Length of Credit History

[paydownin09]

Another quwestion I have been searching for and answer for is: How much does the length of your credit history count towards your score?

My current history is 2 years 9 months.  Will there be an increase when I hit 3 years? or does it just inch up each month?  Does anyone have any figures on this, like how many points you increase over time with all other things remaining the same (util, no baddies, no inqueries, no new CCs/ installemt loans)?

Again, thanks to all who take the time out of their day to help!

[Tuscani]

Good question.. to my knowledge, there is no special relevance oat the 3yr mark.

[Junejer]

I believe that the next relevant bump for CHL is at six years.

[smallfry]

They say utilization trumps all and while that might be true there is no bigger score killer for people who DO pay than getting new credit. Unless you run up your debts to the point you have no way to pay them down in a reasonable period of time your utilization can be quickly corrected. Average age of accounts can not. Nearly 2 years ago my utilization was nearly 60% AAofA was over 5 years. Scores were only marginally lower than they are today with U between 1-2%. The old adage applies. If you don't need the credit do not apply for it.

[RobertEG]

Length of credit history does not trump all.  It is only 15% of credit score, as compared with 35% for payment history, and 30% for % util.

Length of credit history has two components: age of oldest account, and average age of all accounts.

How it inches up is nothing you can control.

All you can control is how you manage them

Accounts generally drop from your aging once closed for more than ten years.  So dont ever close an old account.

New accounts reduce your avg. age of accounts, so opening accts will reduce your AAOA.