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3 years ago
Thu Jan 27, 2022 5:33 pm
Cassie
DeveloperLoves long talks on the beach
Cassie has been gardening for over 2 years.
[Edit: Update March 2024 (2y8m old file): TU8 still at 790 for this month's Bank of America update on the 19th.
[Edit: Update January 2024: EX8 jumped +5 due entirely to crossing the AAoA 2y6m threshold! Yet another data point confirming this threshold. TU8 still at 790 for this month's Bank of America update on the 19th.
[Edit: Update December 2023: TransUnion FICO 8 score is now 790 at 2 years and 5 months in on a
brand new credit file with a single revolving, bankcard account.
Reporting utilization is exactly 4% of a $1,500 credit limit: $60.00.
[Edit: Update April 2023: TransUnion FICO 8 score is now 788 at 1 year and 9 months in on a
brand new credit file with a single revolving, bankcard account.
[Edit: Update December 2022: TransUnion FICO 8 score is now 778 at 1 year and 5 months in on a
brand new credit file with a single revolving, bankcard account. Link to Post
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Bank of America updated my friend's TransUnion FICO 8 score on January 20th.
Technically, she reached the 6 month threshold on January 1, having opened her BoA card on July 31, 2021.
(For general public information: FICO counts from the 1st of the month in which you applied and were approved for an account.)
So here it is: 1 single credit card account on a clean credit file that is only 6 months old.
(EDIT: Reported utilization is 4% of a $1,500 credit limit. ($64/1500 = 4.3%, which is 4% since FICO uses standard midpoint rounding.)
Also keep in mind that this score includes a single inquiry from BoA when she applied for this card. A single inquiry in the first year of having a credit file can easily cost 10-20 points! I saw this on my own file when I got my first 2 credit cards: -20 points on EX8 for the first inquiry!
TransUnion (TU) FICO 8 score is 750 !!
Note that TU has her only inquiry so far, and later we found out that a single inquiry cost -21 points.
[ Link to report here, showing the jump from 750 to 771 after the single inquiry aged to 1 year. ]
This is a typical loss for new credit files! It doesn't happen to much older files, where the loss can be only 1-3 points.
This first credit score could have been 771 on the TransUnion version of the FICO 8 score model.
(Each CRA has some customization done on the base model for product differentiation.)
This answers some commonly searched for questions:
When will I have a credit score? After 6 months.
What will my credit score be after I get my first credit card? It can be 750, as shown here.
How soon will I have a good credit score? In 6 months, as shown here.
How long does it take to get a good credit score? 6 months, as shown here.
You can start with a credit score of 750 after 6 months.
What credit score do you start with? Answer: Around 750 or more.
Click images to enlarge them.
TCL: $64,000 ACL: $16,000
- Tagline Loves long talks on the beach
- Score data EQ8:790 TU8:790 EX8:795
- Classic 8 Scorecard CLEAN/THICK/MATURE/NO-NEW-REVOLVER
- Mortgage Scorecard CLEAN/THICK/MATURE/NO-NEW-ACCOUNT
- AoOA 6y9m
- AoORA 5y9m
- Date of Last Inquiry and/or New Account Opening February 14th, 2020