Account Age

[Anonymous]

I am on a rebuilding path and was just wondering do credit scores get increases when accounts age to a year? I have a few accounts opened in Sept 2018 and want to know if they will bring any positive at the year mark. Thanks in advance for any insight.

[Anonymous]

If you're rebuilding it suggests that you are in a negative scorecard which could prevent the significant gains that you would see if you were in a clean scorecard.  I'm not sure if you would see any gains at all, but if so my understanding is that they'd be minor.

[SouthJamaica]

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@Anonymous wrote:

I am on a rebuilding path and was just wondering do credit scores get increases when accounts age to a year? I have a few accounts opened in Sept 2018 and want to know if they will bring any positive at the year mark. Thanks in advance for any insight.

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Your credit scores do increase as accounts age. The 1-year anniversary of a particular account is not meaningful. What is meaningful are the following metrics:

AoOA - Age of oldest account (the older the better)

AoYA - Age of youngest account (the older the better)

AAoA - Average age of accounts (the older the better)

[RSX]

^ this

also, what might help your score in Sept is the Inquiries turning one years old.  Though they aren’t fully gone for 2 years, most drop from your scoring after 1 year

[Anonymous]

SJ, don't the clean scorecard assignment factors though mean less to the OP since he's in a dirty scorecard?

[Anonymous]

I was a true victim of ID Theft and is one of the reasons I state I am rebuilding. My current FICO 8's are EQ 687, EX 682, TU 616 (1 medical collection only on TU) and 1 recent (May 2019) late payment on all 3 Bureaus. Hospitalized in May and did not get my minimum payment out whille hospitalized for 3 weeks and it wasn't at the fore front. All of my accounts are listed below with those being all 100% on time payments with dates acquired. 

Chase Card (AU) -$122/ 20 k opened 5/2010

Lowes (AU) - 0/15k opened 7/2012

Credit Builder - $8/5k opened 9/2018

Auto - right at start of rebuild horrible int rate balance $7938 - opened 9/2018

Greendot Secured Card -$29/350 - opened Feb 2019 

Furniture Store Credit - June 2018 - $2308 balance

credit building personal loan - 210/$500 - June 2019

Amex AU - 0/5k - opened August 2019

Experian shows 2% UTI - 9 Open Accounts - 22 Inquiries in the last 2 years but 12 of those are from the auto search in Sept of 2018. 13,067 of Debt with a 82k income. Just trying to see at what point i could be considered for my own CC with a decent SL.

[SouthJamaica]

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@Anonymous wrote:

SJ, don't the clean scorecard assignment factors though mean less to the OP since he's in a dirty scorecard?

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I don't know enough to answer that question. I just know that those 3 factors count.

[Anonymous]

I thought I recalled it being said age of youngest account doesn’t penalize or award points on dirty scorecards, but I am obviously not able to test that theory.

Maybe someone can chime in and confirm? Could’ve sworn Rev said that, but I may be inaccurate.

[Anonymous]

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/AoYA-and-Fico8/td-p/5111983

[Anonymous]

It could be possible here AoYA and inquiries did not have an effect on the dirty card and that’s why when he went to the clean card he saw the decrease.

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Dirty-Clean-FICO-8-FICO-9/m-p/5513490/hi...