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pizzadude
Posts: 9,674
Registered: ‎01-28-2010
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Re: Installment Loan (HELP)

It's not that on~time payments will help your score in the same way that late payments hurt your score.

The account age is a factor in FICO scoring ~ older accounts contribute to a longer AAoA
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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Drew
Posts: 236
Registered: ‎03-27-2007
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Re: Installment Loan (HELP)


pizzadude wrote:
It's not that on~time payments will help your score in the same way that late payments hurt your score.

The account age is a factor in FICO scoring ~ older accounts contribute to a longer AAoA

So, in short, the number of OK payments are not weighed in the FICO score?  Only the date the account was opened, without lates, effect the scoring model?

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guiness56
Posts: 22,406
Registered: ‎01-17-2008
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Re: Installment Loan (HELP)


Drew wrote:

pizzadude wrote:
It's not that on~time payments will help your score in the same way that late payments hurt your score.

The account age is a factor in FICO scoring ~ older accounts contribute to a longer AAoA

So, in short, the number of OK payments are not weighed in the FICO score?  Only the date the account was opened, without lates, effect the scoring model?


Basically, yes.  You are not rewarded for making ontime payments because it is expected that you will.    Negatives always impact your score.

 

The open date, with or without lates is factored into AAoA.  Any OC account, open, closed, good or bad is factored into AAoA.


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