When does New credit become not New Credit?

[-Wade-]

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@gdale6 wrote:

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@Wade64 wrote:

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@gdale6 wrote:

24 months in eyes of FICO, 6 mo no inquiries most likely minimum for more approvals.

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Where do you get  your 24 months info from ? if i may ask ???

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When an account turns 24 months old there is a boost in FICO for the age of the particular account also it is deemed to be fully recorded (meaning 2 yrs of its history is on file). The inquiry for the account can affect your score for up to 12 months but most of the points lost are regained within 6 months.

1) Payment History: 35%

This category includes payment history information about several different types of accounts such as credit cards, retail accounts and installment loans. Many factors are considered including number of past due items on file, amount past due on delinquent accounts or collection items and severity of delinquency (i.e. how long past due).

In determining your score, weights are assigned to each year of an individual’s payment history:

• 40% - Most recent 12 months
• 30% - Prior 12 to 24 months
• 20% - Prior 24 to 36 months
• 10% - Prior 36 to 48 months
• 0% - Older than 4 years

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The way i read this is payment history ( over all payment history not each new TL  ). Yeah we all know the longer your payment history is the better, but that has nothing to do with when they stop counting it as new credit. I'm not trying to get smart or anything. 

[HiLine]

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@gdale6 wrote:

In determining your score, weights are assigned to each year of an individual’s payment history:

• 40% - Most recent 12 months
• 30% - Prior 12 to 24 months
• 20% - Prior 24 to 36 months
• 10% - Prior 36 to 48 months
• 0% - Older than 4 years

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 Hmm, this is an interesting weighting chart. Never seen it before... Did you get it from the FICO website?

[gdale6]

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@HiLine wrote:

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@gdale6 wrote:

In determining your score, weights are assigned to each year of an individual’s payment history:

• 40% - Most recent 12 months
• 30% - Prior 12 to 24 months
• 20% - Prior 24 to 36 months
• 10% - Prior 36 to 48 months
• 0% - Older than 4 years

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 Hmm, this is an interesting weighting chart. Never seen it before... Did you get it from the FICO website?

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No, I got the link from a friend of mine who used to be a loan officer who corrected me when I said new accts are only new for 12 months, he explained to me how they are affected for 24 months, the little things that I never would have thought of. 12 months is usually long enuf to wait for new credit though.

https://www.apgfcu.com/education-n-advice/money-management/financial-guidance/five-fico-score-factor...

Some of the info is referenced from myfico.

[HiLine]

I thought so. The article is 9 years old; the FICO scoring models used today are quite different from those used back in the day. I'm not sure if the information is still relevant.

[-Wade-]

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@HiLine wrote:

I thought so. The article is 9 years old; the FICO scoring models used today are quite different from those used back in the day. I'm not sure if the information is still relevant.

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I still say it's the over all payment History. Not each new TL

[gdale6]

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@HiLine wrote:

I thought so. The article is 9 years old; the FICO scoring models used today are quite different from those used back in the day. I'm not sure if the information is still relevant.

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You could be right, FICO 08 may not use these factors it is a completely different animal in the way it views new accounts, I would suspect that it is valid for older models of FICO, prob applies to 04 and definitely to 98.