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I guess age of credit counts for a lot

Valued Contributor

I guess age of credit counts for a lot

Comparing TU/Ef/Eq and the FICO scoring is weird as they are all different but the most striking is Ex/Eq:

Eq=657.
11 Years
3 Good Accounts
Recent Paid Collection
7 Year old Cap1 CO

Ex=662
Same But
18 Years
2 Open Collections (from 6 years ago but recent payments re-aged I guess)
Additional Paid Recent Collection
2 Bally COs (6 years)
Additional 7 YO CC CO
Recent Judgement (from 6year old debt, that's when it all went bad)

So Experian has all the same info PLUS 6 'baddies'
BUT 18 vs 11 year history and is 5 points *higher*

Still hoping to get on parents AU with it's 35 year old history to bump scores up, based on this it looks like it could make a huge difference.

TU kind of a weird mix of the two, still within 5 points or so.
MyFico Scores (TU/Exp/Efx):

11/02/08 696 / 695/ 737- 5/4/08: 667 / 703 / 668 - 11/07 Low 500s All (Fako)
3 REPLIES
Senior Contributor

Re: I guess age of credit counts for a lot

Yes. Length of credit history accounts for 15% of your total FICO score.

Look at the pie chart to see the importance of the factors that make up your FICO scores:

http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx
"Never ever, ever be late. Never" (FUTR)
Valued Contributor

Re: I guess age of credit counts for a lot

I have seen that pie chart and it still makes no sense to me.

If Card 1 and Card 2 share common good/bad accounts but Card 1 has 7 baddies with balances, that bad history accounts for 65% of the score (payment history, balances).

On the other hand, the 'clean' card's only advantage is 18 years vs 11 (11 still being a good credit length) which calculates the advantage in at 15%.

Not sure if all the CRAs actually use the same algorithm or not.
MyFico Scores (TU/Exp/Efx):

11/02/08 696 / 695/ 737- 5/4/08: 667 / 703 / 668 - 11/07 Low 500s All (Fako)
Highlighted
Community Leader
Epic Contributor

Re: I guess age of credit counts for a lot

I dont understand your math.  Sure, utilization + payment history together account for 65% of total FICO score, but each are based on both individual cards and combined.  A bad history, either in terms of payment baddies or high utilization, on a sinngle card does not account for 65% of total score.  As for length of credit, it is based on both average and oldest, so the oldest card wont account by itself for 15% of total FICO.