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mnegron1969

When is your credit historynot considered short?

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When is your credit history no longer considered short history? That is one of the reasons my score is being held down. I've had credit since 1990 but started to re-build in 2007. I have all new credit the oldest account is 3 yrs old. So when is no longer considered a short history? I don't know if this has been asked before but I searched and couldn't find an answer.

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This is what Citi Identity Monitor says about age of accounts for me. You can come to your own conclusions because this is definitely a YMMV type of thing.

 

Negative Factors

 

 

You opened your first credit account 5 years and 8 months ago. This does not include disputed accounts and accounts for which the date opened is not reported.

 

This lowers your score. Having had credit accounts for a long time is a positive factor because your credit history allows lenders to evaluate how you typically use credit and repay your debts. However, accounts that have been open for a long time may have a short payment history, either because you have not used the account recently, or because the lender has not reported the payment history to the credit bureau. Having short payment histories is a negative factor, even for accounts that have been open for a long time, because it does not provide lenders with the information they need to determine how you repay your debts. Accounts that were opened 40 or more years ago and have 2 or more years of reported payment history are considered best. On the other hand, if your oldest account was opened up to 7 years ago, your credit history may be considered short, and less than 3 years ago is often considered too little.

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Generally speaking, Avg age of accounts (AAOA) of 5+ at minimum.

 

And oldest account of 10+ years at minimum begins to make profile appear somewhat more seasoned with respect to age of overall account history.

 

Of course the older, the better: 'there's a saying in the credit industry: "The best credit is old credit." '

A variety of well aged (length of credit history = 15% of FICO score) different types of accounts (account mix = 10% of FICO score) managed well tends to inspire more confidence in lenders upon account review and lead to better FICO results.

 

FAKO explanation factors may be based on some good info, but are, for the most, merely canned responses and should typically not be relied upon.

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Your score might be held down just a bit not as much as you might think. YMMV of course but for example my EX is 824 and my AAofA is 6 oldest account only 11 years. In another 20 years I might gain what? 20 points? Hardly worth stressing over is it?

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When is your credit history no longer considered short history?

 

When my wife says its no longer:yahoo: short:clapping:

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