Length of Credit History

[CreditDrama85]

Can someone tell me why the FICO score claims to not factor in a persons age into the credit scoring formula. I have been managing credit since i was 18 (so for a few years now)...and i have about 30 accounts on record (ccs, auto loans, and mortgages)

My score seems to just keep declining as time goes on, and it is now worse than some people who have filed bankruptcy and pay no bills on time whatsoever. I have some late payments, but nothing drastic.

what is the problem? having high cc balances should not have this great of an affect.

this has upset me. clearly someone with a thick credit history and different credit mixes has more experience than that of someone with a few credit cards and a perfect score.

[Tuscani]

On the contrary, CC balances are significantly more important than age. And age is your TL age, not your actual age. Check out the Scoring 101 thread.

[Anonymous]

Unfortunately, FICO only factors the average age of our accounts. MY EQ Fico is reporting my age of accounts as 13 - due to a student loan on record since 1994. I have also opened 3 new accounts this year and it has not lowered my average account age. YMMV.

[Anonymous]

30 accounts seems like a little much for someone with only a few years of credit history.  The high balance you mentioned is probably what is killing your score.  I got an account removed that I was an authorized user on and it lowered my debt ratio by about 30% and caused my score to go up 51 points the day it was removed.