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Established Contributor
Boscoe
Posts: 660
Registered: ‎09-11-2007
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Age of credit file - What are the mileposts?

My wife has a relatively short credit file.  Oldest TL is 6 years, 6 months (4/2001).  PrivacyAssist that I am now trying out says that anything below 7 years is considered "short", and less than 3 is almost like a new file.
 
What are the "mileposts" for age?    7 years until 'good'?  15 years until 'great'?  30 years until 'optimal'?
 
Please share your knowledge.  She will hit 7 years next April, at which time her scores should improve, no?
Established Contributor
Boscoe
Posts: 660
Registered: ‎09-11-2007
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Re: Age of credit file - What are the mileposts?

bump............please respond.  Thanks.
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MidnightVoice
Posts: 8,157
Registered: ‎03-25-2007
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Re: Age of credit file - What are the mileposts?

For high achievers they like 6 plus for average and over 15 for oldest.  Approximately
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Established Contributor
Boscoe
Posts: 660
Registered: ‎09-11-2007
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Re: Age of credit file - What are the mileposts?

High Achievers we are not.
 
What avg and oldest aging is necessary for a 740-750 FICO score?  Not looking for 800 at this point, just at what point does aging not result in a "factor that is lowering your score"????
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fused
Posts: 16,373
Registered: ‎03-12-2007
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Re: Age of credit file - What are the mileposts?



Boscoe wrote:
High Achievers we are not.
 
What avg and oldest aging is necessary for a 740-750 FICO score?  Not looking for 800 at this point, just at what point does aging not result in a "factor that is lowering your score"????



Unfortunately, nobody knows the answer to this. It really depends on which bucket you're in.
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Age of credit file - What are the mileposts?

[ Edited ]
aaarrgghhhh... fused, that's just cruel. Isn't average and overall length of credit one of the drivers of buckets? You were the one who suggested that it was my going from 3 av/ 12 longest to 4 av/ 18 longest that reassigned me!

There must be some sort of step system. Boscoe, when I got re-assigned, the "for instance" that FICO gave me was moving from new credit user to having 2-5 years or longer. So maybe that means that there's a divide at 2 years, and again at 5 years. Here's the message that I got:

You moved from one category of credit users to another as time passed. For example, you may have transitioned from the category "consumers with a new credit history" to the category "consumers with a two- to five-year credit history". As a result, your credit report is evaluated differently, causing a slight change in your score. The good news is that moving between categories like this usually offers you the potential to reach a higher FICO® score in the future.

Of course, it's a hypothetical example, and in fact I went from 12 to 18 years, but maybe it's a glimpse into the dark secret world of FICO and credit history stages. :smileysurprised:

edit: I'm guessing that, unless you're a college freshman with minimal but clean history, you need to have 5 years on your longest TL to realistically look for a chance at 740's - 750's, as long as everything else is good.

Message Edited by haulingthescoreup on 11-02-2007 04:50 PM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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fused
Posts: 16,373
Registered: ‎03-12-2007
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Re: Age of credit file - What are the mileposts?



haulingthescoreup wrote:
aaarrgghhhh... fused, that's just cruel. Isn't average and overall length of credit one of the drivers of buckets? You were the one who suggested that it was my going from 3 av/ 12 longest to 4 av/ 18 longest that reassigned me!

There must be some sort of step system. Boscoe, when I got re-assigned, the "for instance" that FICO gave me was moving from new credit user to having 2-5 years or longer. So maybe that means that there's a divide at 2 years, and again at 5 years. Here's the message that I got:

You moved from one category of credit users to another as time passed. For example, you may have transitioned from the category "consumers with a new credit history" to the category "consumers with a two- to five-year credit history". As a result, your credit report is evaluated differently, causing a slight change in your score. The good news is that moving between categories like this usually offers you the potential to reach a higher FICO® score in the future.

Of course, it's a hypothetical example, and in fact I went from 12 to 18 years, but maybe it's a glimpse into the dark secret world of FICO and credit history stages. :smileysurprised:

edit: I'm guessing that, unless you're a college freshman with minimal but clean history, you need to have 5 years on your longest TL to realistically look for a chance at 740's - 750's, as long as everything else is good.

Message Edited by haulingthescoreup on 11-02-2007 04:50 PM


Credit history/average-age of accounts calculations are Top Secret. All I know is these calculations must first factor what bucket you're in after that, let the guessing begin. What you wrote seems plausible but who really knows what the hard numbers (or milestones) are, averages as far as I'm concerned are not helpful.
 
Yes, it is certainly possible for someone to have a thin file and a short credit history and have scores of 740 or better. FICO, I understand, has such a bucket for these types of files.
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Senior Contributor
imducky
Posts: 3,432
Registered: ‎08-27-2007
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Re: Age of credit file - What are the mileposts?

my goodness high social standings weren't anywhere near as complex and discouraging as fico scoring. almost seems to be a popularity contest, i want fico to like me better i'll pif, no me i'll use 1-9% and pif, etc, etc, .....
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Age of credit file - What are the mileposts?

Just like junior high school all over again, isn't it???
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Re: Age of credit file - What are the mileposts?



Boscoe wrote:
High Achievers we are not.
What avg and oldest aging is necessary for a 740-750 FICO score? Not looking for 800 at this point, just at what point does aging not result in a "factor that is lowering your score"????



I don't think the average age will pull down the score all that much. I know a lot of people who obtain new credit all the time and close cards constantly who have scores in the mid to upper 700's.

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