topic Oldest possible Credit Line in General Credit Topics

Oldest possible Credit Line

veracious — Fri, 04 Mar 2011 22:04:07 GMT

What is the oldest possible credit line that is still being reported?

Theoretically, if FICO scoring started in the 80's could anyone have a credit line reporting a date

prior to 1981?

Just curious

ETA: found this interesting link here on MY FICO.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-History-of-Credit/m-p/19935

Re: Oldest possible Credit Line

llecs — Sat, 05 Mar 2011 02:30:06 GMT

If I read Tusc's post right, the CRAs started before FICO in the last 60s/early 70s. If info was first reported then, then conceivably you can have TLs reporting back then. And as creditors modernized their records, I guess you could have some backdating going on showing TLs older than that.

Re: Oldest possible Credit Line

laz98 — Sat, 05 Mar 2011 19:01:41 GMT

my in-laws have some amex accounts reporting from like 1978 or something ridiculous like that.

Re: Oldest possible Credit Line

Imhotrodcrazy — Sat, 05 Mar 2011 21:51:11 GMT

I believe that somewhere in one of my old TU reports, it states that I have been in their records since 1970. That would have been when I took out my first mortgage loan. However, the oldest line of credit, which has been paid off, only goes back to 1992. Thinking that I was doing the right thing, I gave up using credit for about 12 yrs and only paid cash. Little did I know at that time what I was doing. I still hate credit with a passion, and use very little of it.

Re: Oldest possible Credit Line

veracious — Sat, 05 Mar 2011 22:22:55 GMT

Hotrod, you sound like Warren Buffett.

He also has a disdain of credit cards.

I hope the mods don't mind this link------>http://www.savvysugar.com/tag/Warren+Buffett

Re: Oldest possible Credit Line

Imhotrodcrazy — Sat, 05 Mar 2011 22:34:48 GMT

@veracious wrote:
Hotrod, you sound like Warren Buffett.

He also has a disdain of credit cards.

He is my "son".

Re: Oldest possible Credit Line

veracious — Sat, 05 Mar 2011 22:41:03 GMT

Hotrod ole buddy, you're pulling our legs.

Further down the page it lists Warren's age as 80 years.

That would make you about 100 years old !!

Re: Oldest possible Credit Line

Imhotrodcrazy — Sun, 06 Mar 2011 00:52:41 GMT

@veracious wrote:
Hotrod ole buddy, you're pulling our legs.

Further down the page it lists Warren's age as 80 years.

That would make you about 100 years old !!

Nope, I'm only 99, I married at the young age of 19.

Re: Oldest possible Credit Line

veracious — Sun, 06 Mar 2011 01:18:10 GMT

Wow !! Who knew!

You are certainly spry for a guy your age.

Whatever you're doing, don't stop. And how about passing along your secret to longevity.

Re: Oldest possible Credit Line

RobertEG — Sun, 06 Mar 2011 05:47:16 GMT

I dont belive there is any "oldest possible credit line" date. The date of a credit line, for calculating its age, is the date opened. It is possilbe, in the extreme I admit, for an account to report tomorrow that did not previously report, that had an account opened date at any time in the past. It is not the date of CRA reporting that governs, it is the reported date of account opening.

Re: Oldest possible Credit Line

Imhotrodcrazy — Sun, 06 Mar 2011 18:37:14 GMT

@veracious wrote:
Wow !! Who knew!
You are certainly spry for a guy your age.

Whatever you're doing, don't stop. And how about passing along your secret to longevity.

Good clean living. ( cough )