05-22-2013 03:01 PM
Hopefully, I am wrong in thinking I know the answer to this, but, we will see.
I have Score Watch through this site so I keep up with my Equifax FICO. I pull my TU FICO from here, once per month. I have monitoring thru Experian and receive a FAKO Plus Score. I will admit, I also check my credit karma once per week. I have a high C on the Vantage Score and the only C catagory is the 'Age of Credit History'.
I recently got a new CC and intend to 'garden' for at least 8 months to a year as I know a new CC affects the Age of Credit History. Now, having said that, here is my question, is there any way, other than gardening, that can improve your Age of Accounts???? I can't honestly fathom any way to improve quickly, but I am definitely a novice when it comes to credit scoring.
Appreciate any input...
05-22-2013 04:37 PM
Be sure to know that their "Age of Credit History" is calculated differently than the length of credit history via myFICO (for some folks). CreditKarma ignores closed accounts for the most part, whereas FICO scores them quite heavily. AAoA as calculated by CK ignores closed accounts. FICO factors them in. In other words, you might have a "C" but FICO might be viewing much, much better.
In terms of improving AAoA, let your accounts age and only apply for credit you need. And avoid closing accounts. While they'll still factor in per FICO, closed accounts will eventually delete.
05-22-2013 05:58 PM
Thank you very much for your reply. It certainly makes sense since CK is a FAKO.. And now that you mention it, I had noticed no closed accounts on CK. I guess I don't feel quite so bad now.
I will say that it will be interesting to see what kind of numbers turn up when the 3 bureaus go to Vantagescore 3.0...
05-26-2013 01:59 PM
So your paying for Score Watch and paying every month for a TU report???? That's good money that can go towards debt/balances too.
05-26-2013 03:57 PM
Thanks for your response, but I actually get Equifax thru myfico and scorewatch. I only pull my fico score once per month. I use Credit Karma for TU report & FAKO..
As for using the money I pay scorewatch for debt/balances, I don't have any.
I have 4 major credit cards with a balance on 1 of them in the amount of $112.00 which is like 1.5% of that card. The others including Cap 1, Cap 1 and Barclay are at '0'. I have 3 store cards that I only use every couple of months to keep active, but pay them off before statement date.
I was fortunate enough to purchase a new car in 2011 with cash (couldn't do it now), so I have no car payment.
Any medical collections I had, have all been paid off 4 or 5 months ago and all but 1 deleted. I have nothing bad left on my reports other than my chapter 13 which will reach 7 years in February 2014 and the accounts that were included in the Ch 13 which reach 7 years starting in July 2013. As strange as it sounds, I kind of dread when the BK falls off and the associated accounts change to 'in good standing' because I will probably be REBUCKETED...........
I knew better than to accept the Preapproval from Barclay but I just couldn't help myself.
I am very careful about putting a lot on a credit card. I don't ever want to be in the position I was in when I filed chapter 13 in 2007.
So checking my credit reports and my fico scores, even my fako scores, is very important to me.
I can't seem to get my TU score to move, but at some point,hopefully, it will go up a little.
I appreciate 'all' the responses and am so glad I found this forum. I spend at least 1 hour per night checking out questions and answers. I have learned a lot. So thanks to everyone.