topic Re: Youngest account Age question in Understanding FICO® Scoring

Youngest account Age question

Anonymous — Wed, 09 Dec 2020 15:14:02 GMT

Hello,

My youngest account was/is a installment loan that was for 6 months with DFCU. It "closed/never late" in Jun/2020. It does not show the monthly ok/green check marked circle since it was successfully closed out. I want to confirm that technically speaking this account still has to age 1 full year (middle of this this month) before I get the potential points (10-20) back for my youngest account to be aged 1 year, correct???

I am thinking the account(s) still age regardless of their status as long as they are showing on the report. Hoping the 10-20 points will nudge my mortgage scores a bit in couple weeks when the year mark hits!!!

Re: Youngest account Age question

Anonymous — Wed, 09 Dec 2020 15:28:25 GMT

The age of any account on your credit report (open or closed) increases by 1 month on the 1st of every month. Accounts do not age in the middle of a month. On your credit report what date does it say the account was opened? If it was opened sometime in December 2019, it reached 12 months of age on December 1, 2020, for example.

Re: Youngest account Age question

Anonymous — Wed, 09 Dec 2020 15:42:27 GMT

@Anonymous thanks so much for asking this question!

I really appreciate the detailed answer @Anonymous! Now I totally understand! Thanks for all you do for us in the community!!

Re: Youngest account Age question

Anonymous — Wed, 09 Dec 2020 16:34:37 GMT

@Anonymous Thank you!!!! Yes, mid December 2019 so points already accounted for in my current scores as of 1Dec2020.

Much Appreciated!!!!

Re: Youngest account Age question

Remedios — Thu, 10 Dec 2020 16:20:52 GMT

It's been my understanding that loans aren't awarded any points when reaching certain age, but instead via lowering utilization while loan is still opened. I didn't get any points when opened loan reached a year🤷‍♀️

I'm I wrong?

Re: Youngest account Age question

Anonymous — Fri, 11 Dec 2020 01:54:18 GMT

@Anonymous wrote:
Hello,

My youngest account was/is a installment loan that was for 6 months with DFCU. It "closed/never late" in Jun/2020. It does not show the monthly ok/green check marked circle since it was successfully closed out. I want to confirm that technically speaking this account still has to age 1 full year (middle of this this month) before I get the potential points (10-20) back for my youngest account to be aged 1 year, correct???

I am thinking the account(s) still age regardless of their status as long as they are showing on the report. Hoping the 10-20 points will nudge my mortgage scores a bit in couple weeks when the year mark hits!!!

It is also my understanding that installment loans do not get awarded points for hitting 1 year old.

I believe @Anonymous or @Anonymous would have an answer to that.

Re: Youngest account Age question

Anonymous — Fri, 11 Dec 2020 02:57:21 GMT

I think the 1 year thing came from many years on this forum of members discussion AoYA hitting 1 year being significant, when it was more recently determined that the actual factor is AoYRA... meaning if one's youngest account is an installment loan and it reaches 1 year it isn't going to have the same significant scoring impact seen with the score card reassignment that comes with AoYRA reaching 1 year on some files.

Re: Youngest account Age question

Remedios — Fri, 11 Dec 2020 04:43:12 GMT

@Anonymous thanks

Re: Youngest account Age question

Anonymous — Sun, 13 Dec 2020 00:23:38 GMT

@Remedios wrote:
It's been my understanding that loans aren't awarded any points when reaching certain age, but instead via lowering utilization while loan is still opened. I didn't get any points when opened loan reached a year🤷‍♀️

I'm I wrong?

@Remedios Yes loans award points for aging, but the awards are much less significant than those for revolving, as with everything. The thresholds aren't really known yet, but I think 30 months maybe one, for AAoLA.

as stated by BBS, the one year is reassignment for AoYRA.