It takes a lot longer now to get FICO scores to show up after opening the first new account. A change in recent times from FICO requires a longer wait before a person can generate FICO Scores.
In times past, a 18 year looking to get credit, get do a couple of things and within 60days, that teenager would have a FICO Score. Even though the score would always be around 680, it still gave that person the opportunity to take out a loan.
As long as a person had a couple of credit references, even though they would be only 90 days old, would give that person a FICO credit score. In many situations, that person could turn around and take out a mortgage, or purchase car. We have done this many times for the last 15 years.
A recent subtle change by FICO has made those days long gone. FICO does not usually report any changes to their algorithm that calculates the FICO credit scores.
FICO now requires at least six months of account history before the 3 Classic FICO scores (including the FICO 8 scores) will show up in a credit report. If a person opens a credit card in January, it will take until at least July before a FICO score will be calculated.
That means no quick fixes for millions of consumers. It requires better planning. Consumers can’t wait until the last minute and open an account and expect FICO Scores to show up within a couple of months. They have to plan ahead now.
Also, consumers cannot be fooled by those consumer Vantage Scores. They will generate within 30 days after a new account has been established. This can fool many people. They will see those Vantage Scores somewhere else, and then go to a lender and realize they have no FICO Scores.
If anyone is looking to purchase a house, a car, and planning on taking out a loan, it is critical to get some credit references in your credit report now. Otherwise, you could be waiting a few more months.