@oilcan12 wrote:
@Revelate wrote:Actually not really needed; similar trial here and my math in the prior post was sloppy.
This test is not valid. The person only has 5 months of credit history and will not be able to generate a FICO score until May 1st.
I opened my first credit account on August 21st. On my credit report it shows the opening date as August 1st. On January 31st, I could not generate a FICO score for any of the 3 credit bureaus. On February 1st, I was able to generate a score for all 3 bureaus. This was exactly 6 months from August 1st. The score first generated 5 months and 11 days after the opening on the account.
At the time my score first generated, the account had reported to the credit bureaus in Sept, Oct, Nov, Dec and Jan for a total of 5 months.
When the account reported for the first time, in September, I had not yet made a payment on the account. So, payment history was reported in Oct, Nov, Dec and Jan. Only 4 months of payment history had reported at the time my first FICO score was generated.
IF the card reported in November (which some will report in the month you opened the card) Nov / Dec / Jan / Feb / Mar / April = 6.
@oilcan12 wrote:
@FixMyCredit1992 wrote:Don't know where to put this.
My 1st credit account was generated 5th October 2013.
It's 31st March 2014.
Been 177 days, just shy of 6 months.
6 months credit history to generate a Fico. Is this 6 months on the nail, or in general?
OP reported on another forum that he was able to generate a FICO score yesterday exactly as I predicted.
http://ficoforums.myfico.com/t5/Credit-Cards/573-any-chances/m-p/2975102
QuietForce was also able to generate a FICO score yesterday as I predicted:
I tested and proved conclusively with my own credit experience that:
1) FICO score generation is based on the opening date of the credit account
2) The opening date is considered to be the 1st of the month that the account was opened
3) The 1st FICO score will generate on the 1st of the month
4) The number of statements reporting has no connection to the generation of the 1st FICO score
5) Reported payment history has no connection to the generation of the 1st FICO score
The experiences of two people have confirmed the results of my own tests.
I realize that for a long time it has been commonly accepted that 6 months of reported statements was the determining factor in the generation of a 1st FICO score. However, this was based on logic and not experimentation. This viewpoint has now been proven to be invalid.
I'm not sure what you are trying to argue. It has always been known that no matter what day of the month an account is opened, for FICO scoring it would be counted as the first of the month.
What are the minimum requirements for a FICO score?
There's really not much to it; in order for a FICO® score to be calculated, a credit report must contain these minimum requirements:
- At least one account that has been open for six months or more
- At least one undisputed account that has been reported to the credit bureau with in the past six months
- No indication of deceased on the credit report (Please note: if you share an account with another person this may affect you if the other account holder is reported deceased).
@oilcan12 wrote:
@09Lexie wrote:
@oilcan12 wrote:
@FixMyCredit1992 wrote:Don't know where to put this.
My 1st credit account was generated 5th October 2013.
It's 31st March 2014.
Been 177 days, just shy of 6 months.
6 months credit history to generate a Fico. Is this 6 months on the nail, or in general?
OP reported on another forum that he was able to generate a FICO score yesterday exactly as I predicted.
http://ficoforums.myfico.com/t5/Credit-Cards/573-any-chances/m-p/2975102
QuietForce was also able to generate a FICO score yesterday as I predicted:
I tested and proved conclusively with my own credit experience that:
1) FICO score generation is based on the opening date of the credit account
2) The opening date is considered to be the 1st of the month that the account was opened
3) The 1st FICO score will generate on the 1st of the month
4) The number of statements reporting has no connection to the generation of the 1st FICO score
5) Reported payment history has no connection to the generation of the 1st FICO score
The experiences of two people have confirmed the results of my own tests.
I realize that for a long time it has been commonly accepted that 6 months of reported statements was the determining factor in the generation of a 1st FICO score. However, this was based on logic and not experimentation. This viewpoint has now been proven to be invalid.
I'm not sure what you are trying to argue. It has always been known that no matter what day of the month an account is opened, for FICO scoring it would be counted as the first of the month.
What are the minimum requirements for a FICO score?
There's really not much to it; in order for a FICO® score to be calculated, a credit report must contain these minimum requirements:
- At least one account that has been open for six months or more
- At least one undisputed account that has been reported to the credit bureau with in the past six months
- No indication of deceased on the credit report (Please note: if you share an account with another person this may affect you if the other account holder is reported deceased).
A moderator has been insisting that generation of a first FICO score is based on reported payment history and not the open date.
Not sure whom you are referring to but it is clear it is based on opened date.