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Member
Posts: 11
Registered: ‎12-16-2007
0

Factoring age into scoring?

Hi everybody, I've read the forums here for awhile, thought I would go ahead and start posting! After getting up to speed on some things I've read here, I went ahead and signed up for ScoreWatch. Right now it shows my Equifax at 712! I know it's a pretty good score, but my biggest detractors seem to be average age of account and short credit history. My question is... Considering I am only 21 years old, how long will I typically have to wait until I see a dramatic improvement (20-30+ points) in those areas? It seems in order to be a "high achiever" I need to be in my 40s. This might have something to do with the "bucket" system I'm still not familiar with. Thanks everyone for your helpful insights.
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Factoring age into scoring?

Yep- your in a new to credit bucket.
Keep the UTL down, never be late, don't apply for credit you don't need, and you will be GOLDEN.



mrchase928 wrote:
Hi everybody, I've read the forums here for awhile, thought I would go ahead and start posting! After getting up to speed on some things I've read here, I went ahead and signed up for ScoreWatch. Right now it shows my Equifax at 712! I know it's a pretty good score, but my biggest detractors seem to be average age of account and short credit history. My question is... Considering I am only 21 years old, how long will I typically have to wait until I see a dramatic improvement (20-30+ points) in those areas? It seems in order to be a "high achiever" I need to be in my 40s. This might have something to do with the "bucket" system I'm still not familiar with. Thanks everyone for your helpful insights.


Super Contributor
Posts: 8,197
Registered: ‎03-25-2007
0

Re: Factoring age into scoring?



mrchase928 wrote:
Hi everybody, I've read the forums here for awhile, thought I would go ahead and start posting! After getting up to speed on some things I've read here, I went ahead and signed up for ScoreWatch. Right now it shows my Equifax at 712! I know it's a pretty good score, but my biggest detractors seem to be average age of account and short credit history. My question is... Considering I am only 21 years old, how long will I typically have to wait until I see a dramatic improvement (20-30+ points) in those areas? It seems in order to be a "high achiever" I need to be in my 40s. This might have something to do with the "bucket" system I'm still not familiar with. Thanks everyone for your helpful insights.


If you do everything right I would expect an increase very time your average account age gets a year older.  Age is one thing that there is little we can do about!
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
Posts: 569
Registered: ‎04-26-2007
0

Re: Factoring age into scoring?

mrchase928,
 
Based on your EQ FICO score you are excercising good decision making skills, all you need to add to your efforts is, "PATIENCE".
 
Good Luck to ya'
FICO scores on November 17, 2014 (prior to applying for and being approved my mortgage)

EX=738
EQ=735
TU=754

FICO scores on March 4, 2015 after being approved for mortgage and buying the home, the mortgage isn't yet reporting.
EX- 689 EQ- 739 TU- 739
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