28 years-Short credit history

geronimo2008 · ‎08-10-2011

As I mentioned in the subject I havea 28 year credit history. the Average age of accounts is over 10 years. I had occasion to check my TU FICO on the site today and was surprised to see that while it listed this data that the thing damaging my score (it is just shy 0f 800) is my short credit history.

The good news is that it promises that when I have a longer credit history it will hurt me less. I know I have nothing to worry about given the score but I think that shows how worthless the analysis displayed can be.

And again that was a FICO score from thi site. Don't bring up FICo vs FAKO or some other site not beingas good as this one.

GregB · ‎08-10-2011

The report is designed to come up with a certain number of factors helping and a certain number of factors hurting your score.

If there is very little hurting your score, those reasons can become pretty minor. It is likely that your history is short compared to others in your peer group at some point in the scoring algorithm.

p- · ‎08-10-2011

Or it could be that you're in such a prime scoring bucket that it's your only area of opportunity.

But what's it matter? Is there any rate or credit offer you won't qualify for?

geronimo2008 · ‎08-10-2011

Basically you are reaffirming what I said in the original post.

AndySoCal · ‎08-10-2011

Do you have recently opened account lets say within the last year?

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC 803 v8 EFX 807 (10/2023)
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash 12,000 Citibank Custom Cash 5/2015 11,100 State Dept. FCU 15,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 Banking: Ally Bank Credit Unions: Lafayette FCU Fortera FCU State Department FCU Pelican CU

Pelican State CU Redstone FCU

llecs · ‎08-10-2011

I'm being repetitive because I answered on your other post, but based on your scoring bucket, in relation to everyone within that scoring bucket, they have on average a longer length of history and/or AAoA than you do. But don't think that's worth 50 points. At your score, if I had to guess, you might squeek a few points at best if you let it grow a decade or more.

Booner72 · ‎08-10-2011

Even though I'm personally irritated at this post - I will give my 2 cents only because I have a slightly personal experience with an 831 credit score - which is my dad. He has never paid a bill late in his entire life, and I mean never. He got his score at a car dealership a couple months back and the car salesman pulled him aside in awe (which is how he heard what his score was). My dad had no concept of FICO scoring until his loser-esqe daughter had to piggyback off him for an AU account, and she filled him in on how things work. (that's me)

So I'm comparing him to you in that you both have amazing scores. But I doubt you can get your score higher until you have much longer credit history.

He has his mortgage, his motor home, a car, and only three credit cards. One he uses for gas, one he uses for the internet purchases, and his CU credit card with a 5K limit (which he tells me he never carries a balance on any of them because he refuses to pay interest).

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720

geronimo2008 · ‎08-11-2011

@AndySoCal wrote:
Do you have recently opened account lets say within the last year?

Nope. No new accounts or inquiries in over two years.

Sorry if some are irritated at my post. I just think that the simulators and explanation pages just spit something out for the sake of spitting something out. if there isa bucket where a 28 year credit history is a negative that is ridiculous. again i suspect it just spit out a reason almost at random.

Anonymous · ‎08-11-2011

@llecs wrote:
I'm being repetitive because I answered on your other post, but based on your scoring bucket, in relation to everyone within that scoring bucket, they have on average a longer length of history and/or AAoA than you do. But don't think that's worth 50 points. At your score, if I had to guess, you might squeek a few points at best if you let it grow a decade or more.

This is why myfico.com gives you positive pats on the back i.e. "What's Helping Your FICO Score" on the reports you pull here. Folks get frustrated when they see the FICO reason codes (those are the items that show up on "What's Hurting Your FICO Score"). So myfico eases the pain with a few cheerful notes about what you're doing well.

To clarify, it appears we all have four FICO reason codes. When you pull on this site, you'll see fewer of these "What's Hurting Your Credit" reason codes as your scores goes up - but on a lender pull, your lender will see four. DH had four, as was to be expected, on his mortgage pull with an EQ over 800. So even a gal or guy with an 800+ has four FICO reason codes. Each one obviously has a small impact.

On the other hand, someone with a BK and seven lates and a CO will also have four FICO reason codes. Each of those will have a far more significant impact.

Remember that the FICO algorithm goes up to 850 and everything over 760 is golden. With a high FICO score, it's kinda like getting an A on your Master's thesis (do they even grade Master's theses? IDK) and being perterbed that some professor made a comment on the type font.

GregB · ‎08-11-2011

When you are dealing with auto oriented scores, they are a bit different than a regular FICO. EQ Beacon 09 Auto Finance has evened out the big peak in scores just over 800 that existed with the Beacon 5.0 Auto Finance Score. It used to be that if you were around an auto dealership, you started to get the feeling that everyone had an 810. Beacon 09 Auto has evened out that big peak and spread those scores over the entire 800-850 range instead of a big pile around 810. The number of people over 800 hasn't risen much above the 15% it was before but now there are many more above 820. There continue to be more persons over 800 than under 600.