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Frequent Contributor
CreditBob
Posts: 498
Registered: ‎05-01-2007
0

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?

 

 

 

Established Contributor
ccnewcc
Posts: 560
Registered: ‎09-29-2012
0

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.

Mega Contributor
RobertEG
Posts: 18,442
Registered: ‎03-19-2007
0

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?

Frequent Contributor
CreditBob
Posts: 498
Registered: ‎05-01-2007
0

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?

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

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.

Valued Contributor
AndySoCal
Posts: 1,949
Registered: ‎04-07-2009
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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

 

 

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
Frequent Contributor
CreditBob
Posts: 498
Registered: ‎05-01-2007
0

Re: Revolving Accounts

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


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