Credit Report Aging

[MrTom]

When I run simulators, there are FICO 8 what ifs.

They have a what if option if you were to (Pay your bills ontime for X months)

My question is what day of the month is considered a new month for when your credit report ages by a new month?

[Anonymous]

The 1st of the month.

Thus, if you opened an account on May 29, it would be the same age on May 31 but one month older on June 1 -- as FICO sees it, that is.

At least this is what I have been told to be the case by more than one experienced person here.

[Anonymous]

I always thought the pay all of your bills on time for X months as part of a simulator was pretty bogus.

Say I had a 90 day late payment 1 year ago for example.  If doesn't matter if I pay all of my bills on time for the next 2 years, 4 years or even 5.9 years.  Any time in that range no matter how great I am with respect to payment history I'm still going to have that major delinquency keeping my scores down until it falls off at the 7 year mark.  If a simulator shows that paying your bills on time for 5 years flawlessly verses 2 years results in a greater score increase, it's BS IMO.  Sure your score may go up more in 5 years rather than 2, but it will be for other reasons such as age of accounts increasing and will have nothing to do with on time payments.

[Anonymous]

My EX report shows every single one of my accounts (opened or closed) as being opened on the 1st of the month, no matter when I actually applied for a card or opened a loan.

[Revelate]

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@Anonymous wrote:

My EX report shows every single one of my accounts (opened or closed) as being opened on the 1st of the month, no matter when I actually applied for a card or opened a loan.

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Yeah EX does that, EQ/TU handle it slightly differently, but FWIW all my AAOA boundary changes happened near the beginning of the month and I'd make the blithe statement it was explicitly first of month.