topic Re: Length of time reason code? in Understanding FICO® Scoring

Length of time reason code?

sznthescore — Wed, 21 Jun 2023 02:09:51 GMT

What's the average or reasonable amount of time an account or overall accounts should be established to get this reason code removed?

I'm working on my AMEX check list to eventually get approved sometime next year maybe. Overal reasons were credit score too low, balances and length of time accounts have been established. BK was removed this month from EX and it's been removed fromTU.

Re: Length of time reason code?

Thomas_Thumb — Wed, 21 Jun 2023 14:12:46 GMT

Five years was when my length of time reason statement went away. (Just to clarify - it was 5 years from the date my youngest account, a revolver, was opened).

Regarding AMEX application, I would suggest waiting until your scores are above 700. Also, wait atleast 1 year from your most recent revolving account opening and preferrably 2 years.

If you have one or more revolving accounts under 12 months age, you are experiencing a new accounts penalty. The penalty on clean profiles is typically 15 to 20 points. Once your youngest revolving account reaches 12 months, a 15 to 20 point score bump is likely.

However, getting a new card will reinstate the penalty. So, hold off on other new accounts if getting an AMEX is important to you.

Re: Length of time reason code?

sznthescore — Wed, 21 Jun 2023 10:21:35 GMT

@Thomas_Thumb Thank you. I was thinking along the lines and scope you provided towards my approach to Amex.

Re: Length of time reason code?

SouthJamaica — Wed, 21 Jun 2023 13:10:58 GMT

@sznthescore wrote:
What's the average or reasonable amount of time an account or overall accounts should be established to get this reason code removed?

I'm working on my AMEX check list to eventually get approved sometime next year maybe. Overal reasons were credit score too low, balances and length of time accounts have been established. BK was removed this month from EX and it's been removed fromTU.

A long, long time.

Best not to even think about it.

Re: Length of time reason code?

sznthescore — Thu, 22 Jun 2023 01:52:41 GMT

@SouthJamaica wrote:
@sznthescore wrote:
What's the average or reasonable amount of time an account or overall accounts should be established to get this reason code removed?

I'm working on my AMEX check list to eventually get approved sometime next year maybe. Overal reasons were credit score too low, balances and length of time accounts have been established. BK was removed this month from EX and it's been removed fromTU.
A long, long time.

Best not to even think about it.

That's a good way of looking at it.