topic Re: Short Credit History? in Understanding FICO® Scoring

Short Credit History?

Anonymous — Sat, 20 Dec 2008 17:08:00 GMT

Does this make sense to anyone?

(From Equifax - Score 725):

"You have a short credit history.

Your oldest account was opened. 24 Years, 9 Months ago

FICO High Achievers opened their oldest account 19 years ago, on average.

Average age of your accounts 10 years

Most FICO High Achievers have an average age of accounts between 6 and 12 years."

I am sure there is a hidden message in here somewhere, if I just had enough imagination to figure it out, lol.

Re: Short Credit History?

Anonymous — Sat, 20 Dec 2008 17:34:08 GMT

LMAO

Re: Short Credit History?

Anonymous — Sat, 20 Dec 2008 17:45:18 GMT

Experian also accuses me of having a short credit history with an account age of 21 years.

Re: Short Credit History?

haulingthescoreup — Sat, 20 Dec 2008 18:20:02 GMT

It does read funny, but it's referring to the combination of the long overall history and comparatively short AAoA. It probably means that the formula is running out of things to criticize.

oldest account: FICO High Achievers opened their oldest account 19 years ago, on average.

average account age: Most FICO High Achievers have an average age of accounts between 6 and 12 years.

(from the FICO High Achievers thread, linked in my siggy)

Re: Short Credit History?

Anonymous — Sat, 20 Dec 2008 19:44:49 GMT

Just to be complete, TransUnion lists the exact same information as positive that is helping my Fico Score.

Score = 739.

Re: Short Credit History?

RobertEG — Mon, 22 Dec 2008 08:52:09 GMT

I will only add this.

My credit reports/scoring evaluation went from a November statement that my % util was good, to a statement in my December reprot/evaluatrion that my % util was too high. During that period, my reports showed a decrease in %util from 12% to under 10%.

I have no idea how they peg their stupid statements to reality. I see none.

Maybe the are consulting the Oracle of Delphi, or Nancy Reagan's old Ouija board.....

Message Edited by RobertEG on 12-22-2008 12:52 AM

Re: Short Credit History?

Anonymous — Mon, 22 Dec 2008 15:29:01 GMT

Robert, did you have any changes installment loan wise or did you hit a birthday that would have possibly kicked you into a new bucket?

Re: Short Credit History?

Anonymous — Tue, 23 Dec 2008 14:47:40 GMT

EQ tells me that High Fico Acheivers carry only 600.00 in revolving balances. No wonder we're in trouble. The underlings like me are carrying 1600. or 7%.

I also have a short history with 8 years.

Message Edited by casinoannie97 on 12-23-2008 06:47 AM

Re: Short Credit History?

Anonymous — Wed, 24 Dec 2008 14:17:18 GMT

I don't understand where they get this 19 year nonsense from. At my age if I had 19 years or more worth of history it wouldn't count anyhow as I would have been a minor. I'm in my 30's now so old enough to make an income and have some responsibility compared to say a 20 year old. I think it's ridiculous I take a hit for some number out of reach because of my age over how I pay my credit debt.

Re: Short Credit History?

Anonymous — Wed, 24 Dec 2008 14:33:14 GMT

FLDean,

While almost all of us take a ding for credit age, it is important to note that age is not important enough of a factor to hold anyone back from a great credit score.

A 760 is achievable with 3 or 4 years of perfect credit history, and an 800 can be achieved by your 30s. There is no added benefit to having a score over 760, even in the current credit crunch. The only thing an ultra high score allows is more peace of mind if an extra balance or two reports and your utility shoots up. As long as you have a 760+ and regulate your credit behavior you are still the golden child.

Re: Short Credit History?

Anonymous — Wed, 24 Dec 2008 22:01:56 GMT

don't carry more than 600 balance and you'll be golden.