How long does it take for payment history turn to Good/Great?

[rubaty]

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debtisgood wrote:

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rubaty wrote:

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BGMWPD320 wrote:

No lates in my 4 yr 7 month credit history and I am listed as "Great"

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Maybe it's because of your short credit history??  You don't have any baddies...so maybe the public records and late payments from the last 7 years is what affects those of us with longer histories?

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Exactly - you are likely in a bucket with longer credit history people so 4 years of clean history is not sufficient when you are compared to people with 7 years of clean history.

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My history is 20 years.  Looks like I will have to wait until Feb 2011 to move to the Great catagory!

[smallfry]

I thought it was just the scores that were bucketed. You saying all the items on the Summary Page are bucketed as well?

[haulingthescoreup]

Scores don't bucket you. Your overall credit profile (history, presence of derogs, etc) buckets you. (sorry if I misread your post)

[smallfry]

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@haulingthescoreup wrote:
Scores don't bucket you. Your overall credit profile (history, presence of derogs, etc) buckets you. (sorry if I misread your post)

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I didn't explain that well at all. I understand what you are saying though.

[Anonymous]

I thought it was the number of little green boxes? Ie someone with 10 accounts would fill great twice as fast as someone with 5 accounts if each month reported paid on time for all accounts the same. Rough example but I thought that was how it worked based on the number of little green boxes.

Does anyone know how long it takes for Length of Credit History to go from Very Good to Great? Ie. Is it 15 or 20 years?

[Anonymous]

my reported history is 6 years old, average age 1 year newest account 3 months. i had all collections deleted from tu and eq as well as all lates and payment history for both show as great.

[rubaty]

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ilovepizza wrote:

Does anyone know how long it takes for Length of Credit History to go from Very Good to Great? Ie. Is it 15 or 20 years?

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My history is 20 years and my average acct age is 5 years and I am in the Very Good.

[Anonymous]

Payment history is my only "Great" and I have a 20+ year credit history.

[Anonymous]

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ilovepizza wrote:
I thought it was the number of little green boxes? Ie someone with 10 accounts would fill great twice as fast as someone with 5 accounts if each month reported paid on time for all accounts the same. Rough example but I thought that was how it worked based on the number of little green boxes.

Does anyone know how long it takes for Length of Credit History to go from Very Good to Great? Ie. Is it 15 or 20 years?

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Little green boxes don't mean anything to FICO.  If there are no lates associated with an account, it's assumed the payment history is "OK" since the time the account was opened, even if it's not marked with little green boxes.

[RobertEG]

Late derogs drop off, as a matter of law, after 7 years plus six months from the derog date.  Just have a beer, and watch them disappear!