Short history is hurting me but I'm only 20 years old

[arjames01]

I checked all 3 of my reports and they all said I had a short account history. Well yeah! I got credit when I was 18. Is this something that will change in time? It's counted as one of the things that is hurting me, but I'm not sure how to fix that? Just let my history age, I suppose?

[Chopbrocoli]

I am on the same boat with you. Just let it age and have the accounts in good standing. Thats the only thing you can do for that part. But in the mean time, you can create a good foundation by having a good mix of credit, low utilization, and flawless payment history.

[SCF]

You got it, the only way to get more history on your own is to let you accounts age.  One option that you might want to look into if your scores need a quick boost is being added as an AU on one of your parents older cards.  The account you are an AU on will be added to your report and will increase the AAoA for you.

Of course, that requires that you know someone (preferably who's related to you, hopefully someone else can chime in on the specifics of the FICO 08 changes to AU scoring) who has an older account with perfect payment history and low util, because if the account isn't squeaky clean you may lose more points from the negatives on the account than you gain from the age.

Good luck!

[arjames01]

Good suggestion! Problem with that is my parents have horrid credit.

[haulingthescoreup]

Hey, what's the hurry? If you're in college, by the time you graduate, you should have scores at 740 and above. My middle kid, AKA the disciplined one, was in your boat, and now at age 23, she's in the 760's and better --impeccable history and shredding offers daily.

Do learn about how your balances report, and how you can control this for the benefit of your scores.

You have to start somewhere, you know.

[arjames01]

Along with short history, are my student loans affecting my FICO right now, since I am still in school? Or are they just kinda hanging there not doing anything?

[haulingthescoreup]

If anything, they are helping you, if they're on your reports, because they're helping your mix of credit. Util on installment is pretty insignificant.

My older daughter has medical school loans on her reports, and you can imagine how ugly they are!

[Chopbrocoli]

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@arjames01 wrote:
Along with short history, are my student loans affecting my FICO right now, since I am still in school? Or are they just kinda hanging there not doing anything?

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If it is a deferred loan, I dont think it has any affect on your score since there is no payment history and not active. But once the loan is currently active with set monthly payments, then its factored into the scoring model I believe.  

[Anonymous]

Hey arjames01,

            I am trying to be like u. get my scores to 700's.right now i am 19 years old. i have 16 credit cards and i have promise myself not apply for anymore credit card till 2011.hopeffully  that will boost my score to the 700's.

my current scores are:

EXP=706 TRANS=642 EQU=619

[arjames01]

 Okay, cause the only reason I asked that was it was factored into number of accounts, or something of the sorts. I don't have a ton of SL debt. I am currently only $43k in debt with SLs. I just wanted to make sure it wasn't hurting me cause I only make about $6500 a year, working part time. LOL. My DTI would be insane if they did count, I'm assuming.

mandela

    wow 16 CCs is alot at 19. lol. I only have a few accounts that I try to keep active and keep low balances. Just keep making your payments on time and work on paying down balances!