54 y.o. and have a VERY long credit history. I lost my job in 2008 and was unemployed for 4 years with a bit of debt that was charged off. I hired Lexington Law to try to remove my negative items (after 9 months, they have removed 9 of 14 total, so I'm happy). Now I am trying to rebuild my credit by getting a new card and paying it off every month. I just don't grasp the leap from 601 to 773. Unless a particularly bad neg item was just removed within a day or two of getting the new card, and combined they kicked me up to 773. Still, that seems unlikely.
This.
No secret tiers of credit cards, just the negative being taken off the top of your score like a boot off the top of your head.
Congratulations! You are making progress!
Yep, you're right. That is by far the most likely explanation. OP's reports are only a week old but dropped negatives don't trigger an alert while the new card would. I wonder if he might also have a card that was closed but didn't charge off in 2008 reporting and it hit the 7 year mark and turned into a positive, closed, trade line.