topic Re: Score Boost from Accounts Aging 1 Month? in Understanding FICO® Scoring

Score Boost from Accounts Aging 1 Month?

Queen_Etherea — Thu, 25 Oct 2018 15:33:41 GMT

Just wanted to share a little data for everyone!

Got an EX alert this morning that my score went up AGAIN! This time it was only 6 points, which puts me at 69 freaking 9. Couldn't just give me that one last point, huh?

Anyways, it appears that one of my inquiries fell off my EX report. So I got a 6 point boost from one teeny tiny inquiry falling off.

Do you get any kind of point boosts when your new accounts age 1 month?

Re: Score Boost from Accounts Aging 1 Month?

Anonymous — Thu, 25 Oct 2018 15:40:10 GMT

Some score theorists like Thomas Thumb have conjectured that FICO may give some relief when new accounts turn 3 months, then 6 months, then 12.

A separate score factor is the Age of Youngest account, and I think TT has suggested the same breakpoints might exist there.

I don't think anyone has suggested that FICO gives any kind of boost for going from 0 months to 1 month.

Re: Score Boost from Accounts Aging 1 Month?

Anonymous — Thu, 25 Oct 2018 16:18:17 GMT

@Queen_Etherea
Anyways, it appears that one of my inquiries fell off my EX report. So I got a 6 point boost from one teeny tiny inquiry falling off.

You wouldn't receive a 6 point boost from an inquiry falling off. Falling off suggests it reached 2 years in age. Is that correct? Inquiries while present on your CR for 2 years become unscoreable at the 1 year mark, meaning that you'd get any boost associated with that inquiry at that time. There would be no more points gain wise seen at the 2 year mark, as they would have already been realized a year prior.

Re: Score Boost from Accounts Aging 1 Month?

Queen_Etherea — Thu, 25 Oct 2018 21:01:35 GMT

@Anonymous wrote:
@Queen_Etherea
Anyways, it appears that one of my inquiries fell off my EX report. So I got a 6 point boost from one teeny tiny inquiry falling off.

You wouldn't receive a 6 point boost from an inquiry falling off. Falling off suggests it reached 2 years in age. Is that correct? Inquiries while present on your CR for 2 years become unscoreable at the 1 year mark, meaning that you'd get any boost associated with that inquiry at that time. There would be no more points gain wise seen at the 2 year mark, as they would have already been realized a year prior.

Ohhh... Then literally nothing else changed since Monday when I got the 27 point increase. My score was updated this morning to 6 points and I've scoured my credit report and see no differences between today and Monday. Why does this whole credit thing have to be so confusing?

OH!! My Capital One card is now a baby 1 year old! Would that have been the 6 point increase?

Re: Score Boost from Accounts Aging 1 Month?

Anonymous — Sat, 27 Oct 2018 07:28:21 GMT

Was that your youngest account?

If so, yes, your AoYA moving from 11 months to 12 months would most definitely result in a significant score gain. Usually this is to the tune of 15-20 points, though.

Re: Score Boost from Accounts Aging 1 Month?

Queen_Etherea — Mon, 29 Oct 2018 14:31:20 GMT

@Anonymous wrote:
Was that your youngest account?

If so, yes, your AoYA moving from 11 months to 12 months would most definitely result in a significant score gain. Usually this is to the tune of 15-20 points, though.

My last account was opened at the beginning of this month. I believe it was my PenFed accounts. All of credit cards (except Wells Fargo and Cap One) were opened in September/October of this year.

Re: Score Boost from Accounts Aging 1 Month?

Anonymous — Tue, 30 Oct 2018 02:49:12 GMT

Gotcha. You would expect to see no score gain at all related to AoYA in it moving from 0 months to 1 month. Whether or not your AAoA crosses a threshold with the 1 month of aging is a possibility, though.

Re: Score Boost from Accounts Aging 1 Month?

Thomas_Thumb — Wed, 31 Oct 2018 12:39:22 GMT

It looks like OP information is lacking on this thread. It would be helpful to know age of oldest credit card and total QTY of credit cards over and under 1 year age. For those under 12 months what is the age of each card?

Undoubtedly the OP is taking a score drop for too many cards recently opened. This penalty is in addition to youngest account being less than 12 months old. Sure, each inquiry that reaches 12 months age has the potential to boost score slightly. That likely happened for the IQY associated with the "baby 1 YO card"

Re: Score Boost from Accounts Aging 1 Month?

Queen_Etherea — Wed, 31 Oct 2018 15:22:01 GMT

@Thomas_Thumb wrote:
It looks like OP information is lacking on this thread. It would be helpful to know age of oldest credit card and total QTY of credit cards over and under 1 year age. For those under 12 months what is the age of each card?

Undoubtedly the OP is taking a score drop for too many cards recently opened. This penalty is in addition to youngest account being less than 12 months old. Sure, each inquiry that reaches 12 months age has the potential to boost score slightly. That likely happened for the IQY associated with the "baby 1 YO card"

My oldest card is only 1 year and 8 months old. (Wells Fargo Secured)

Then I got my Capital One exactly 1 year ago. (Oct 2017)

Every other card/new auto loan was opened in Sept and Oct of this year.

So that's 1 card over 12 months, one card exactly at 12 months, and all the rest (7) under 12 months.

I did have a few inquiries that reached the 1 year mark, and about 3 more that will reach one year in Dec.

If you need any other info, just ask! Also, all the info is in my signature. If you hover over the cards with your mouse, you can see the dates the cards were opened and the limits.