Just Checked the 'Ole Credit Score

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M

MBentz

Golden Member
Jun 8, 2005
1,049
0
0
692.

As I said, I'm 19 and only have six months of credit. Is this where I should be? Too high or too low?

I pay off whatever I buy every month. What else can I do to raise my score?
 
B

BigJ

Lifer
Nov 18, 2001
21,330
1
81
With that little credit history, your score will be artificially high. Well maybe not artificially high, but you're getting a false sense of how your credit really rates amongst others.

Doesn't matter what number you're getting, for most major loans you will still be denied.
 
C

compuwiz1

Admin Emeritus Elite Member
Oct 9, 1999
27,112
930
126
Time + keep doing what you're doing. Eventually you will get credit line increases. As you have higher limits showing zero balances, it shows that you can keep your spending under control, and ultimately, your score will rise.
 
B

BigJ

Lifer
Nov 18, 2001
21,330
1
81
Oh, and one thing I'd like to emphasize for those who are young and have at least some credit history:

Stay continously employed.
Try to make at least $12,000/year.

It helps with Student Loans as long as you're employed for 2 years (so you don't need a co-signer) and other loans you'll take out.
 
RossMAN

RossMAN

Grand Nagus
Feb 24, 2000
79,054
446
136
Originally posted by: MBentz
Originally posted by: BigJ
Originally posted by: MBentz
What's that credit site that, AFAIK, RossMAN set up? I just blanked...
Click to expand...

http://bettercreditcard.com/
Click to expand...

:thumbsup::beer:
Click to expand...

:thumbsup: :thumbsup:

I don't even wanna know what my credit score was at 19. After a few years of paying off ALL MY DEBTS it's now at 779. I wonder if I'll ever break the 800 barrier.
 
jlee

jlee

Lifer
Sep 12, 2001
48,518
223
106
I was approved for a vehicle loan with no verifiable income..had a score of 716. IMHO, anything over 650 is alright.
 
mugs

mugs

Lifer
Apr 29, 2003
48,920
46
91
Originally posted by: DLeRium
You can get higher. I believe mine is 748 or so. I'm 19 also .
Click to expand...

Originally posted by: Shawn
How does 766 compare? I am 19 also.
Click to expand...


If those are FICO scores then there is something wrong with the FICO algorithm. :confused:. There is no way a 19 year old has had enough time to prove that they are deserving of the best interest rates. When I was 23 my three scores (from myfico) were ~730s, ~750s and ~770s, and the only things I had going against me were the length of my credit history and I had opened an account recently. :confused:

@ OP - yes, that score is fine for a 19 year old. Just keep using your credit card regularly, pay it off IN FULL every month, and it'll be up over 720 by the time you need to use it for a large loan (car, house).

Edit: One thing that may be affecting your score negatively is utilization %. Since you're using your credit card every month it's showing a continuous balance. Getting another card will increase your total available credit and decrease your utilization. Or you can just wait for them to increase your credit limit. Either way, make sure you're using a Citi Dividend Platinum Select card. :)
 
Shawn

Shawn

Lifer
Apr 20, 2003
32,236
53
91
Originally posted by: mugs
Originally posted by: DLeRium
You can get higher. I believe mine is 748 or so. I'm 19 also .
Click to expand...

Originally posted by: Shawn
How does 766 compare? I am 19 also.
Click to expand...


If those are FICO scores then there is something wrong with the FICO algorithm. :confused:. There is no way a 19 year old has had enough time to prove that they are deserving of the best interest rates. When I was 23 my three scores (from myfico) were ~730s, ~750s and ~770s, and the only things I had going against me were the length of my credit history and I had opened an account recently. :confused:
Click to expand...

well my parents had added my name to one of their credit cards when I was around 16. they've never had a late payment and paid off $16,000 reciently. I didn't even know that you could do that but I guess so since it shows up on my credit report.
 
Engineer

Engineer

Elite Member
Oct 9, 1999
39,230
701
126
Originally posted by: RossMAN
Originally posted by: MBentz
Originally posted by: BigJ
Originally posted by: MBentz
What's that credit site that, AFAIK, RossMAN set up? I just blanked...
Click to expand...

http://bettercreditcard.com/
Click to expand...

:thumbsup::beer:
Click to expand...

:thumbsup: :thumbsup:

I don't even wanna know what my credit score was at 19. After a few years of paying off ALL MY DEBTS it's now at 779. I wonder if I'll ever break the 800 barrier.
Click to expand...

Funny, I paid all of my debts but one and am 778. :p

Keep going OP...it will rise with wise decisions! :)
 
A

aswedc

Diamond Member
Oct 25, 2000
3,543
0
76
When you're 19 your score means nothing. Someone with a couple years of credit history and a score one hundred below yours is more likely to get approved. But, you're on the right track, just don't mess anything up.
 
A

astrocase

Golden Member
Mar 7, 2005
1,377
0
0
From what I've been told you START with perfect credit and it goes DOWN from there. So at 19 a score in the 600's is ok but even if it was 800 you'll get denied credit due to a short credit history or not enough income.

To get the best rates you need above 760.

Some loans are easy to get, car loans being one of them, so don't let an approval there fool you. If you were to try and get a loan for a big screen TV you'd probably have a harder time.

Keep up the good work.
 
D

Descartes

Lifer
Oct 10, 1999
13,968
2
0
My score was in the 600s (~680 most of the time) until I was about 21, but I was getting denied credit due to lack of history all the way up until I was 22. I haven't been late on a payment since I was 18, and finally at 26 I have a score of 775 and perfect credit.

I don't do anything that requires credit that often, but when I do it sure is nice to be in a position where it's the creditors wanting my business rather than the other way around.
 
Rubycon

Rubycon

Madame President
Aug 10, 2005
17,768
485
126
Wow - a number that indicates the general tendency and likelyhood of an institution that has funds to lend you something you don't have - with a requirement to pay it back on time with interest on their terms. No wonder so many people are in debt. :p

Don't brag about it, it's a valuable asset IF used wisely. If used foolishly, well prepare to live paycheck to paycheck forever.
 
mugs

mugs

Lifer
Apr 29, 2003
48,920
46
91
Originally posted by: goku
Credit score is pretty pointless unless you like being in debt..
Click to expand...

I like being in debt. I LOVE being in debt. I could pay off my car and my student loans right now and be debt free, but those suckers loaned me the money at <3% interest. ING Direct earns me more than that guaranteed! SUCKERS!
 
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