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According to Equifax, this is hurting my score

SoCalGardener
Valued Contributor

According to Equifax, this is hurting my score

You know how they list factors that are hurting/helping your score? Well, on Equifax this is under 'hurting your score:'

 

"Lack of sufficient credit history on bankcard or credit card accounts"

 

Hmmmm...  Let's see. I have 15 active cards. My oldest card is 30 years old. My AAoA is almost 8 years. I have a perfect, spotless payment history. Nothing derogatory whatsoever. My scores are in the 810s right now, a little lower than usual.

 

What am I missing?!  If THAT lacks sufficient credit history, then what would qualify?

 

By the way, my 'hurting' factors also include the obligatory "Lack of sufficient relevant first mortgage account information"--but I'm definitely NOT going to run out and mortgage my house just to improve my FICO scores! Smiley Very Happy

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8 REPLIES 8
NYC_Fella
Frequent Contributor

Re: According to Equifax, this is hurting my score

Those "helpful" hints are so meaningless.

 

Last month I showed the following:

 

You have an insufficient number of accounts that are currently paid as agreed.

Number of your accounts currently being paid as agreed

6 accounts

The FICO® Score considers the number of accounts showing on time payments. Generally, the higher the number reported the lower the risk. Compared to other people with a similar age of credit history, the number of accounts you have that are currently paid as agreed is low.

FICO High Achievers have an average of 6 accounts currently being paid as agreed.

 

 

Message 2 of 9
SouthJamaica
Mega Contributor

Re: According to Equifax, this is hurting my score


@SoCalGardener wrote:

You know how they list factors that are hurting/helping your score? Well, on Equifax this is under 'hurting your score:'

 

"Lack of sufficient credit history on bankcard or credit card accounts"

 

Hmmmm...  Let's see. I have 15 active cards. My oldest card is 30 years old. My AAoA is almost 8 years. I have a perfect, spotless payment history. Nothing derogatory whatsoever. My scores are in the 810s right now, a little lower than usual.

 

What am I missing?!  If THAT lacks sufficient credit history, then what would qualify?

 

By the way, my 'hurting' factors also include the obligatory "Lack of sufficient relevant first mortgage account information"--but I'm definitely NOT going to run out and mortgage my house just to improve my FICO scores! Smiley Very Happy


I refuse to get obsessed with these negative reason codes; they so often make no sense, as in the instant case.

 

You have high scores.  It seems that the higher one's scores, they more senseless the negative reason codes become.


Total revolving limits 684000 (587000 reporting) FICO 8: EQ 715 TU 712 EX 695

Message 3 of 9
HeavenOhio
Community Leader
Senior Contributor

Re: According to Equifax, this is hurting my score

A reason code indicates that one has at least one point available to earn in that area. It would make sense that those with high scores will see reasons that appear a bit weak.

 

@SoCalGardener, one guess is that you still have a point or two available for AAoA (average age of accounts). Another guess is that this reason code might be focusing on the ages of your youngest accounts. According to posts here, an AoOA (age of oldest account) of 25 years should eliminate the code for that.

 

My AAoA is 106 months on two reports and 103 on the other. AoOA is 20 years on all three. I think my AoOA is the likely reason when FICO complains about my short history.

Message 4 of 9
SoCalGardener
Valued Contributor

Re: According to Equifax, this is hurting my score


@HeavenOhio wrote:

A reason code indicates that one has at least one point available to earn in that area. It would make sense that those with high scores will see reasons that appear a bit weak.

 

@SoCalGardener, one guess is that you still have a point or two available for AAoA (average age of accounts). Another guess is that this reason code might be focusing on the ages of your youngest accounts. According to posts here, an AoOA (age of oldest account) of 25 years should eliminate the code for that.

 

My AAoA is 106 months on two reports and 103 on the other. AoOA is 20 years on all three. I think my AoOA is the likely reason when FICO complains about my short history.


My oldest is 30! So I think this once again proves that when it comes to credit scoring, it doesn't have to make sense!

 

I generally don't pay much (if any) attention to the 'hurting' reasons given by various sites, only when something jumps off the page at me--like this one did. I guess I'll just treat it the same way I treat the other nonsensical 'reasons'--ignore it!

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Message 5 of 9
REDBOYYY56
New Contributor

Re: According to Equifax, this is hurting my score

The negative codes are like a chapter book. Each code is a part of the chapter. There are a lot of components that make up the chapter.

Fico codes give you an idea of what is lacking in that category, and it's all based on algorithms.

Message 6 of 9
SoCalGardener
Valued Contributor

Re: According to Equifax, this is hurting my score


@REDBOYYY56 wrote:

The negative codes are like a chapter book. Each code is a part of the chapter. There are a lot of components that make up the chapter.

Fico codes give you an idea of what is lacking in that category, and it's all based on algorithms.


That's how they're supposed to work, anyway! Smiley Happy  In my case, telling me I don't have enough experience with credit [or however it was worded] is just ridiculous, and there isn't an ounce of truth to it. So whoever came up with that particular algorithm needs to tweak it a little!

 

At least the 'hurting' reason of not having recent mortgage experience is correct. I don't like *seeing* it, as there's no way I'm going to take out a mortgage just to improve my credit scores, but at least it's true. The 'lack of sufficient credit experience' on the other hand? Nope!

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Message 7 of 9
805orbust
Established Contributor

Re: According to Equifax, this is hurting my score

@SoCalGardener I have come to view those reason codes as completely useless.  Especially when your credit is good. I scratched my head about 3 times 8 years ago and then moved on... aint got time 🤣


Message 8 of 9
SoCalGardener
Valued Contributor

Re: According to Equifax, this is hurting my score

Here's another factor hurting my scores, according to Equifax today:

 

Your largest credit limit on open bankcard or credit card accounts is too low

 

FWIW, my largest credit limit on an open card is $15,500. THAT is too low? Smiley Surprised

 

And, as always, the obligatory:

 

Lack of sufficient relevant real estate account information

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