Is this possible?

[bubbadu]

So my friend, age 21 saw an article on digg about credit scores. So he ran a report and it turns out experian claims his score is 835! They said he had 4 open accounts, i.e car loan (which i believe his parents cosigned), best buy card etc... He only makes about 28K a year but has never been late due to his parents paying his bills. Should be move out of his $600 dumpy apartment and maybe look into a house soon? Just figured someone like rossman would know how this is possible.

 

[QED]

Originally posted by: bubbadu
So my friend, age 21 saw an article on digg about credit scores. So he ran a report and it turns out experian claims his score is 835! They said he had 4 open accounts, i.e car loan (which i believe his parents cosigned), best buy card etc... He only makes about 28K a year but has never been late due to his parents paying his bills. Should be move out of his $600 dumpy apartment and maybe look into a house soon? Just figured someone like rossman would know how this is possible.

It's quite possible, but not probable.

What would hurt him most is not his income (since it is not used as a factor), but his lack of aging on his accounts. Being 21, his oldest account is just a few years old which is not a lot of history to go on.

I've seen literally hundreds, if not thousands, of credit reports in my day but I've never seen a score so high for someone so young.

 

[Aimster]

my friend is 23 has an 820, but he has a billion things going on with his credit.

 

[bubbadu]

Originally posted by: QED

Originally posted by: bubbadu
So my friend, age 21 saw an article on digg about credit scores. So he ran a report and it turns out experian claims his score is 835! They said he had 4 open accounts, i.e car loan (which i believe his parents cosigned), best buy card etc... He only makes about 28K a year but has never been late due to his parents paying his bills. Should be move out of his $600 dumpy apartment and maybe look into a house soon? Just figured someone like rossman would know how this is possible.

It's quite possible, but not probable.

What would hurt him most is not his income (since it is not used as a factor), but his lack of aging on his accounts. Being 21, his oldest account is just a few years old which is not a lot of history to go on.

I've seen literally hundreds, if not thousands, of credit reports in my day but I've never seen a score so high for someone so young.

yeah thats what i figured.... something has to be wrong... the total amount of credit spent was at most 10K, just paid on time every month. Should I have him run the other two companies?

 

[Ushio]

the credit score he got is not the one with industry standard, it's usually off by quite a bit, sometimes 100 points or more

the one that really matters is called the FICO score, best place to get it is through www.myfico.com

 

[shortspanishguy]

This may have been his Vantagescore from Experian.

http://www.vantagescore.experian.com/

 

[regnez]

Originally posted by: Ushio
the credit score he got is not the one with industry standard, it's usually off by quite a bit, sometimes 100 points or more

the one that really matters is called the FICO score, best place to get it is through www.myfico.com

or get a wamu card. they update it every month for you at the account website.

 

[RossMAN]

If he can afford it then he should buy a house.

 

[BarneyFife]

$28k a year with a car loan is going to buy a shack.

 

[kranky]

Originally posted by: BarneyFife
$28k a year with a car loan is going to buy a shack.

Well, the OP did say the parents pay all the bills. Maybe they'll pick up the mortgage too!

 

[thepd7]

I'm 21 and have put over $20k, probably $25k through my credit cards and my credit score is ~750.

 

[shortylickens]

Originally posted by: QED

Originally posted by: bubbadu
So my friend, age 21 saw an article on digg about credit scores. So he ran a report and it turns out experian claims his score is 835! They said he had 4 open accounts, i.e car loan (which i believe his parents cosigned), best buy card etc... He only makes about 28K a year but has never been late due to his parents paying his bills. Should be move out of his $600 dumpy apartment and maybe look into a house soon? Just figured someone like rossman would know how this is possible.

It's quite possible, but not probable.
What would hurt him most is not his income (since it is not used as a factor), but his lack of aging on his accounts. Being 21, his oldest account is just a few years old which is not a lot of history to go on.
I've seen literally hundreds, if not thousands, of credit reports in my day but I've never seen a score so high for someone so young.

Agreed.
When I was 24 and never had a car loan or house loan I managed an 800.
Just good solid, payments on a handful of quality credit cards since I was 18. Never too many at once and never had a high debt-to-income ratio.