Individuals new to credit are often concerned about how long it will take to actually obtain a FICO credit score. Most think that as soon as some kind of credit is acquired, they will automatically have a FICO score the next day. That's not how it works. In fact, according to Fair Isaac, creator of the FICO score, your credit report needs to indicate the following before a score can even be calculated:
- You have at least one account that's been open for 6 months or more. It doesn't matter which kind of account (credit card, auto loan, mortgage). All that matters is you have at least one.
- You have at least one undisputed account that's been reported to the credit bureaus within the past 6 months. Don't forget that a disputed account can often completely remove it from the credit scoring calculation until the dispute is resolved.
- You're alive! Obviously, you can't be dead or reported dead. If you've shared an account with a deceased relative in the past, make sure it's reporting correctly on your reports. Believe u - stranger mistakes have been found on credit reports!
