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Valued Member
Posts: 40
Registered: ‎04-05-2009
0

Someone PLEASE explain!!!

[ Edited ]

On the 1st page of my credit report here it says my "length of credit history" is "very good." When I go to the next page it lists length of credit history as one of the factors hurting my credit score. Below is the comment listed. This makes no sense to me. 1.) If I have a "very good" length of credit history, how can it be hurting my score?

2.) Even going by what the say below, it looks like I'm in the range of those high achievers in regards to this factor. On the first page, it also says my amount of new credit is very good, if that has anything to do with it.

 

 

You have a short credit history.

Your oldest account was opened20 Years, 1 Month agoAverage age of your accounts7 years

FICO High Achievers [?]opened their oldest account 19 years ago, on average.
Most 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.

Established Contributor
Posts: 573
Registered: ‎10-21-2012
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Re: Someone PLEASE explain!!!

I have that same thing. <shrug>  Doesn't make sense.  I asked that same question back in October when I was getting started and no one had an explanation. 



Starting Score: TU:584 | EQ 584
Current Score: TU FICO: 711 | EQ FICO 713 | EX (USAA FAKO) 779
Goal Score: 780 across the board


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Valued Member
Posts: 36
Registered: ‎05-12-2008
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Re: Someone PLEASE explain!!!

I have the the exact same thing as well.

My oldest account is 22 years with an AAoA of 11 years.  This started popping up recently when I recognized a score increase of about 50 points so the only thing I can think of is it could be due to rebucketing.  It's frustrating as TU shows account history as GREAT while EQ shows as Very Good now but with it listed as a Negative factor.  I wonder just how much the negative factor is hurting the score?  Sorry, no real magic answer just my 2cents.


Starting Score: EQ:630 TU:682 June 2012
Current: EQ:830
Goal: reached
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Someone PLEASE explain!!!

Compared to everyone else within your scoring bucket, your history is younger than average. Had you had a 25 yr history or 10 yr AAoA, for example, your score might be a tad bit higher. This comment is found on your 2nd page of your FICO report which shows the top things hurting your FICO the most, right? I bet this is the last one one the list. These are ranked in order.

Valued Member
Posts: 36
Registered: ‎05-12-2008
0

Re: Someone PLEASE explain!!!

Thanks.. yes, mine is showing as the last neg on the list so I assume it isn't hurting all that much but still a bit disconcerting that a 22 year history just isn't long enough.  Time will tell.


Starting Score: EQ:630 TU:682 June 2012
Current: EQ:830
Goal: reached
Valued Member
Posts: 40
Registered: ‎04-05-2009
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Re: Someone PLEASE explain!!!

It is the last one on my list as well. My history is 20 years and I'm 38 years old. Exactly how much longer could it possibly be?

 

Does this sound like rebucketing? 

 

April 3: 

My score goes up 22 points probably due to utilization down from 64% to 47%

Length of credit history say "Great" and is listed as one of the factors helping my score

 

April 12:

My score goes down 23 points (haven't figured this one out yet)

Length of credit history still says "Great" and is listed as one of the factors helping my score

 

April 18:

My score goes up 16 points probably due to utilization down from 47% to 18%

Length of credit history now says "Very Good" and is now listed under factors hurting my score

 

May 1:

My score goes down 19 points although utilization is down from 18% to 10% (I see no other changes!)

Length of credit history says "Very Good" and is listed as hurting my score

 

Any insight?

Valued Contributor
Posts: 1,978
Registered: ‎04-07-2009
0

Re: Someone PLEASE explain!!!

Have you opened any new accounts recently?

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
Valued Member
Posts: 40
Registered: ‎04-05-2009
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Re: Someone PLEASE explain!!!

No, I haven't.

Established Contributor
Posts: 805
Registered: ‎02-01-2008
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Re: Someone PLEASE explain!!!

I feel like the better the report is, the more they reach for something to put on the negative side, just so you know what you could improve on.  So while you might have a "very good" length of history overall, it might still be hurting your score more than any other factors... If that makes any sense lol  It's all speculation though.

Start 2/2008: TU 495 || EX 539 || EQ 528
Now 5/2013: TU 716 || EX ??? || EQ 702

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Frequent Contributor
Posts: 348
Registered: ‎02-27-2013
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Re: Someone PLEASE explain!!!

I have this too my latest score jumped after one account went from 124 to zero. However it was account that had a 60 day late that made it to older than 90 days.
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Starting Score: 534
Current Score: 682 EQ SW 660 TU 636 EX 3/26/13
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