topic Re: Should I expect a score increase... in Understanding FICO® Scoring

Should I expect a score increase...

Anonymous — Thu, 02 Sep 2010 19:37:32 GMT

When a revolving account reaches 6 months in age and all other things remain the same? Just curious.

Re: Should I expect a score increase...

RobertEG — Fri, 03 Sep 2010 03:03:47 GMT

In my opinon, 6-months is not significant.. Length of credit history, of which only one account is just a part, only scores at 15% of FICO scoring.

Gaining significant FICO points for account aging requries years of aging. Usuall five or more years.

Re: Should I expect a score increase...

Anonymous — Fri, 03 Sep 2010 15:42:32 GMT

@RobertEG wrote:
In my opinon, 6-months is not significant.. Length of credit history, of which only one account is just a part, only scores at 15% of FICO scoring.
Gaining significant FICO points for account aging requries years of aging. Usuall five or more years.

Wow, if this is indeed true this is very sad news because it would then take years and years for my FICO to recover from adding new account. I'll never reach 700s then because I only have 3 small credit cards which is obviously not enough so I wanted to slowly keep adding tradelines...sigh

Re: Should I expect a score increase...

haulingthescoreup — Fri, 03 Sep 2010 17:56:35 GMT

Well, there is some evidence that there's a ding for "new credit" which goes away at 6 months (as long as you don't have any accounts even younger.)

I'll let you know in another month!

Re: Should I expect a score increase...

laz98 — Fri, 03 Sep 2010 20:17:09 GMT

i thought the ding went away at 1 year? does anything interesting happen at 2 years?

Re: Should I expect a score increase...

Anonymous — Fri, 03 Sep 2010 20:39:31 GMT

I just read that it might only count until after it's been "reported" for six consecutive months (green squares) so I'm keeping my fingers crossed!

Re: Should I expect a score increase...

haulingthescoreup — Sat, 04 Sep 2010 00:08:07 GMT

@laz98 wrote:
i thought the ding went away at 1 year? does anything interesting happen at 2 years?

I thought it was one year, too, but the last time I got a new account, the flag vanished at six months. I don't know how authoritative those flags are, but the score increase cheered me up.

One year, two years, etc. mark it getting another year older. That sounds well duh, I know, but I think the birthdays help. Also, at one year, the associated inq is no longer scored, so there might be something there as well.

My only newish account will hit six months in October, so I will attempt to remember that we've been wondering about this, and see what if anything changes on my scores.

Re: Should I expect a score increase...

Anonymous — Sun, 05 Sep 2010 15:07:47 GMT

I just had an account hit the 6 month mark(EQ States Months Reviewed - 6) and didn't get a single point.

Re: Should I expect a score increase...

haulingthescoreup — Sun, 05 Sep 2010 15:18:28 GMT

@Anonymous wrote:
I just had an account hit the 6 month mark(EQ States Months Reviewed - 6) and didn't get a single point.

Did you have a new account negative on screen 2 before this? Did it go away?