@Anonymous wrote:I think you are asking how long it will take before the account positively impacts your score in a way that offsets the drop from the inquiries and older derogatory accounts. I have noticed that when you apply for a new card it takes about a month to get the card and another month before it reports. After 6 payments have been reported it usually can be expected to see your score increase to the point it was before the inquiry. It takes a year before your score increases beyond that point. Of course you need to make all your payments on time.
You should have two times the number of good accounts vs. bad. So if you have two collections you should have four accounts that are in good standing and also at least 1 year old. Keep making those payments on time.
Is that a good Number? I have seen references to % of accounts with negative indicators and have always wondered how this affects score. I personally opened accounts with this in mind to dilute the number of accounts in my file with negative indicators as well as increase the number of on time payments. 25 on time payments per month over 24 months fixes alot faster than 3 on time payments per month over 24 months. Thats 600 on time payments vs. 72 on time payments in my file.
Current Score: EX 712 4/28/15, TU 713 4/14/14 lender pull, EQ 723 9/16/15, 740 EQ bankcard 8 6/1/15 lender pull
@jamie123 wrote:
@Revelate wrote:
@jamie123 wrote:To answer your original question...
FICO doesn't consider an account fully seasoned until it is 2 years old.
Lenders don't like to see you have any accounts that are less than 6 months old and will deny new credit because of it.
Is that the magic number? I'd always figured it was 6 months for at least initial boundary and someone who should know once stated that over many beers, but I also figured there were breakpoints beyond that potentially. Never saw any data on it and my own report is too darned busy to really figure anything out on that.
Yes, I'm very confident stating that an account isn't fully seasoned until it is 2 years old. You cannot get a perfect 850 if you have an account that is less than 2 years old on your report. At close to 2 years, with an otherwise good report you are still being nicked a few points for the "new" account.
Hmm, I'll have to go back and look at some people's results there: don't think MVV has applied for much of anything in a while so not sure if he can validate that from his own FICO 8 850's, I think android01 had a semi-recent account but will need to go look at his old postings.
That's probably not a bad method of looking at it though.
