06-19-2007 03:09 PM - edited 06-19-2007 04:51 PM
07-09-2007 10:43 AM
07-09-2007 11:09 AM
If someone has a record of credit for 20 years without many outstanding balances, several inquiries or one or two newly opened accounts would not represent inordinate risk. However, if her history is short (e.g., 2-3 years) and her file contains a group of recently opened new accounts, it would be a reason for lenders to be cautious, particularly if balances are building up quickly or there are early indications of mild delinquency
Older, more established reports generally indicate lower risk. For example, credit histories with accounts open for 10 or more years with few outstanding balances and one or two newly opened accounts would not be considered a high risk, but a shorter credit history with one or two newly opened accounts would represent a higher level of risk.
07-09-2007 11:15 AM