By Larry Chiang
As a rule of thumb, life has basic inflection points. Graduation from high school.
Establishment as an adult ~22.
Semi-maturity at 24-30.
This post will explain via pictures the breakdown of FICO. Traditional media has conveyed “it’s one pie chart for all ages at all stages of life”. This is not correct.
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Larry Chiang (@LarryChiang) |
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FICO percentages 100%, then 25% and upon maturity… 10% Subj *new credit* for 18-22 year olds starting #vigins pic.twitter.com/oajUJX6mXh
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inflection points.
Graduation from high school: At 18 years old, you’re able to enter into contract and your social security number stands alone. This is what your FICO score looks like as a percentage breakdown.
100% NEW CREDIT
A hard inquiry that results in a credit rejection establishes your zero for 1 (0 for 1). In baseball parlance, you’re batting .000. So 100% NEW CREDIT is zero.
inflection point:
Establishment as an adult ~22 years old.
25% new credit.
** inflection point **
Semi-maturity at 24-30.
10% NEW CREDIT
Solution: build your FICO and startup your credit score without a hard inquiry. Start by getting approved for credit with a “consumer inquiry” by walking into a bank with your three credit reports.
This site is targeted at future college grads and young professionals. It contains user contributed content, and material that may be confusing to a lay audience.
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