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Established Contributor
Posts: 660
Registered: ‎09-11-2007
0

Determination of Oldest Account

Question is - why doesn't FICO use the date that the CRA opened your file as oldest date for aging purposes?
 
My TU file, for example, was opened 2/1985 when I applied for a Mellon Bank card while I was in college.  I subsequently closed this card a couple years later when I upgraded to Citi and AMEX.  Now, obviously, the Mellon card has fallen off my CR's and I lost all that history.
 
Can anyone comment on why this date is not used?  I know all the CRA's keep it in their system.   It is not accurate to say that my credit history is less than 1985, yet that is how our FICO's are calculated.
 
 
Also - does FICO use the oldest account, period, or do they use the oldest REVOLVING account?   I would guess that a number of people have an old mortgage and credit cards not open quite as long....
 
 
Established Contributor
Posts: 951
Registered: ‎12-04-2007
0

Re: Determination of Oldest Account

The only positive I have in "helping my score" is my length of credit history.  :smileyhappy:  Although all the rest is "bad"   I have stuff that goes back to 1995 still showing on my report. 
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Determination of Oldest Account

They use both-
Oldest account and oldest revolving account in scoring.
 

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