I'm 18...

[DJFuji]

Originally posted by: jagec

Originally posted by: Bigsm00th
im 20 and my credit score was 793 as of 3 weeks ago...

history:

worked for a year after HS to save $ for college, made ~36,000 and saved 64% of that
1.5 years ago - applied for a CC at BOA, the bank with all of my money, was given a financial rewards card and 8,500 limit
3 months ago - got an american express and a gas credit card at exxon and shell

never paid a cent in interest, never had a late payment, and i dont always have a very big revolving balance.

Is that even possible? Unless your housing and food were paid for, or that figure is after-tax, I don't see how you could pay taxes, live, and put $23,040 in the bank on that salary...

its possibly in teh same way that that other knucklehead was able to contribute 50% of his income to a governmen 401k.

Kroze,

I'm either in G or S. It's been a few years since i've touched it so i can't remember. I actually have to roll that over to a traditional IRA i think but i havent gotten around to it yet.

 

[Suspicious-Teach8788]

Originally posted by: Mill

Originally posted by: KevinH

Originally posted by: Mill
*shakes head*

FICO has so little to do with getting credit, loans, or premium services.

Where did you get that Mill? One of the biggest factors we use to determine borrower risk in the mortgage industry is the Fico.

You're right. The mortgage, home equity loan, car loan, and 18+ credit cards are just a figment of my imagination.

AGE

AGE

AGE

Age of paid on time accounts WAY more than anything. A FICO over 650 will get you whatever you want. Perhaps not the best rate, but that will come in time. What you are want are old accounts that have always been paid on time.

FICO, of course, works as risk assessment because someone with a 620 is 10x to blah blah blah whilst someone with a 750 is 10x as likely to blah blah blah. Fine and dandy, but insane to worry about. Once you get to 25 or so -- if you've got a low FICO you're an idiot, and will likely never improve your bill paying procedures/ability. For anyone under 25 FICO doesn't matter much. People on AT have FICOs of over 700 all the time and they are sub-21, yet they'd never get approved for the same things as someone who was 28 that had a 670 FICO. Why? Age of accounts. For whatever reason, those artificially high FICOs do no impress lenders. Time heals and rewards all. If you pay on-time, then by the time you're 25 you will never worry about FICO again.

FICO is not to worry about if you pay on-time. Even high debt load won't hurt as much the older your accounts get if they are paid on time. I don't know how the FICO model entirely works, but I will say it rewards good solid accounts over anything else.

You're wrong. My FICO score of 726 got me DECLINED for a Citi Platinum Dividend Select card. Why? I applied to a card just 1 month ago and then I realized that I would be better going with cashback, so I started converting my cards from regular cards into cashback cards. Well, even with like a total credit limit of over 17k, and no debt, always ontime payments, I got declined..

They look for a lot of other things too like the # of inquiries made to your credit report, the # of apps you've filled out, the amt of time you're at your house... all that.

726 = July 2005

10/04 - First CC ever. BoA Student card, $600 limit
4/05 - 2nd CC, AMEX Students, 8k limit (i went wtf)
6/05 - 3rd CC, BoA Effectiva 1% cashback cuz they wouldnt raise my student card limit and they told me to just get a new card cuz student cards suck anyways, 9.4k limit
7/05 - declined by citi, checked FICO score, 726
9/05 - approved by citi (1.5k limit), cancelled BoA student card
9/05 - approved by AMEX for Costco/AMEX card.. will cancel student card once they mail me my new combined 2-in-1 card.

I will get a FICO check at the end of the fiscal yr.

 

[Shawn]

how do you find out your credit rating?

 

[SVT Cobra]

he's probably spoiled using money from his parents to pay it

plus he is canandian

 

[Suspicious-Teach8788]

Originally posted by: Son of a N00b
he's probably spoiled using money from his parents to pay it

plus he is canandian

Umm, my parents make me go shoppping with them (whenever I go home/summer) so I use my credit card for their stuff. I pay for all our bills at home + apartment. Yes, pretty much my parents pay for my CC bill minus the things I buy for myself (i.e. computer stuff). And yea, it helps to increase my credit rating....

 

[snoopdoug1]

Originally posted by: shortylickens

Originally posted by: Engineer
I'm 36 and nearly out of debt!
You've got 18 years to beat that!

I'm 26 and have been completely out of debt for almost one year.

I'm 24, never been in debt

 

[GamerExpress]

My rating just reached eleventy-billion.

 

[casper114]

ban
22, 713 credit score

 

[casper114]

Originally posted by: Eli
I'm 24.

Credit rating 643.

Climbing, though.. I have a lot of hard hits on my credit, so as they fall off.. it goes up.

They usually just look to see that it's above 600... but that's when there just looking at credit score.

Most of the time they are more concerned with pay to debt ratio and how many late paymnets you have had and how often

 

[JW310]

Originally posted by: DLeRium

Originally posted by: Mill

Originally posted by: KevinH

Originally posted by: Mill
*shakes head*

FICO has so little to do with getting credit, loans, or premium services.

Where did you get that Mill? One of the biggest factors we use to determine borrower risk in the mortgage industry is the Fico.

You're right. The mortgage, home equity loan, car loan, and 18+ credit cards are just a figment of my imagination.

AGE

AGE

AGE

Age of paid on time accounts WAY more than anything. A FICO over 650 will get you whatever you want. Perhaps not the best rate, but that will come in time. What you are want are old accounts that have always been paid on time.

FICO, of course, works as risk assessment because someone with a 620 is 10x to blah blah blah whilst someone with a 750 is 10x as likely to blah blah blah. Fine and dandy, but insane to worry about. Once you get to 25 or so -- if you've got a low FICO you're an idiot, and will likely never improve your bill paying procedures/ability. For anyone under 25 FICO doesn't matter much. People on AT have FICOs of over 700 all the time and they are sub-21, yet they'd never get approved for the same things as someone who was 28 that had a 670 FICO. Why? Age of accounts. For whatever reason, those artificially high FICOs do no impress lenders. Time heals and rewards all. If you pay on-time, then by the time you're 25 you will never worry about FICO again.

FICO is not to worry about if you pay on-time. Even high debt load won't hurt as much the older your accounts get if they are paid on time. I don't know how the FICO model entirely works, but I will say it rewards good solid accounts over anything else.

You're wrong. My FICO score of 726 got me DECLINED for a Citi Platinum Dividend Select card. Why? I applied to a card just 1 month ago and then I realized that I would be better going with cashback, so I started converting my cards from regular cards into cashback cards. Well, even with like a total credit limit of over 17k, and no debt, always ontime payments, I got declined..

They look for a lot of other things too like the # of inquiries made to your credit report, the # of apps you've filled out, the amt of time you're at your house... all that.

726 = July 2005

10/04 - First CC ever. BoA Student card, $600 limit
4/05 - 2nd CC, AMEX Students, 8k limit (i went wtf)
6/05 - 3rd CC, BoA Effectiva 1% cashback cuz they wouldnt raise my student card limit and they told me to just get a new card cuz student cards suck anyways, 9.4k limit
7/05 - declined by citi, checked FICO score, 726
9/05 - approved by citi (1.5k limit), cancelled BoA student card
9/05 - approved by AMEX for Costco/AMEX card.. will cancel student card once they mail me my new combined 2-in-1 card.

I will get a FICO check at the end of the fiscal yr.

Actually, you just helped prove his point. Your first account was opened about a year ago, which you then closed 3 months ago. Are you sure your score was what got you declined for the Citi Platinum Dividend Select card?

JW

 

[Al Neri]

:thumbsdown: geek,

 

[kyparrish]

cookie?

 

[mwtgg]

Don't close accounts, just don't use the card anymore.

 

[Mill]

Originally posted by: DLeRium

Originally posted by: Mill

Originally posted by: KevinH

Originally posted by: Mill
*shakes head*

FICO has so little to do with getting credit, loans, or premium services.

Where did you get that Mill? One of the biggest factors we use to determine borrower risk in the mortgage industry is the Fico.

You're right. The mortgage, home equity loan, car loan, and 18+ credit cards are just a figment of my imagination.

AGE

AGE

AGE

Age of paid on time accounts WAY more than anything. A FICO over 650 will get you whatever you want. Perhaps not the best rate, but that will come in time. What you are want are old accounts that have always been paid on time.

FICO, of course, works as risk assessment because someone with a 620 is 10x to blah blah blah whilst someone with a 750 is 10x as likely to blah blah blah. Fine and dandy, but insane to worry about. Once you get to 25 or so -- if you've got a low FICO you're an idiot, and will likely never improve your bill paying procedures/ability. For anyone under 25 FICO doesn't matter much. People on AT have FICOs of over 700 all the time and they are sub-21, yet they'd never get approved for the same things as someone who was 28 that had a 670 FICO. Why? Age of accounts. For whatever reason, those artificially high FICOs do no impress lenders. Time heals and rewards all. If you pay on-time, then by the time you're 25 you will never worry about FICO again.

FICO is not to worry about if you pay on-time. Even high debt load won't hurt as much the older your accounts get if they are paid on time. I don't know how the FICO model entirely works, but I will say it rewards good solid accounts over anything else.

You're wrong. My FICO score of 726 got me DECLINED for a Citi Platinum Dividend Select card. Why? I applied to a card just 1 month ago and then I realized that I would be better going with cashback, so I started converting my cards from regular cards into cashback cards. Well, even with like a total credit limit of over 17k, and no debt, always ontime payments, I got declined..

They look for a lot of other things too like the # of inquiries made to your credit report, the # of apps you've filled out, the amt of time you're at your house... all that.

726 = July 2005

10/04 - First CC ever. BoA Student card, $600 limit
4/05 - 2nd CC, AMEX Students, 8k limit (i went wtf)
6/05 - 3rd CC, BoA Effectiva 1% cashback cuz they wouldnt raise my student card limit and they told me to just get a new card cuz student cards suck anyways, 9.4k limit
7/05 - declined by citi, checked FICO score, 726
9/05 - approved by citi (1.5k limit), cancelled BoA student card
9/05 - approved by AMEX for Costco/AMEX card.. will cancel student card once they mail me my new combined 2-in-1 card.

I will get a FICO check at the end of the fiscal yr.

I'm just telling you the truth. FICO is but one factor used, and with a long history it doesn't matter much. Unless card-issuer/lendor is PURELY FICO driven, then FICO won't destroy you if you are in the accepted range. Being from 650-800 will pretty much always get you approved.

 

[HardcoreRobot]

bfd

 

[edro]

I suggest getting a Providian.com credit card, just for the free Fico tracker. I have one, and I don't even use the card, I just use the online Fico tracker and tools.

Here is a screenshot of the Providian Fico tracker.

Hmmm... looks like mine jumped up to 777 this month.

 

[KevinH]

Originally posted by: Mill

Originally posted by: KevinH

Originally posted by: Mill
*shakes head*

FICO has so little to do with getting credit, loans, or premium services.

Where did you get that Mill? One of the biggest factors we use to determine borrower risk in the mortgage industry is the Fico.

You're right. The mortgage, home equity loan, car loan, and 18+ credit cards are just a figment of my imagination.

AGE

AGE

AGE

Age of paid on time accounts WAY more than anything. A FICO over 650 will get you whatever you want. Perhaps not the best rate, but that will come in time. What you are want are old accounts that have always been paid on time.

FICO, of course, works as risk assessment because someone with a 620 is 10x to blah blah blah whilst someone with a 750 is 10x as likely to blah blah blah. Fine and dandy, but insane to worry about. Once you get to 25 or so -- if you've got a low FICO you're an idiot, and will likely never improve your bill paying procedures/ability. For anyone under 25 FICO doesn't matter much. People on AT have FICOs of over 700 all the time and they are sub-21, yet they'd never get approved for the same things as someone who was 28 that had a 670 FICO. Why? Age of accounts. For whatever reason, those artificially high FICOs do no impress lenders. Time heals and rewards all. If you pay on-time, then by the time you're 25 you will never worry about FICO again.

FICO is not to worry about if you pay on-time. Even high debt load won't hurt as much the older your accounts get if they are paid on time. I don't know how the FICO model entirely works, but I will say it rewards good solid accounts over anything else.

Relax. The age one keeps their accounts in relative good standing is one of the higest factors contributing to Fico scores. Fico scores take it into account "for the most part"

Of course a Fico over 650 getws you what you want. It means you're right about average and most lenders will give you what you want...you just won't get the rate that a 720 would get.

We're actually in agreement. Fico's are damn important but aren't everything...I dont think anyone here believes otherwise.

 

[Mill]

Originally posted by: KevinH

Originally posted by: Mill

Originally posted by: KevinH

Originally posted by: Mill
*shakes head*

FICO has so little to do with getting credit, loans, or premium services.

Where did you get that Mill? One of the biggest factors we use to determine borrower risk in the mortgage industry is the Fico.

You're right. The mortgage, home equity loan, car loan, and 18+ credit cards are just a figment of my imagination.

AGE

AGE

AGE

Age of paid on time accounts WAY more than anything. A FICO over 650 will get you whatever you want. Perhaps not the best rate, but that will come in time. What you are want are old accounts that have always been paid on time.

FICO, of course, works as risk assessment because someone with a 620 is 10x to blah blah blah whilst someone with a 750 is 10x as likely to blah blah blah. Fine and dandy, but insane to worry about. Once you get to 25 or so -- if you've got a low FICO you're an idiot, and will likely never improve your bill paying procedures/ability. For anyone under 25 FICO doesn't matter much. People on AT have FICOs of over 700 all the time and they are sub-21, yet they'd never get approved for the same things as someone who was 28 that had a 670 FICO. Why? Age of accounts. For whatever reason, those artificially high FICOs do no impress lenders. Time heals and rewards all. If you pay on-time, then by the time you're 25 you will never worry about FICO again.

FICO is not to worry about if you pay on-time. Even high debt load won't hurt as much the older your accounts get if they are paid on time. I don't know how the FICO model entirely works, but I will say it rewards good solid accounts over anything else.

Relax. The age one keeps their accounts in relative good standing is one of the higest factors contributing to Fico scores. Fico scores take it into account "for the most part"

Of course a Fico over 650 getws you what you want. It means you're right about average and most lenders will give you what you want...you just won't get the rate that a 720 would get.

We're actually in agreement. Fico's are damn important but aren't everything...I dont think everyone here believes otherwise.

That's not entirely true, and I'm pretty aware of what components make up FICO. Of course no one knows the formula, but pretty much anyone that works with credit or follows it knows that weight of certain items. Yes, age is huge, but there *are* artificially high FICOs, and this is mainly for people < 25. They'll have one established account with a low limit, yet their FICO is high.