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Started By
Message
I don't understand my credit score.
Posted on 3/17/16 at 12:04 pm
Posted on 3/17/16 at 12:04 pm
Just checked my FICO score with experian through my AMEX account and it says I have a 781 credit score. I understand this is a pretty solid score, but I don't understand how it is so high.
I only have one CC and it is less than a year old.
My oldest credit account is my student loan, and I just started making payments on that 2 months ago.
Happy that my score is high, but how the frick is it that high???
ETA: I know it may come off that way, but this is not a brag thread. I legit do not understand. In fact, I think I checked a year or two ago just to see when I was still in school and it was in the upper 600s/low 700s so idk how it could have risen so much since then. If I wanted to brag, I would have posted this thread on the OT.
I only have one CC and it is less than a year old.
My oldest credit account is my student loan, and I just started making payments on that 2 months ago.
Happy that my score is high, but how the frick is it that high???
ETA: I know it may come off that way, but this is not a brag thread. I legit do not understand. In fact, I think I checked a year or two ago just to see when I was still in school and it was in the upper 600s/low 700s so idk how it could have risen so much since then. If I wanted to brag, I would have posted this thread on the OT.
This post was edited on 3/17/16 at 12:11 pm
4
Posted on 3/17/16 at 12:11 pm to JohnnyKilroy
Do your parents have you on as an authorized user on one of their cards?
Posted on 3/17/16 at 12:11 pm to JohnnyKilroy
Credit history is just one component of your score. As long as you are not delinquent, and don't have a proportion of loan balances too high to your available credit line, it is feasible to be in the mid to upper 700s.
Posted on 3/17/16 at 12:14 pm to WhoGeaux
quote:
Do your parents have you on as an authorized user on one of their cards?
They have me on one of their accounts as an authorized user. Idk if that effects it, but I have only been an authorized user for a couple of years.
Preliminary googling says that 760+ scorers have on average 4-5 CCs, oldest account age of 19 years and average account age of 12 years. Even with being an authorized user on one of my parents cards, I don't come anywhere close to those ranges.
Posted on 3/17/16 at 12:15 pm to LSUtoOmaha
quote:
As long as you are not delinquent, and don't have a proportion of loan balances too high to your available credit line, it is feasible to be in the mid to upper 700s.
I have no idea what the credit limit is on the card that I'm an authorized user for, but I have ~35k in student loans and my AMEX limit is 10k. I doubt that other account has a 20-25k limit.
This post was edited on 3/17/16 at 12:17 pm
Posted on 3/17/16 at 12:42 pm to JohnnyKilroy
What is the age of the account that you're an authorized user on?
It's not about when you get added...the credit retroactively reports from the date the account was opened.
Assuming your parents have had this account for awhile and have a good payment history and balance to credit ratio then you can thank them for your score.
It's not about when you get added...the credit retroactively reports from the date the account was opened.
Assuming your parents have had this account for awhile and have a good payment history and balance to credit ratio then you can thank them for your score.
Posted on 3/17/16 at 12:43 pm to JohnnyKilroy
quote:
Preliminary googling says that 760+ scorers have on average 4-5 CCs, oldest account age of 19 years and average account age of 12 years. Even with being an authorized user on one of my parents cards, I don't come anywhere close to those ranges.
My oldest account is 5 years, and my average account is 3 years, and I have a 750-780 credit score at all three entities.
Posted on 3/17/16 at 12:46 pm to WhoGeaux
quote:
What is the age of the account that you're an authorized user on?
It's not about when you get added...the credit retroactively reports from the date the account was opened.
Assuming your parents have had this account for awhile and have a good payment history and balance to credit ratio then you can thank them for your score.
Not that old. Like a few years before being authorized.
I guess that's the only explanation. I would just assume that the parents card would bump me up a bit, but not that much. As I said in the OP, when I checked a few years ago (a few months after becoming an authorized user) it was either in the high 600s or low 700s (<710).
Posted on 3/17/16 at 1:04 pm to JohnnyKilroy
quote:
Happy that my score is high, but how the frick is it that high???
Check which scoring model AMEX fico scores use. While it may be a legit "FICO" score, the newer models have inflated scores.
Mortgage/Auto models are 5-10 years old and your score will be drastically lower than AMEX/Discover Fico scores.My score was 50-55 points lower than my Discover/Amex FICO
Posted on 3/17/16 at 3:12 pm to JohnnyKilroy
Where do you live?
Possibly it's like being the smartest kid in the whole State of Mississippi?
Possibly it's like being the smartest kid in the whole State of Mississippi?
Posted on 3/17/16 at 3:51 pm to soccerfüt
nola
Posted on 3/17/16 at 3:52 pm to GenesChin
quote:
Check which scoring model AMEX fico scores use. While it may be a legit "FICO" score, the newer models have inflated scores.
This is probably the main reason. Or at least the main reason it jumped up from the last time I checked.
Posted on 3/18/16 at 10:37 am to JohnnyKilroy
You can get multiple FICO scores for each credit bureau from myfico.com. You have to pay for it but it'll give you an accurate picture of where you stand with each bureau and each type of credit. You could also check credit karma if you want something free. My credit karma scores are within 5 points of my Barclay FICO score.
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