The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
  • Building Wealth
  • Investing
  • Credit Scores
  • Student Loans
  • Paying for College
  • Saving Money
  • Real Estate
  • Credit Card Debt
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
No Result
View All Result
The Money Coach
No Result
View All Result

How Do I Establish My First FICO Score?

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Credit Scores
Reading Time: 2 mins read
Excellent Credit Score
12
SHARES
196
VIEWS
Share on FacebookShare on Twitter

Q: I’ve just turned 18 and want to establish a credit rating. How do I go about establishing my first FICO score?

A: Your FICO credit scores – like all credit scores – are based on the underlying data and information that is contained in your credit files with the “Big 3” credit bureaus: Equifax, Experian and TransUnion.

Read: The Difference Between The Equifax anf FICO Credit Scores

According to Fair Isaac, the company that created the three-digit FICO scores (which range from 300 to 850 points), in order to have a FICO score generated for you, your credit history must contain at least three things:

•    a minimum of one credit account that has been open for six months or longer
•    at least one account that is “undisputed” and that has been reported to a credit bureau during the past six months
•    an absence of any notation in your credit files that you are “deceased” or that an account you are associated with belongs to a deceased person

Some Issues Are Out of Your Control

Note that if you recently began establishing a credit history, there could be delays in you being assigned a credit score.

Additionally, there are several factors outside of your control that may impact your ability to have a credit score generated.

For example, assume you opened a credit card account six months ago.

You may not yet have a FICO credit score because it’s possible that the credit card company took two or three months to actually report your account to the credit bureaus.

Additionally, there’s a good chance that you will not have a credit score if you have ever been listed as a co-signer or authorized user on a credit report, and the person with whom you were a co-signer/authorized user has died.

In such a case, that person’s credit history would note that they are deceased.

Additionally, the account you shared with that person would also reflect that it belonged to a deceased individual, which could impact you.

Tags: FICO score
Previous Post

How Can I Make Some Extra Cash, I am Living Paycheck to Paycheck

Next Post

When You Owe More Than A Home Is Worth And Have Bad Credit

Related Articles

protect your credit score
Credit Scores

How to Protect Your Credit Score After Job Loss 

by Lynnette Khalfani-Cox, The Money Coach
Best Way to Check Your Credit Score Using Apps
Credit Scores

The Best Way to Check Your Credit Score Using These 4 Apps

by Guest Blogger
Credit Scores

DTI or Debt-to-Income Ratio Explained

by Lynnette Khalfani-Cox, The Money Coach
4 Summertime Risks to Your Credit Score
Credit Scores

4 Summertime Risks to Your Credit Score

by Lynnette Khalfani-Cox, The Money Coach
credit score drop
Credit Scores

What to Do If Your Credit Score Drops Unexpectedly

by Lynnette Khalfani-Cox, The Money Coach
The Money Coach
Credit Scores

4 Credit Tips for National Get Smart About Credit Day

by Lynnette Khalfani-Cox, The Money Coach
credit score
Credit Scores

The Impact of Closed Accounts on Your Credit Score

by Lynnette Khalfani-Cox, The Money Coach
credit score changes in 2015
Credit Scores

Changes That May Impact Your Credit Score

by Lynnette Khalfani-Cox, The Money Coach
close credit card account
Credit Scores

Impact of Closing an Account on Your Credit Score

by Lynnette Khalfani-Cox, The Money Coach
Next Post
mortgage underwater

When You Owe More Than A Home Is Worth And Have Bad Credit

About

Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.

Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.

Quick Links

  • Money Coach University
  • Lynnette's Personal Site
  • The Money Coach Corporate Site
  • Video Portfolio
  • Privacy Policy

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2022 TheMoneyCoach.net, LLC. All Rights Reserved.

No Result
View All Result
  • Meet Lynnette
  • Money Coach University™
  • Books
  • Financial Coaching
  • Speaking
  • The Money Coach Recommends™
  • Media Kit
  • Contact

©2009-2021 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist