Help with credit history on report...

[669]

Pulled my report and the information below showed up on the negative side, I don't understand, can anyone explain.

If both of my numbers a better than the high achievers, then how can that be a short credit history?

Thanks for your input!

1. You have a short credit history.

Your oldest account was opened
24 Years, 1 Month agoFICO High Achievers [?] opened their oldest account 19 years ago, on average. Average age of your accounts
13 yearsMost FICO High Achievers [?] have an average age of accounts between 6 and 12 years.

1. Your FICO score measures the age of your oldest account and the average age of your accounts. In your case, either your oldest account was opened recently or the average age of your accounts is relatively low. People that do not frequently open new accounts and have longer credit histories generally pose less risk to lenders. Therefore, as your credit history lengthens and you pay your bills on time, this factor should have less of a negative impact on your score.

[haulingthescoreup]

Wow, that's bizarre!

Is your screen name (669) also your FICO score? Because I would think that with credit that old, and listed as your most important negative, you'd be well into the 780's and above.

When scores get really, really good, the negatives can get pretty farcical. It might mean that there are only 3 or 4 things to complain about for scoring purposes, and this one is the least minor, if that makes any sense.

[creditwherecreditisdue]

What is the score on that report and what are the other negatives (in order from 1-3 or 1-4). I'll bet this is the number 3 or 4 reason. Either that or you have very high FICO's and this is the only reason (760-800).

[669]

  Hello haulingthescoreup and creditwherecreditisdue, my screen name is 669 (that was my score when i joined the Fico family).

My current score EQ is 688 and below are the negatives listed on my latest report, the collections are from 2004 so along with the 26% I understand where my problems are, but the short credit history is odd, it has never shwoed up on my EQ report for the past 2 years that I have been a member here.

Thanks

1. You have a collection on your credit report.

   Number of collections on your credit report
   2 CollectionsVirtually no FICO High Achievers [?] have a collection listed on their credit report.

   The presence of a collection [?] is a powerful predictor of future payment risk. If this is valid, paying off the collection will not remove it from your credit report. The fact that it occurred is still predictive of future payment risk and will be considered by your FICO score. However, as this item ages and falls off of your credit report, its impact on your score will gradually decrease. Most collections stay on your report for no more than seven years.

2. You've made heavy use of your available revolving credit.

   Ratio of your revolving balances to your credit limits
   26%For FICO High Achievers [?], this ratio is 7%, on average.

   Your FICO score evaluates your total revolving credit [?] balances in relation to your total credit limits on those accounts. In your case, this ratio of balances to credit limits is too high.

   Keep this in mind: This credit usage ratio is one of the most important factors to your FICO score, so you should work on paying down your balances. Your FICO score looks at the ratio of revolving debt, but not in which accounts the debt resides. Therefore, consolidating or moving your debt from one account to another will usually not help your FICO score since the same total amount is owed.

3. You have a short credit history.

   Your oldest account was opened
   24 Years, 1 Month agoFICO High Achievers [?] opened their oldest account 19 years ago, on average. Average age of your accounts
   13 yearsMost FICO High Achievers [?] have an average age of accounts between 6 and 12 years.

   Your FICO score measures the age of your oldest account and the average age of your accounts. In your case, either your oldest account was opened recently or the average age of your accounts is relatively low. People that do not frequently open new accounts and have longer credit histories generally pose less risk to lenders. Therefore, as your credit history lengthens and you pay your bills on time, this factor should have less of a negative impact on your score.

[creditwherecreditisdue]

That pretty much confirms what I suspected. That third reason is there pretty much because the engine has to spit out a third reason. It is meaningless. What reported as the #3 reason before?

There is some good news for you however. Paying down that UTIL to 9% or less should work wonders for your scores. UTIL paydown is solely under your control - nobody stands in your way, nobody has to approve. Another way of UTIL management is CLI/adding new accounts. That requires approvals, but will work just as well.

You also can work on PFD/GW for the collections. Hopefully someone will relent and give you a break!

[669]

creditwherecreditisdue, that makes some since.  My report from 6/09 shows the third place negative as a recent collection, but the 2 collections that appear are from the same time period, 2004.  The 4 negative listed was consumer finance accounts which does not show up on the most resent report.

I am in the process of getting my UTL down by paying down and CLI ($11,700 in June) not bad in this economy.  That one negative about the length of credit history was really bothering me.

I have tried the GW on the collection, but they will not budge, they are both for medical and will fall of in 2 years.

Thanks aging for our help

[creditwherecreditisdue]

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@669 wrote:

creditwherecreditisdue, that makes some since.  My report from 6/09 shows the third place negative as a recent collection, but the 2 collections that appear are from the same time period, 2004.  The 4 negative listed was consumer finance accounts which does not show up on the most resent report.

I am in the process of getting my UTL down by paying down and CLI ($11,700 in June) not bad in this economy.  That one negative about the length of credit history was really bothering me.

I have tried the GW on the collection, but they will not budge, they are both for medical and will fall of in 2 years.

Thanks aging for our help

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If that is the worst thing they could come up with to insert in position three you are in good shape. Don't worry about it!

I would hammer away with monthly GW letters on both CA's until they fall off. This is siege warfare and you have nothing to lose!

[Anonymous]

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@669 wrote:

creditwherecreditisdue, that makes some since.  My report from 6/09 shows the third place negative as a recent collection, but the 2 collections that appear are from the same time period, 2004.  The 4 negative listed was consumer finance accounts which does not show up on the most resent report.

I am in the process of getting my UTL down by paying down and CLI ($11,700 in June) not bad in this economy.  That one negative about the length of credit history was really bothering me.

I have tried the GW on the collection, but they will not budge, they are both for medical and will fall of in 2 years.

Thanks aging for our help

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If they are both medical and both paid then try the HIPAA process as they should stop reporting those after they are paid