Yes, with six months of account history, it should be scored by FICO.
For a consumer with a short credit history, the major negative scoring impacts will most likely be:
1. Very low age for oldest account and for average age of accounts.
Length of credit history is approx 15% of scoring, or approx 127 pts of total. It will take time to build those points. This is a major impact on a new consumer with an otherwise clean credit file. Only time will build these points.
2. New Credit
The creditor will most likely have made an inquiry when approving the new account, which will affect scoring only for one year. Maybe 10 pts or so, then it will be gone from scoring. Additionally, new accounts less than a year have some new credit scoring effect.
3.Payment history
The biggest FICO scoring category, at approx 35%. A new consumer with no derogs will have pristene payment history.
Paying on time does not per se build points under payment history. Rather, having a derog takes them away. Paying on time builds points primarily under increasing length of credit history.
It is critcal that no derogs are reported.
4. Utilization
Only current util is scored, so last month's util goes away. This is a category over which the consumer has the most short-term control. Try to keep % util low, somewhere under approx 30%, so that it can be reduced to the ideal of under 10% when ready to apply for new credit.
5.Mix of credit
Scored at approx 10%, it is not major, but is a building category. Having multiple revolving (CCs) is helpful, as is having an installment.
Dont rush into applying for new credit to build credit mix. Each new app hits for an inquiry, and first building credit history helps to get more favorable new CCs.
