EX Fico8 : Short account history, Authorized Users

[Anonymous]

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@iv wrote:

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@Anonymous wrote:

Ah, thanks for that info; are there any pros/cons to also activating the Experian thing? I know soft pulls don't matter, but there's still something psychological for me with just opening all these apps (credit karma, all the banks', creditmatch, etc etc), feel like I should limit it for some reason, haha. 

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No reason not to...  Doesn't affect your credit directly in any way.

You might not bother opening multiple redundant free monitoring accounts (CreditKarma and CreditSesame and WalletHub.... etc), or you might not want to provide yourself as marketing fodder to all of them (remember, the free ones are making money selling you to their real customers).

But opening a free Experian account for the monthly Experian Report/Score, or a free TrueIdentity (Transunion) account for daily Transunion reports (no scores)... absolutely no reason not to.  (It's not like you're giving them any info they don't already have on you!)  And paired with CreditKarma (just for the reports, not the scores) for Equifax access, that set is a reasonable minimum to get fairly regular access to all three reports and a single FICO 8 score for free.

There are other free or very low-cost options that other people here will be happy to tell you about as well. (I'm sure they'll chime in any minute now!)

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@Anonymous wrote:

...also does anyone have any insights on the thresholds for the account age? At what lengths is "short account history" no longer a con?

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Never!

Really. Never. With a 23 year-old oldest tradeline, and an 8+ year AAoA (and basically perfect scores), I still see "Length of time revolving accounts have been established" as a score factor.

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@Anonymous wrote:

Or at what point can I expect a couple points boost cause it's less impactful? I'm surprised at 4.5yrs, it's the most important factor weighing my score down..

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There are various known (and guessed-at) breakpoints between 1 and 8 years, for Average Age of Accounts, Age of Oldest Account, and Age of Youngest Account.  But unless you are continuously opening new accounts, it's a slow but steady tick upwards, with a much smaller effect than many other scoring factors (high utilization or any negative items, for instance).

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Ah, thanks for all the insight!

Would it be redundant to have the Experian app data with the Discover FICO EX '08 that I just opened? The TransUnion trueidentity report definitely sounds redundant with the Credit Karma's access to TransUnions's report, unless I'm missing something.

That's really unfortunate about the account history comment...but maybe I just take it as good news, that the most important factor weighing down my score is something weighed less significantly than other factors?

Any pointers on where I can find some of those thresholds? I found some really good data on the age of youngest account factor (but that's only relevant til I next apply to something, it seems). But it would be really good to know what targets I'm aiming for for the oldest account age/average account age, etc.

[calyx]

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@Anonymous wrote:

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@iv wrote:

---

@Anonymous wrote:

Ah, thanks for that info; are there any pros/cons to also activating the Experian thing? I know soft pulls don't matter, but there's still something psychological for me with just opening all these apps (credit karma, all the banks', creditmatch, etc etc), feel like I should limit it for some reason, haha. 

---

No reason not to...  Doesn't affect your credit directly in any way.

You might not bother opening multiple redundant free monitoring accounts (CreditKarma and CreditSesame and WalletHub.... etc), or you might not want to provide yourself as marketing fodder to all of them (remember, the free ones are making money selling you to their real customers).

But opening a free Experian account for the monthly Experian Report/Score, or a free TrueIdentity (Transunion) account for daily Transunion reports (no scores)... absolutely no reason not to.  (It's not like you're giving them any info they don't already have on you!)  And paired with CreditKarma (just for the reports, not the scores) for Equifax access, that set is a reasonable minimum to get fairly regular access to all three reports and a single FICO 8 score for free.

There are other free or very low-cost options that other people here will be happy to tell you about as well. (I'm sure they'll chime in any minute now!)

---

@Anonymous wrote:

...also does anyone have any insights on the thresholds for the account age? At what lengths is "short account history" no longer a con?

---

Never!

Really. Never. With a 23 year-old oldest tradeline, and an 8+ year AAoA (and basically perfect scores), I still see "Length of time revolving accounts have been established" as a score factor.

---

@Anonymous wrote:

Or at what point can I expect a couple points boost cause it's less impactful? I'm surprised at 4.5yrs, it's the most important factor weighing my score down..

---

There are various known (and guessed-at) breakpoints between 1 and 8 years, for Average Age of Accounts, Age of Oldest Account, and Age of Youngest Account.  But unless you are continuously opening new accounts, it's a slow but steady tick upwards, with a much smaller effect than many other scoring factors (high utilization or any negative items, for instance).

---

Ah, thanks for all the insight!

Would it be redundant to have the Experian app data with the Discover FICO EX '08 that I just opened? The TransUnion trueidentity report definitely sounds redundant with the Credit Karma's access to TransUnions's report, unless I'm missing something.

That's really unfortunate about the account history comment...but maybe I just take it as good news, that the most important factor weighing down my score is something weighed less significantly than other factors?

Any pointers on where I can find some of those thresholds? I found some really good data on the age of youngest account factor (but that's only relevant til I next apply to something, it seems). But it would be really good to know what targets I'm aiming for for the oldest account age/average account age, etc.

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Disco's EX08 doesn't give you as much information as Experian's, plus account information is sometimes wonky with Disco (score is fine, though).   In addition, if you time it right, you can get a free EX 2x/month, which could be nice for monitoring some changes without paying for monitoring.

[Anonymous]

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@calyx wrote:

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@Anonymous wrote:

---

@iv wrote:

---

@Anonymous wrote:

Ah, thanks for that info; are there any pros/cons to also activating the Experian thing? I know soft pulls don't matter, but there's still something psychological for me with just opening all these apps (credit karma, all the banks', creditmatch, etc etc), feel like I should limit it for some reason, haha. 

---

No reason not to...  Doesn't affect your credit directly in any way.

You might not bother opening multiple redundant free monitoring accounts (CreditKarma and CreditSesame and WalletHub.... etc), or you might not want to provide yourself as marketing fodder to all of them (remember, the free ones are making money selling you to their real customers).

But opening a free Experian account for the monthly Experian Report/Score, or a free TrueIdentity (Transunion) account for daily Transunion reports (no scores)... absolutely no reason not to.  (It's not like you're giving them any info they don't already have on you!)  And paired with CreditKarma (just for the reports, not the scores) for Equifax access, that set is a reasonable minimum to get fairly regular access to all three reports and a single FICO 8 score for free.

There are other free or very low-cost options that other people here will be happy to tell you about as well. (I'm sure they'll chime in any minute now!)

---

@Anonymous wrote:

...also does anyone have any insights on the thresholds for the account age? At what lengths is "short account history" no longer a con?

---

Never!

Really. Never. With a 23 year-old oldest tradeline, and an 8+ year AAoA (and basically perfect scores), I still see "Length of time revolving accounts have been established" as a score factor.

---

@Anonymous wrote:

Or at what point can I expect a couple points boost cause it's less impactful? I'm surprised at 4.5yrs, it's the most important factor weighing my score down..

---

There are various known (and guessed-at) breakpoints between 1 and 8 years, for Average Age of Accounts, Age of Oldest Account, and Age of Youngest Account.  But unless you are continuously opening new accounts, it's a slow but steady tick upwards, with a much smaller effect than many other scoring factors (high utilization or any negative items, for instance).

---

Ah, thanks for all the insight!

Would it be redundant to have the Experian app data with the Discover FICO EX '08 that I just opened? The TransUnion trueidentity report definitely sounds redundant with the Credit Karma's access to TransUnions's report, unless I'm missing something.

That's really unfortunate about the account history comment...but maybe I just take it as good news, that the most important factor weighing down my score is something weighed less significantly than other factors?

Any pointers on where I can find some of those thresholds? I found some really good data on the age of youngest account factor (but that's only relevant til I next apply to something, it seems). But it would be really good to know what targets I'm aiming for for the oldest account age/average account age, etc.

---

Disco's EX08 doesn't give you as much information as Experian's, plus account information is sometimes wonky with Disco (score is fine, though).   In addition, if you time it right, you can get a free EX 2x/month, which could be nice for monitoring some changes without paying for monitoring.

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Ahh good to know. I actually was just about to download Experian this morning, but then started reading reviews and found some alarming ones about security issues / data breaches after they registered their EX account/app...thoughts? :/

[Anonymous]

Toruchina, As the other members have stated there is no negative to opening up a credit monitoring service account because it’s based on soft pulls that do not affect your credit score.

When you get your Experian information through Discover it’s going through a third-party before you get it. You’re better off to get your Experian information directly from Experian because it’s updated more quickly. If you have Credit Karma, you already have access to your TransUnion and Equifax credit reports updated weekly for free. Now make a Experian account and you will have access to your Experian information directly. There is no negative.

Then determine if the AU accounts are displayed on your credit report through Experian. If they are not, then you need to call Experian and find out if you have a split file or why they are not displaying.

And there’s so much to explain. First off you’re worried about your score increasing, so I recommend you investigate the share secured loan technique (SSLT). You’re leaving points on the table by never having a loan and by not having an open loan and even more points you can earn when you read about the SSLT.

Aging is a complicated subject. As other members have referenced, they may have a super old credit file and a great average age of accounts and still receive that reason code. When you go on Experian, check your negative reason codes for your score and realize the higher they are, the more points they’re worth.

There is debate about where the oldest account changes your scorecard. The debate ranges anywhere from 12 to 17 years.

Now as for average age of account awards, that appears to depend upon scorecard. As you referenced, when you open a new account, when the age of your youngest account reaches a year, there’s typically a scorecard change and your score will typically go up. That’s not from aging per se, that’s from a scorecard change.

People have reported aging points at various points anywhere from 2 years up to 7.5 years, depending on scorecard and typically at year or half year points. Personally, I believe I have seen them at 60 months, 66 months, 72 months, and 78 months. (I wasn’t paying attention at ages less than that.) Please know it may vary based on credit bureau and scorecard. Just because one person gets it at a certain threshold does not necessarily mean you will because your profile is not exactly the same.

The fact that you lack a loan makes your profile much more sensitive to changes. I would definitely investigate the SSLT. Do a search and read the thread on it.

[Anonymous]

I’ve been using Experian’s app for over a year without issue. I do know the bureaus have been beefing up security. Sometimes they require second step verification. I can’t tell you there’s no security risk because I’m not an expert, but I’m pretty sure it would be safer than a third-party app.

My advice is not to use a public Wi-Fi and make sure you have proper encryption when you’re on Wi-Fi. As a matter of fact, if you’re really concerned, you should get a VPN. Cellular security is actually pretty poor and easily evaded, so if you’re using a cellular network a VPN is recommended. If you’re using your personal computer or a browser on your phone, ensure there is a lock icon in the URL which means the encryption is valid, if not don’t use it. I highly recommend a VPN for use in all electronic communications if you’re concerned.

[Anonymous]

Thanks for all of the help and info, Birdman7 and everyone else here. Tremendously informative.

Only thing I wish I got a little better sense of was the breakpoints/thresholds I'm looking for with average age of accounts..but it seems to vary based on profile. 

So, just to verify, AU for FICO8 EX scores are counted (as far as age/payment info) just as much as cards you are solely responsible for are?

[Anonymous]

No, go back and read what I wrote again. Starting with FICO 8, AU accounts may or may not count depending on whether they are flagged by the anti-abuse portion of the algorithm.

The only way to know is to do a test. Pay all non-AU cards to zero and allow them to report. Leave a balance on the AU card in question. If you receive the no revolving balance penalty of about 15 points it is not counting, if you do not receive that penalty it is counting.

Again there is recent debate as to how much they count in FICO 08 and forward, assuming they do count. There is no such debate on joint accounts. They count fully.

[Anonymous]

As for the aging, yes we do not have exact perfect answers that fit everyone. The best answer is it probably depends on scorecard, but as I said look at year and half year intervals on the first of the month.

But to be honest, that’s really not that many points maybe 3 to 5 year, and not even every year. You would do much better by enacting the SSLT.

But if you want know how to best improve your scores you’re gonna have to tell us more about your profile. You have really told us nothing. How many accounts do you have open and closed? How many of those are authorized user accounts? What is the age of your oldest account? Authorized and individual? Do you have any derogatories or delinquencies on your profile? What’s the age of the youngest account? How many inquiries @ each bureau? (In the last 12 months). What do your individual and aggregate utilizations look like?

[Anonymous]

Thanks for all of your guidance so far. I'll definitely be looking into SSLT. Not 100% sure about whether it'll be feasible yet, but I'll definitely investigate.

As far as my profile for additional help: 6 total accounts (all revolving credit cards, none closed), 2 are AU. Including AU, oldest account is 24 years; excluding, it's 6 years. Account ages are 24 years, 21 years, 6 years, 4 years, 5 months, and 5 months. Inquiries: TU(0), EX(3), EQ(2). Chase double pulled me twice for my apps this year. 1.6% aggregate utilization. Only one individual card at 8% utilization.

[iv]

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@Anonymous wrote:

Would it be redundant to have the Experian app data with the Discover FICO EX '08 that I just opened? The TransUnion trueidentity report definitely sounds redundant with the Credit Karma's access to TransUnions's report, unless I'm missing something.

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Discover only gives a score and a few basic stats, not the actual report.  Experian gives the whole report.  With both together, you can get a full EX report once a month, and an EX FICO 8 score twice a month.

Credit Karma is one of the few easy sources for a regular (weekly) Equifax report.  It also includes a Transunion report, but the Transunion TrueIdentity service lets you pull your full TU report at will (daily, if you want to).

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@Anonymous wrote:

That's really unfortunate about the account history comment...but maybe I just take it as good news, that the most important factor weighing down my score is something weighed less significantly than other factors?

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Yup! If the worst reason code you have is account age, you're doing pretty well.

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@Anonymous wrote:

Any pointers on where I can find some of those thresholds? I found some really good data on the age of youngest account factor (but that's only relevant til I next apply to something, it seems). But it would be really good to know what targets I'm aiming for for the oldest account age/average account age, etc.

In general, expect changes on annual or 6-month boundaries.