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Frequent Contributor
Slab
Posts: 283
Registered: ‎12-16-2011
0

Oldest account 22 years

How much does a very long account history affect credit scores? I ask this because I know of someone that walked away from their 3 credit cards that were maxed out and had a repossession. He was able to keep his Amex green card during this process which is now 22 years membership. His credit file consists of a 6 month old auto loan of $5000 and the Amex card. All of the baddies have fallen off, the last of which was 3 years ago. His Equifax Fico is 736. With such a thin credit file is the high Fico due to the 22 year old credit card? He found about his score after I encouraged him to apply for the Discover It card and he was approved online for $3800. This is the third person that I have encouraged to apply for the Discover It plus myself and, we have all been approved. Equifax was the CRA used each time by Discover.

Equifax FICO 781, Transunion FICO 821, Experian FICO 807,

810 goal on all three by 3-1-2015
Valued Contributor
thom02099
Posts: 1,326
Registered: ‎08-30-2011
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Re: Oldest account 22 years


Slab wrote:

How much does a very long account history affect credit scores? I ask this because I know of someone that walked away from their 3 credit cards that were maxed out and had a repossession. He was able to keep his Amex green card during this process which is now 22 years membership. His credit file consists of a 6 month old auto loan of $5000 and the Amex card. All of the baddies have fallen off, the last of which was 3 years ago. His Equifax Fico is 736. With such a thin credit file is the high Fico due to the 22 year old credit card? He found about his score after I encouraged him to apply for the Discover It card and he was approved online for $3800. This is the third person that I have encouraged to apply for the Discover It plus myself and, we have all been approved. Equifax was the CRA used each time by Discover.


Average Age of Accounts is a factor, for sure.  That's one of the many reasons that members here, with an older AMEX, like to get additional AMEX cards -- they backdate to the original YEAR of the oldest card. If your friend has an interest in another AMEX card, that should be a factor to look at.  Going for one of the revolvers would be a benefit, for the new tradeline as well as the backdating. 

What is your friend's Experian score?  AMEX usually (but not always) pulls EX.  Any idea how many inquiries, for EX as well as the other bureaus, in case they do pull something else? 

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 768 EQ = 828 TU = 834 - June/2014
Frequent Contributor
Slab
Posts: 283
Registered: ‎12-16-2011
0

Re: Oldest account 22 years

He has a total of 2 inquiries, I think both with Equifax.

Equifax FICO 781, Transunion FICO 821, Experian FICO 807,

810 goal on all three by 3-1-2015

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