What will be considered a thick file?

[DigitalArk]

... and what are the advantages of having a thick file?

[Callandra]

I'm kind of interested in seeing some responses to this...what makes a file thick exactly?

Time, number of accounts, mix of credit types (revolving, installment), all of the above mixed? Also, when does a file start to thicken? Just time? Or does it take a lot of accounts? 

I have several accounts, oldest account is two years old (installment loan) so I'm sure I do not have a thick file but I don't think my file is really thin either (compared to those with accounts only 6 months old). Interesting to see what others have to say!

[Anonymous]

One factor that's indicative of a thick file is applying for a major credit card and getting $5000 starting limit or higher.

[FinStar]

I think the responses will vary since everyone's profiles will be different.  For instance, my file is fairly thick but that's because it's aged for about ~20 years and the number and mix of accounts within it is fairly high (i.e. mortgages, loans, CCs, PLOCs, etc).

IME, the advantage has been the absorption of inquiries (which will have very little impact to score fluctuations) including the addition of newer accounts which would also prevent my AAoA to be drastically impacted.  Using astronomy as an example (for the sake of absorbing impacts), picture Jupiter versus say... Venus.  Can Jupiter absorb the impact of a huge asteroid (or comet) much better than Venus?  Which would recover faster?

[TheGardner]

I'm not sure there is a cut and dry answer as there isn't really a valid ranking. It's all speculation..

I personally view a thick file as one with a long credit history (10-20  yrs min). Several accounts (30+). With a decent history (5Yrs min AAoA). These will bring the higher limit cards mentioned above. 

The perks of a "thick" file is in the above example (30 accounts) a new trade line will drop AAoA by 2 months not years that a smaller file would be hit with. 

Some use the term as a crutch to app more to "build a thick file" but at what expense? Your AAoA will be worthless for years making your profile less desirable and higher risk.. You will get toy limits and scores will be suppressed because history is a large factor.  So many inq and such.. Let's just call it as it is, app addiction. Nothing wrong with that if you don't mind toy limits and high APRs. 

Over time you will get a thick file app of a few cards a year and let your profile age. Never let it drop below 2 years, that's FICO min. For scoring (lowest scoring tier under 2 years).  Best bet is get it over 5..

[Deltadog03]

I am curious as well.  Thank you for bringing this up.  I have around 20-25 accounts on my report as of now.  AAoA is around 4-6 years.  longest age is 16+ years.  

[FinStar]

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@TheGardner wrote:

I'm not sure there is a cut and dry answer as there isn't really a valid ranking. It's all speculation..

I personally view a thick file as one with a long credit history (10-20  yrs min). Several accounts (30+). With a decent history (5Yrs min AAoA). These will bring the higher limit cards mentioned above. 

The perks of a "thick" file is in the above example (30 accounts) a new trade line will drop AAoA by 2 months not years that a smaller file would be hit with. 

Some use the term as a crutch to app more to "build a thick file" but at what expense? Your AAoA will be worthless for years making your profile less desirable and higher risk.. You will get toy limits and scores will be suppressed because history is a large factor.  So many inq and such.. Let's just call it as it is, app addiction. Nothing wrong with that if you don't mind toy limits and high APRs. 

Over time you will get a thick file app of a few cards a year and let your profile age. Never let it drop below 2 years, that's FICO min. For scoring (lowest scoring tier under 2 years).  Best bet is get it over 5..

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The bolded part of your assumption has not been my experience (maybe for others who have aggressively seeked credit in a shorter span of time).  In fact, I get similar or larger CL results with most newer apps and low APRs as well.  For instance, my most recent approval was BBVA $30K and 9.24% APR.

[Kostya1992]

No such thing as a thick file. There ARE thin files. You will never hear "we need to see a thick file to approve you." Therefore, all a matter of opinion. I think once you don't have a thin file you then have a "thick file."

[chwebb1]

To me, once you get a good limit card ($5000 or greater) at the lowest APR offered on that particular card (generally between 11.99% and 13.99%, depending on the card), your file is "thick enough". This also includes the ability to be approved for any loan you may need at a good APR (i.e. auto or home loan), and the ability to open utility accounts (i.e. Internet/mobile phone) without a deposit (unless the company requires a deposit from everyone, which I have seen from the electric company in my area).

[onstar]

Not that the number of pages necessarily mean anything, and I'm more an outlier than the norm, but ...

My EQ file is 152 pages (saved as PDF from EQ website). About half my file is student loans. I only went to 2 different schools (15-25 years ago), but there are 19 different loan accounts (each quarter/semester was a new loan account). The other half of my file consists of: 2 car loans (1 closed; 1 open), 1 mortgage (closed; house sold), and 35+ revolving accounts (about 1/2 are closed, 1/2 are open), so my file excluding the student loans may still be considered thick by some.

My TU & EX files are only ~50 pages each. The contents are essentially identical, but EQ uses larger fonts and the format (text & tables) takes up way too much space making it 3x as long in terms of pages.

Having student loans sucks. $500/month goes towards paying the loans. The tiny sliver of a silver lining is that the AAoA is awesome. I got 9 new cards in 2015, and my AAoA is still 8+ years (down from 9+ years).