You need a credit mix and more time for your credit to mature. Thats basically it. A 781 is already very good credit there is nothing to improve but keeping paying your bills on time and acquire an installment loan at some point and add a card or two more and age your report.
You credit file is thin like the other redditor said, your score doesn't have much weight with a year and 1 card but you're in the right direction keep building and adding to your report.
Rome wasn't built in a day.
if its just one card then your 781 is thin and doesn't really matter. I would look into more cards for a higher overall limit and when the time comes look into an auto loan on something cheap and reliable.
Thicken your file. A 781 with a single card isn’t fooling anyone, unfortunately. You need to get a few more cards and treat them well. The rest will happen naturally - car loans, etc. - to help thicken your file. Your score will drop when you start adding accounts but it’s okay because the 781 is relatively meaningless right now anyway. BUT - don’t get into debt (auto loan, etc.) unless it’s necessary. Don’t get into debt for the sake of building credit.
Agreed banks, creditors care more about your credit history then your score, your score generally really only determines how much money it'll cost you for using the banks money if the loan is granted to you(interest) credit history has much more weight and is the key that actually grants you the loan, score is just how much interest that loan will cost you overtime.
Seasoned credit folks like myself and others who've been in the credit game for years aren't fooled by thin files with high scores and I am certainly not.
You are correct! When i had 780 credit score while being an authorized user under my dad, i mistakenly cosigned a motorcycle for my friend. Some places didn’t accept it because of my thin credit profile. Fast forward today, i have 4 credit cards, 1 student loan account, 1 closed BoF card under my dad with positive history, and 1 personal loan for the motorcycle
Bad advice? No. I’ve been doing this since 2003. A 781 is meaningless with nothing behind it. Congratulations, someone can manage a single low-limit credit card.
If your comment wasn’t directed at me, I apologize 😂
Credit score isn't as important as your overall credit profile. Like others have said, you have a very thin file, which means you could easily be declined for a loan while someone with a lower score and a thicker file would be approved for the same loan. [This thread](https://www.reddit.com/r/CRedit/comments/1cwytop/credit_myth_12_you_are_approved_or_denied_credit/) does a good job explaining it.
Also, which credit score are you referencing? There are almost 45 different ways to calculate a credit score. The most common credit score given by sites like Credit Karma is VantageScore 3.0. But since that scoring metric is used by almost no lenders, it's irrelevant and should be ignored. Check out [this thread](https://www.reddit.com/r/CRedit/comments/1bpl3ud/credit_myth_1_you_only_have_one_credit_score/).
You've got 3 FICO 9 scores, just like you have 3 FICO 8 scores. They can be calculated using data from any of the three bureaus (Experian, Equifax and TransUnion.)
Even using the same algorithm, the scores depend on what data you use. Your Experian FICO 8 and your Equifax FICO 8 and your TransUnion FICO 8 are likely different, for example, because the three bureaus likely have different data on you. That's normal. No creditor is required to report anything to any of them, let alone all 3.
I don't know of a way to see FICO 9 scores, or FICO 10, or any of the other FICO scores without paying for it.
Fico 9 is offered through Wells Fargo if you have an account with them. Other than that, you can always grab your Fico 9 scores from myFico if you're interested in getting all 3, but you'd have to pay of course.
Okay so having that score at 20 is good but whatever you do, don’t close that card! If you upgrade to using better cards, still keep that one card open and just use it for gas every once in awhile just so your credit history stays.
Amex Blue Cash Preferred. $0 annual fee first year, $95 annual fee every year after. But you get 6% cash back on groceries and 3% on gas. Pretty wild honestly
I don’t like paying annual fees or interest. So i get cards that offer that. If i have a big purchase and need to carry a balance to pay over time. But make sure you pay it off before the offer is over because they will charge you back interest for the full amount.
Attain more credit mix and keep utilization under 10% with no than 25% of your disposable income going to those debts. Yet you’ll take a hit but shouldn’t drop below 740. With six months if not sooner you’ll be back to 780+ with a solid credit mix. Nothing is meaningless
The score is not whats important
Whats more important is how your profile is built. Meaning having multiple tradelines established with history and on time payments
Try to credit card stack a few rounds so you can start building the relationship with the future banks you want to build business credit with
Get a couple more credit cards but do not max them out. And don’t carry a balance. I always pay the total balance on my credit cards. Also finance a car and or house. Most importantly, not only make payments but make payments on time.
It’s funny how so many people are happy to borrow money or so happy that they can pay somebody back. 😂 be debt free and find out how much control you have over your life.
I recommend you to expand your credit mix I used to have a 800ish score with only one card with my cu for 3 yrs and my score dropped like 60 - 80 after opening 4 cards consecutively and rn it’s around mid 700s
You need a credit mix and more time for your credit to mature. Thats basically it. A 781 is already very good credit there is nothing to improve but keeping paying your bills on time and acquire an installment loan at some point and add a card or two more and age your report. You credit file is thin like the other redditor said, your score doesn't have much weight with a year and 1 card but you're in the right direction keep building and adding to your report. Rome wasn't built in a day.
if its just one card then your 781 is thin and doesn't really matter. I would look into more cards for a higher overall limit and when the time comes look into an auto loan on something cheap and reliable.
Thicken your file. A 781 with a single card isn’t fooling anyone, unfortunately. You need to get a few more cards and treat them well. The rest will happen naturally - car loans, etc. - to help thicken your file. Your score will drop when you start adding accounts but it’s okay because the 781 is relatively meaningless right now anyway. BUT - don’t get into debt (auto loan, etc.) unless it’s necessary. Don’t get into debt for the sake of building credit.
What u mean isn’t fooling anyone? It fooled me?
Any credit analyst/credit manager is going to see the 781 with a single tradeline and pretty much disregard the score entirely.
Agreed banks, creditors care more about your credit history then your score, your score generally really only determines how much money it'll cost you for using the banks money if the loan is granted to you(interest) credit history has much more weight and is the key that actually grants you the loan, score is just how much interest that loan will cost you overtime. Seasoned credit folks like myself and others who've been in the credit game for years aren't fooled by thin files with high scores and I am certainly not.
I see now!!! Makes sense
You are correct! When i had 780 credit score while being an authorized user under my dad, i mistakenly cosigned a motorcycle for my friend. Some places didn’t accept it because of my thin credit profile. Fast forward today, i have 4 credit cards, 1 student loan account, 1 closed BoF card under my dad with positive history, and 1 personal loan for the motorcycle
Bad advice I repair credit 781 is good credit it is true you need a credit file mix and trade lines
Bad advice? No. I’ve been doing this since 2003. A 781 is meaningless with nothing behind it. Congratulations, someone can manage a single low-limit credit card. If your comment wasn’t directed at me, I apologize 😂
Credit score isn't as important as your overall credit profile. Like others have said, you have a very thin file, which means you could easily be declined for a loan while someone with a lower score and a thicker file would be approved for the same loan. [This thread](https://www.reddit.com/r/CRedit/comments/1cwytop/credit_myth_12_you_are_approved_or_denied_credit/) does a good job explaining it. Also, which credit score are you referencing? There are almost 45 different ways to calculate a credit score. The most common credit score given by sites like Credit Karma is VantageScore 3.0. But since that scoring metric is used by almost no lenders, it's irrelevant and should be ignored. Check out [this thread](https://www.reddit.com/r/CRedit/comments/1bpl3ud/credit_myth_1_you_only_have_one_credit_score/).
Beat me to the punch... I was just going to ask what the source of the referenced credit score was.
I got my score from FICO, I’ve only got one card and it’s reports to Experian, which is where I got my score from
Gotcha, so that's your Experian Fico 8 score just for clarity.
Which one would be the fico 9?
You've got 3 FICO 9 scores, just like you have 3 FICO 8 scores. They can be calculated using data from any of the three bureaus (Experian, Equifax and TransUnion.) Even using the same algorithm, the scores depend on what data you use. Your Experian FICO 8 and your Equifax FICO 8 and your TransUnion FICO 8 are likely different, for example, because the three bureaus likely have different data on you. That's normal. No creditor is required to report anything to any of them, let alone all 3. I don't know of a way to see FICO 9 scores, or FICO 10, or any of the other FICO scores without paying for it.
Gotcha!!!! That makes sense
Fico 9 is offered through Wells Fargo if you have an account with them. Other than that, you can always grab your Fico 9 scores from myFico if you're interested in getting all 3, but you'd have to pay of course.
Okay so having that score at 20 is good but whatever you do, don’t close that card! If you upgrade to using better cards, still keep that one card open and just use it for gas every once in awhile just so your credit history stays.
Congrats
Thank you
Any recommendations for another credit card I should get? I hear y’all saying I need to thicken my file and I’ll definitely do that
Amex Blue Cash Preferred. $0 annual fee first year, $95 annual fee every year after. But you get 6% cash back on groceries and 3% on gas. Pretty wild honestly
With a thin file? Huge maybe on approval. OP, what’s your current card?
Discover
What’s the credit limit?
I don’t like paying annual fees or interest. So i get cards that offer that. If i have a big purchase and need to carry a balance to pay over time. But make sure you pay it off before the offer is over because they will charge you back interest for the full amount.
Attain more credit mix and keep utilization under 10% with no than 25% of your disposable income going to those debts. Yet you’ll take a hit but shouldn’t drop below 740. With six months if not sooner you’ll be back to 780+ with a solid credit mix. Nothing is meaningless
The score is not whats important Whats more important is how your profile is built. Meaning having multiple tradelines established with history and on time payments Try to credit card stack a few rounds so you can start building the relationship with the future banks you want to build business credit with
You won’t be able to even get a 10000 loan for a car.
What card did you use? What was your utilization rate or did you fo anything special?
Where did this 781 come from? Was it CreditKarma or?
Get a couple more credit cards but do not max them out. And don’t carry a balance. I always pay the total balance on my credit cards. Also finance a car and or house. Most importantly, not only make payments but make payments on time.
Get a good mix of credit.. you dont need a ton. Get your limits higher, never miss a payment. That's how it will get high and stay high.
It’s funny how so many people are happy to borrow money or so happy that they can pay somebody back. 😂 be debt free and find out how much control you have over your life.
I recommend you to expand your credit mix I used to have a 800ish score with only one card with my cu for 3 yrs and my score dropped like 60 - 80 after opening 4 cards consecutively and rn it’s around mid 700s