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Revolving Accounts

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CreditBob
Established Contributor

Revolving Accounts

I few months ago I got a letter from a creditor when I had applied for credit. So can anyone tell me when this would no longer be an issue on my credit report.

 

LENGTH OF TIME REVOLVING ACCOUNTS HAVE BEEN ESTABLISHED

LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED

 

So when are revolving accounts or any type of accounts considered established? After how many years?

 

OPEN ACCOUNTS

1 VISA   6 Y  5 M                           1 VISA    6 Y  1  M               1 LINE OF CREDIT   6 Y  1 M        MC  2  Y  8 M       MC      2 Y 8 M     VISA   2 Y 9 M    

1 AUTO LOAN    1 Y  9 M

 

I have also had other loans as well.       5 y 11 m I got an installment loan.

 

So based on this information can anyone tell me the minimum time for an established account?

 

 

 

Message 1 of 7
6 REPLIES 6
ccnewcc
Established Contributor

Re: Revolving Accounts

Were you denied credit because of those two reasons?  Cuz that confuses me too.

 

 

Are these accounts you listed the accounts that were on the CRs that the creditor looked at?

 

 

Based on what you listed, I am confused.  Seems like those reasons and those accounts you listed don't seem to add up.  

 

 

I think that LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED may refer to AAoA.  Not sure tho.  But if AAoA if low then that would make sense.

Message 2 of 7
RobertEG
Legendary Contributor

Re: Revolving Accounts

I dont see them identified as reasons for denial, but simply as reporting of their lenght of time since opening.

Does the creditor identify these as reasons for denial?

Message 3 of 7
CreditBob
Established Contributor

Re: Revolving Accounts

It's the reason risk codes that are supplied by the credit bureau & not the creditor. So in other words how long does it take for a new account to be considered an established account by the credit bureau standards?

Message 4 of 7
llecs
Moderator Emeritus

Re: Revolving Accounts


@CreditBob wrote:

It's the reason risk codes that are supplied by the credit bureau & not the creditor. So in other words how long does it take for a new account to be considered an established account by the credit bureau standards?


They could either be basing this on a FICO score, their own internal score, or based on the report itself. I've seen those same codes myself though used with a FICO and without. 

 

If it's FICO-based, then know that it's a YMMV thing. It will vary between folks because of scoring buckets. A 6-yr history, based on what you posted anyway, is a relatively young history. I don't know when that'll go away, but it can certainly vary based on your credit. Some in here have posted that with a history at 20 or so years. Just means relatively speaking, their history is younger than others based on those who have a similar profile.

 

If internal score-based, then anything can go as you know. There are no scoring standards.

 

If report-based, then again it's based on the interpretation of data by the lender. 

 

In all of the above, it depends on how the lender sees things. I've been approved with util above 50% for some credit items. I've had other lenders turn me down due to high util depsite having it at 15% or so. Likewise, someone with a 6 yr history might be fine for some lenders, but others may see it as a liability. YMMV.

Message 5 of 7
AndySoCal
Valued Contributor

Re: Revolving Accounts

Here is link that you might find useful in answering your question

 

http://www.scoreinfo.org/FICO-Scores/Pages/Score-Factors.aspx

 

 

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC 803 v8 EFX 807 (10/2023)
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash+ 12,000 Citibank Custom Cash 5/2015 11,100 C State Dept. FCU 15,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 Banking: Ally Bank Credit Unions: Lafayette FCU Quorum FCU State Department FCU State Department FCU Pelican State CU Redstone FCU

Message 6 of 7
CreditBob
Established Contributor

Re: Revolving Accounts

Thank you, you actually had the answer that I was looking for.

Message 7 of 7
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