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Does the oldest account matter ... ?

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llecs
Moderator Emeritus

Re: Does the oldest account matter ... ?

They might be watching, but I wouldn't think they'd ask you to remove yourself if you already have TLs on your own. If it is on your CR, they'd still score it. It can't be ignored per FICO. I think you are good to go.

Message 11 of 18
MamboItaliano
Frequent Contributor

Re: Does the oldest account matter ... ?

What I mean is that they are going to remove it in their calculations when coming up with their enhanced score, not actually ask me to remove it myself.

 

I hope you're right, though. I get the feeling that account tows the line for me right now. 


 

Re-entered the garden on 9/16/2013.


Starting Score: (TU) 517 (EQ) 469 (EX) 519 (6/1/2010)
Current Score: (TU98) 714 (TU04) 712 (EQ Beacon 5.0) 672 (EX -FICO v2) 724 (6/13/13)
Goal Score: 700 Club for all 3 (2 out of 3 so far)


Take the FICO Fitness Challenge
Message 12 of 18
llecs
Moderator Emeritus

Re: Does the oldest account matter ... ?

Maybe someone might know for sure, but I don't think lenders have the ability to exclude a TL from FICO calcs. It's either 100% or nothing. Now they can internally exclude certain TLs for DTI calcs, overlook old baddies, etc. But I think for FICO it is all or nothing. That was the issue with FICO and AUs before. Lenders wanted AUs excluded because of piggybacking. FICO reviewed the Equal Credit Opportunity Act and they interpreted the law that they cannot exclude AUs at all when calculating the FICO score off your report.

Message 13 of 18
MamboItaliano
Frequent Contributor

Re: Does the oldest account matter ... ?

Oh, good news for me.

 

Was there a statement made or a PR piece or something from FICO concerning that? I love the history of such things.

Re-entered the garden on 9/16/2013.


Starting Score: (TU) 517 (EQ) 469 (EX) 519 (6/1/2010)
Current Score: (TU98) 714 (TU04) 712 (EQ Beacon 5.0) 672 (EX -FICO v2) 724 (6/13/13)
Goal Score: 700 Club for all 3 (2 out of 3 so far)


Take the FICO Fitness Challenge
Message 14 of 18
llecs
Moderator Emeritus

Re: Does the oldest account matter ... ?

http://www.fico.com/en/Company/News/Pages/07-31-2008.aspx

 

And I forgot to mention that the AU-bit, had they been removed, would have only occurred in newer versions, of which not many lenders are using now anyway.

Message 15 of 18
MattH
Senior Contributor

Re: Does the oldest account matter ... ?

I believe the public policy issue behind the decision not to remove AU accounts was that many AU accounts are stay at home spouses who might have thin files without the AU accounts. This would be less of an issue for two-income couples such as my wife and I: she is an AU for one card on which I am the primary account holder, but each of us has accounts that are not shared. The mortgage is of course in both our names as co-borrowers.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Message 16 of 18
Crashem
Valued Contributor

Re: Does the oldest account matter ... ?

Even in the new FICO scores that discount AUs, it only discounts in the case of "piggybacking."  If it is your wife's AU account, you are fine even with the new FICO scoring models.  Additionally, I don't think there is a way to quote/unquote remove something from your credit report and getting a new FICO score.  Your score will be whatever the scoring model says.  Upon manual review, they might notice things that make them not give you a loan, but I don't think there is a way for them to rescore you by pretending certain things aren't there on your report.  But remember manual review will be looking at lots of things from DTI, employment history, other things, and potentially how much AU is making up of your credit score.  But if you get approved, pretty sure they will just use your FICO to determine your interest rate.  They pretty much have to use FICO to determine credit risk as they typically package up loans and sell them and all external parties use FICO to determine the credit risk of the package of loans.

 

As for your original quesiton, both length of history as well as AAoA matter.

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Message 17 of 18
MamboItaliano
Frequent Contributor

Re: Does the oldest account matter ... ?

All fantastic information. Thanks folks.

Re-entered the garden on 9/16/2013.


Starting Score: (TU) 517 (EQ) 469 (EX) 519 (6/1/2010)
Current Score: (TU98) 714 (TU04) 712 (EQ Beacon 5.0) 672 (EX -FICO v2) 724 (6/13/13)
Goal Score: 700 Club for all 3 (2 out of 3 so far)


Take the FICO Fitness Challenge
Message 18 of 18
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