topic Re: Account turned 1 year old in Understanding FICO® Scoring

Account turned 1 year old

Red1Blue — Fri, 15 May 2020 11:06:12 GMT

Since last year I opened a string of new accounts ( about 11) . One of the account turned 12 months old today. Another 2 accounts should turn 12 months old next month and soon others should start turning 12 months old in every few months. Hopefully my scores should get a boost as all these new accounts turn 12 months old by next April.

Re: Account turned 1 year old

Anonymous — Fri, 15 May 2020 11:13:29 GMT

You could easily see a 10-15 point jump when the youngest hits a year of age. I've seen sporadic 1-3 point gains when individual non-youngest cards have hit a year, but I did not try to isolate those birthdays against anything else that could've been going on at the same time. It's possible that you may pick up a point or two here and there when others age past 12 months but that may be profile-dependent also.

Regardless with 11 new accounts, you absolutely need to not app for anything for at least a year.

Re: Account turned 1 year old

Red1Blue — Fri, 15 May 2020 12:41:02 GMT

@Anonymous wrote:
Regardless with 11 new accounts, you absolutely need to not app for anything for at least a year.

Hi @Anonymous, Thank you very much for your post. First thing, I am not going to app any more in the foreseable future. Of the 11 cards I have 7 are secured and well funded. When I was opening the secured cards I did not know different cards and features available. I know 4 out of 7 secured cards will graduate in the next 6-9 months and I am looking forward to that. I'll be glad if I can bring my scores into high 600s. I don't think I'll see much score gains due to COs and how they are hurting the scores with 90-120 day lates and Util. I got 6 out of 7 collections off the reports and I am settling the last one now and hopefully it should come off soon. Next I have to start working on some of the COs by settlements. I have about 12 COs that I am hoping to settle and get their balances show $0. When these are holding the scores, I am not much optimistic about large score increases. I am glad once my secured cards start graduating I can take out the deposit and move it other secured cards and beef them up. I have no more desire or interest to secure new credit. We will see.

Re: Account turned 1 year old

Remedios — Fri, 15 May 2020 13:06:57 GMT

You wont experience any gains because an account turned a year old.

If you want to see gains, you need to stop applying, which you said you would 9 cards ago.

Re: Account turned 1 year old

SouthJamaica — Fri, 15 May 2020 13:50:51 GMT

@Red1Blue wrote:
Since last year I opened a string of new accounts ( about 11) . One of the account turned 12 months old today. Another 2 accounts should turn 12 months old next month and soon others should start turning 12 months old in every few months. Hopefully my scores should get a boost as all these new accounts turn 12 months old by next April.

No I don't think you should expect anything like that at all. You will probably get a boost once you have gone 12 months without any new accounts.

Re: Account turned 1 year old

Red1Blue — Fri, 15 May 2020 15:22:28 GMT

@Remedios wrote:
You wont experience any gains because an account turned a year old.
If you want to see gains, you need to stop applying, which you said you would 9 cards ago.

Hi @Remedios, I have been in the FICO world since 2006 and once built scores from very low up to high 700s. I fell off the wagon in 2015/2016 due to pursuing higher education and family medical issues. I am building up ground up again. There is a reason why I opened different secured accounts since each offered a different feature like no foreign transaction fees, possible graudation. I have no regrets in opening those new accounts. The new account ding is lot less compared to the COs, CAs and 90-120 lates that are holding my scores. I am cleaning COs and CAs and eventually I should get a boost in my scores. The new account score ding, it is what it is. I am not looking back.

Re: Account turned 1 year old

Revelate — Sat, 16 May 2020 17:29:47 GMT

If you have CA's on your file don't expect any points.

AOYRA / new accounts aren't a factor there in my experience on that scorecard, you won't even see reason codes for it. AAOA only and those are few and far between. No such thing as mini AAOA on my data and being on the CA/BK/tax lien scorecard for as long as I was I am pretty sure it is accurate.

Re: Account turned 1 year old

Red1Blue — Sat, 16 May 2020 23:00:43 GMT

@Revelate wrote:
If you have CA's on your file don't expect any points.

AOYRA / new accounts aren't a factor there in my experience on that scorecard, you won't even see reason codes for it. AAOA only and those are few and far between. No such thing as mini AAOA on my data and being on the CA/BK/tax lien scorecard for as long as I was I am pretty sure it is accurate.

Hi @Revelate, I did not quite understand your message about AAOA and other things. What am I looking for here in my Report ? I do have one last collection that should come off soon. May be in next 6 weeks I think. After that I am working on COs. I have about 14 COs that should come down to $0 in the next 3-6 months. Not sure what score gains I would see. Also all the new accounts should turn 1 year old bu that time. What is your comment on AAOA ?

Re: Account turned 1 year old

Revelate — Sun, 17 May 2020 02:05:58 GMT

Paying down 14 CO's is a lot of changes.

What I was trying to convey was someone upthread talking about micro AAOA changes: no such thing, and the smaller apparently AAOYRA changes aren't in your scorecard at all.

Re: Account turned 1 year old

Anonymous — Sun, 17 May 2020 03:11:37 GMT

to piggy back on this.... Do installment loans aging to 1 year give you a score increase or only revolvers?

Re: Account turned 1 year old

SouthJamaica — Sun, 17 May 2020 12:52:10 GMT

@Anonymous wrote:
to piggy back on this.... Do installment loans aging to 1 year give you a score increase or only revolvers?

No an installment loan aging to 1 year does not give you a score increase.

No a revolving account aging to 1 year does not give you a score increase.

Re: Account turned 1 year old

Anonymous — Tue, 19 May 2020 07:30:50 GMT

@Red1Blue wrote:
@Remedios wrote:
You wont experience any gains because an account turned a year old.
If you want to see gains, you need to stop applying, which you said you would 9 cards ago.
Hi @Remedios, I have been in the FICO world since 2006 and once built scores from very low up to high 700s. I fell off the wagon in 2015/2016 due to pursuing higher education and family medical issues. I am building up ground up again. There is a reason why I opened different secured accounts since each offered a different feature like no foreign transaction fees, possible graudation. I have no regrets in opening those new accounts. The new account ding is lot less compared to the COs, CAs and 90-120 lates that are holding my scores. I am cleaning COs and CAs and eventually I should get a boost in my scores. The new account score ding, it is what it is. I am not looking back.

@Red1Blue There is no "New account ding" in a dirty scorecard. That's AAOA, AAORA, and Utilization changes, as applicable.

Edit: Responded before I saw it had already been answered. But likewise, don't expect points when the youngest revolver hits 12 months either, because of your scorecard.

@AnonymousIt is when your youngest revolver turns 12 months old on a clean profile.

Re: Account turned 1 year old

AzCreditGuy — Tue, 19 May 2020 17:08:46 GMT

This board is confusing at times, so one should NOT expect any gains from a clean profile after 1 year? I have 6 CCs and 1 Loan turning a year after July

Re: Account turned 1 year old

Ficoproblems247 — Tue, 19 May 2020 17:14:17 GMT

@AzCreditGuy wrote:
This board is confusing at times, so one should NOT expect any gains from a clean profile after 1 year? I have 6 CCs and 1 Loan turning a year after July

The opposite. The new account penalty is for a CLEAN scorecard. You should NOT expect gains on a dirty card, as no points were lost for that specific reason to begin with. With a CLEAN card, you should gain the points for that specific penalty back.

Re: Account turned 1 year old

Anonymous — Tue, 19 May 2020 17:27:30 GMT

+1. Exactly you only get the gain if you’re on a clean profile when your youngest revolver turns 12 months.

Re: Account turned 1 year old

Anonymous — Tue, 19 May 2020 17:38:58 GMT

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/General-Scoring-Primer-and-Version-8-Master-Thread-rev-5-17-20/m-p/6025676#M169779

See section D. 1. for more information.

Edit: Also read section A, really all of it.