How accurate is the creditexpert score along the lines with FICO? I just started my free period with it, and it rates me at a 730 (medium-low risk). Is this good or bad for being 17? Let me know what you all think about the service. Thanks!
Good and bad are relative terms. Some might say that your score is "good" at 17 because most 17 year olds would have low or nonexistent scores. On the other hand, some might say that your score is "bad" because it indicates that you have incurred debt prematurely. Others might suggest that your score is neither "good" nor "bad" because it's built upon credit applications with erroneous or perhaps even felonious data which would ultimately result in a falsely inflated real number. Your question is a toughie. Doc
I did cancel all the cards with the false birthdates, and they are paid in full. The only cards I have now are the ones that are co-signed. There are 3 cards now, and all are co-signed. I also consulted with a lawyer about the false birthdate, and he told me that if you close the accounts or don't say anything until you are 18, the companies don't even care, because they are making money off me. Still, I closed the accounts because I felt that was what needed to be done.
I have two capital one cards. I opened the high school card, and then a couple weeks later, i got another card. I really wondered what had happened. Well, they processed a request twice or something, and gave me the student card too. The third card, my first is co-signed with our local credit union. They report me as the primary user.
Learn something new every day! I didn't realize that credit card companies would allow someone to co-sign an application for credit where a minor then becomes the primary user. Interesting! Ok, so you got a high school Visa card, and then they gave you a college student Visa card by mistake! Wow, cool! I wonder if they make that mistake very often!? The third card, your credit union Visa, was co-signed making you the primary user. Finally, you cancelled the two prime cards -- the Chase Platinum, and Bank of America Gold -- because it was the right thing to do. In your recent post about this dilemma you said you were keeping the prime cards; you must have had a serious change of heart in the last few days! I'm surprised you didn't mention it before now. Anyway, I suppose your CreditExpert score makes sense because you're making on-time payments. Doc
Yeah, I decided to cancel them, and if I really want them, I will just apply once I turn 18. I thought that was weird too with Capital One. I even told them they gave me the college card and that I'm in high school. They're like, well, it's open and in good standing, so that's ok. Yes, Capital One has been very good to me, and they have helped build my credit to the point it is. The Credit Union Visa, works the same way, and reports on both my credit and mom's. The Capital One cards only report on mine. I think they call the adult who signs a "guarantor" or something like that.
So let me think about this a bit. You'll turn 18 sometime in June... Yep, you'll be in a great position to reapp for the prime cards not too long from now. Good going! Doc
And Matty, if I may interject: If you're going to college, apply for an MBNA. I got one recently through reconsideration and my score is 100 points lower than yours and I have some derogs. Also, seriously consider Citibank. Go for an AAdvantage if it's not phased out by June. Earn loads of miles while buying. And with your credit, talking the APR down should be a real snap. And a final word of advice: get an AMEX student green. I think having a retail, a charge, and 3-4 regular bank cards is the ideal mix. Did you keep Target? If you don't want them, may I suggest Best Buy? They offered my brother $600 instantly and he had next to no history. Anyways, that's just my words Steph
This is my personal opinion and you can flame me if you want, but I don't think anyone who's not an adult should be applying for credit. I can not believe that a creditor is legally approving you. FICO requires at least six months of activity to begin to develop a score. Legally, I don't think you have one right now.
Bkev, I can understand your stance. However, this is the situation. In July of 2000, I co-signed for a Visa Classic through my credit union. My mom co-signed for me. I have had that card since July of 2000, giving me a 1 year and 3 month credit history. The credit union's guideline to apply as a co-signer is you must be 16. That is the same provision with Capital One. I don't know if you don't think minors should have cards because they are too young, or the general idea that all teenagers are "irresponsible." I have paid all the cards I have had on time; I've never missed a payment. Last November, I purchased my car through a loan co-signed with my mom from the local credit union. I've never missed a payment on that loan either. Therefore, I have had a credit history longer than 6 months. I can see where you are coming from about the minors, there are some teenagers who I know would run rampant with a credit card, they would be ignorant enough to think it is free cash and charge charge charge. I have credit for 2 main reasons: 1. In the case of an emergency when I don't have cash. 2. To track my expenses and see where my money is going so I know what I need to cut back spending on. I also like the idea of having an established credit history, because down the road in 5 or 10 years, it will help me out a lot. I have done extensive research all over the web and learned a lot about how it works. Credit really fascinates me, and I think every person should be credit literate. Still, I respect your opinion.
Matty, Maybe in June you may want to focus on what college you are going to attend instead of what cards you will carry. There is plenty of time in your adult life to worry about what cards you should carry. Now is when you should be enjoying your youth. Do yourself a favor enjoy your teenage years because they will disappear rapidly and before you know it you will have no choice but to deal with debt. Have a good evening Matty. Sean
Very true Sean. I already have my colleges narrowed down to 3, and I've been applying for scholarships like mad. I'm gonna do a 2 for 1 thing! LOL. Credit and College!
I'm impressed with your level of responsibility. Sounds like your Mom respects you and knew that you were ready for this responsibility. As a mother of 6 kids, 2 teenagers, I think you are off to a great start on your adult life.As the saying goes, "If only I had known then what I know now"....
matty61184, Wanted to interject and congratulate you on some very responsible decision making as well as an excellent start on your adult life. FWIW, I don't think you have applied for credit too early--indeed I think you are doing exactly the right things--using credit responsibly and in moderation. Provided you unwaveringly stick to this discipline and NEVER overextend yourself, it WILL help you out in the not-too-distant future. Indeed, you might check to see if your high credit score already qualifies you for a car insurance discount (something many carriers are starting to phase in.) I also appreciate your polite, grateful attitiude to those you reply. You sound like an exceptional young man. I am a philosophy professor at Gonzaga University here in Spokane, and I can only say that any school would likely be lucky to have you
Thanks Dave, I appreciate your kind comments! I will have to check with the insurance agency about that discount. I have American Family Insurance for the auto, do you have any idea if they offer a discount?
I have no idea I have seen reports in 3 different general interest sources in the past week saying it's becoming increasingly common...sure wouldn't hurt to ask. Regards, Dave
