09-12-2009 04:25 PM
Last month I had my girlfriend add me to her AMEX Blue card she has had since 1999 a 10,000 limit. Well, my score went up 20+ points today and I was excited, thinking it was the AMEX, well it was just that I paid off my car that did it. I was under the impression FICO still incorporated AU accounts into your credit score? In fact, I was an AU user of a Capital One card about four months ago and that was impacting my score, so why is this not? Thanks!
P.S. Please see the attatched images from my credit report to see what I am talking about.
09-12-2009 04:29 PM
09-12-2009 05:50 PM
You mentioned that you had a car loan, but it does not appear that you counted that in your AAoA calculation. Keep in mind that all open and closed accounts that appear on your credit report are counted.
09-12-2009 07:08 PM
09-12-2009 07:37 PM
1) Did it successfully pick up the AU account as the oldest account?
2) Carefully recalculate your AAoA using all open and closed TL's.
Don't worry about the reason (codes). They may have changed if your AU account aged you into a different scoring bucket. That is why you added an AU account, isn't it?
09-14-2009 03:38 PM - edited 09-14-2009 03:40 PM
P.S. It is reporting that my credit history is 10 years old, but it's also say I have a short history. The capital one card I was on was only 5 years old, and it showed up as me having "established a credit history". I have since had that account removed for personal reasons. This 10 year old account is still leaving me at a "short history", and I only have two other credit cards, both about a year old. So, 10+1+1=12 which, 12 / 3 = 4. So my average age of accounts should be 4, which it's reporting only 2.
09-14-2009 08:46 PM
That actually makes perfect sense now haulingthescoreup. I realize someone else mentioned me being in a different bracket above, but the examples you cited were very helpful
So I thought it made a difference on your AAoA whether open or closed (i.e. all this talk on here about someone wanting to close a credit card to gain a few extra points)? My reason for asking is if I should close mine. I don't use them and you can NEVER pay to a zero balance with their fees either. In the scheme of things, would it help? Then AMEX would be my only revolving account open, at 10 years age.
09-15-2009 09:25 AM
09-15-2009 01:19 PM
LOL...if it makes any difference, I too am an AU on an Amex that has a history of 21 years (parents added me...am only 28 now)...and my oldest CL reporting is noted as 21 years, my AAoA is 7 years, and i STILL get the same "You have a short account history" noted as a negative on myFico report...don't get that one (do have 2 accts that will hit the 1 year mark in the next 2 weeks, so we will see if that makes a diff)
If you are in pretty good shape the reasons presented don't have to be particularly bad or meaningful. Reasons have to be produced when you run the FICO reports (if your score is under 800). Reasons are also relative to the scoring bucket you are in. There is nothing wrong with a AAoA > 7 and a 21 year credit history. Assuming you have no negatives you are in a higher scoring bucket. Congratulations!
09-15-2009 02:40 PM - edited 09-15-2009 02:40 PM
Unfortunately, I am in a neg bucket. I have a paid CO that is 5 years and 9 months old...and after asking a few times on these boards as to what to do about it (it is an old utility bill and my only neg), decided the best thing to do is to just let it age off. Unfortunately, I know this is THRASHING my score right now (683 EQ Fico, 702 TU Fico), but there really isn't much I can do.
In any event, i certainly don't give much weight to the "short account history" note, as you mentioned.
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