Interesting. This is from myFICO score (Equifax) pulled on Sept 24th: First Reason Code: 40 "Derogatory public record or collection filed". Shown as #22 on the list. Second Reason Code: 10 "Proportion of balances to credit limits on bank/national revolving or other revolving accounts is too high". Third Reason Code: 8 "Too many inquiries last 12 months". Fourth Reason Code: 14 "Length of time accounts have been established". On that list, it says "Length of credit history is too short." I assume by that they mean my open accounts? If so, true, that would only be 1996. I guess my newer accounts are dragging down my average. My score is only 629 now, down from 660ish.
>Second Reason Code: 10 "Proportion of balances >to credit limits on bank/national revolving or other >revolving accounts is too high". Reason codes like this one are why I'm a fan of having a smaller number of cards each with a high-credit line. I have three revolving lines at 15k each which allows me to make a 5-7k purchase (like a motorcycle) without killing my credit score. I plan to keep these lines open and continue trying to bump them up a little here-and-there. It's working great so far... RM
George, If u don't me asking, how many revolving accounts do u have? It will give us some idea of how many is "too many" and let us know when to stop applying for more cards. Thanks, -Roman
Perhaps this was mentioned elsewhere (another thread), but how does a 17 y/o obtain credit in the first place? Joint accounts with parents/guardian? Most of the apps I've seen state that you must be 18 y/o, so I assumed this to be the case for all cards.
Either joint accounts, which can be done as early as 14 years old. As other's have said, if your birth date is off on the reports by a few years and you have prime credit, those cards are obtainable that way.
Once I turn 18 this June, I'm going to get them exclusively in my name. All of the accounts report to the bureau as "Individual responsibility" so basically my parents signed as the "guarantors" of my debt.
In a different thread here, Matty admitted claiming he was of legal age, because, as he put it, "it's been very handy in allowing myself to extend credit to myself." Here's his posting from July: Matty's first CreditNet posting (Matty's message in the present thread was the first time I've seen the explanation regarding parents cosigning as "guarantors" so that the accounts would read "Individual responsibility," etc.) Doc
"The CreditNet Stalker, starring PsychDoc... He began life as a mild-mannered baby... Soon he grew up and trained in clinical psychology... Finally he began stalking Matty, a mild-mannered teenager from Kalamazoo... Coming to a theatre near you..."
Sounds interesting. Who would star as Doc? I would choose George Clooney (I would let him stalk me anyday). I don't know who we should cast as Matty? Matty, who do you want your role to go to? Doc, you could have a blockbuster on your hands. Dani
Matt Damon. He's cute. Let's see Clooney and Damon umm...yeah, I would fork over $8 to watch it. Dani
Carrot Top? Is he the guy who does the 800 CALL ATT commercials? You know there is only one thing I don't like about the board. I have no idea what anyone looks like. I was picturing Matty as Matt Damon now I'm going to be picturing him looking like Carrot Top. Dani
I was just reading thought this post... I thought the 17 y/o with credit was interesting.. Most states (for sure in CA) a minor can not enter into a credit contract or obligation even with parental consent... A minor can be put on a contract.. for instance #2 on a loan, or as authorized user on a credit account, but the minor can not be help responsible for repayment.... Any kind of credit contract would not be valid...
