Length of credit history question.

[Imhotrodcrazy]

Can someone explain this to me.  TU states that I have a short credit history and it is listed in the red for me on myfico TU report.     

1. You have a short credit history.

Your oldest account was opened
17 Years, 9 Months agoFICO High Achievers opened their oldest account 19 years ago, on average. Average age of your accounts
7 yearsMost FICO High Achievers  have an average age of accounts between 6 and 12 years.

1. Your FICO score measures the age of your oldest account and the average age of your accounts. In your case, either your oldest account was opened recently or the average age of your accounts is relatively low. People that do not frequently open new accounts and have longer credit histories generally pose less risk to lenders. Therefore, as your credit history lengthens and you pay your bills on time, this factor should have less of a negative impact on your score.

[Jazzzy]

Sometimes...if you have a good credit history and credit report and good FICO scores, the reports sort of have to look around for something to criticize. I learned to take their reasoning with a grain of salt when TU criticized me for having credit usage that was too high. My utilization was 8% at the time. Apparently they couldn't find anything else.

It's frustrating, but don't worry about it.

[haulingthescoreup]

You also might have inched into the next older credit history age bucket at some point. You were a venerable grey-beard in the last one, but now you're a spry youngster, compared to your new peers.

I wish I could tell you what some of the age transition points are, but we've all guessed at them so many times that I no longer trust my memory. At a guess, I'd say that TU is saying that your AAoA is short-ish, especially compared to your longest history.

They nail me on this one, too. AAoA of not-yet-5-years, with oldest history (AU card) of 22 years. Ouch. They don't like that at all.

How does it feel to be regarded as a whipper-snapper again?

[Imhotrodcrazy]

Lynette,  I guess you are right.  It seems there has to be something "wrong" with every report in their eyes. Its a shame, everyone tries to do their best but still can not be perfect in their eyes.  Thanks for the response and have a safe and happy new year. 

[Imhotrodcrazy]

HTSU,  Thanks for your input too, its appreciated.  You are probably right too.  Guess I will just keep plugging along and see if my TU fico score will inch up above the 713 in the coming months. 

BTW,  at 68 yrs old, don't know if I can even be regarded as a young whipper snapper again, although it is a great thought. Thanks again, have a happy new year. 

[LIGHTNIN]

Hey Hotrod,

Did you open new credit recently?

The reason i ask is, my DH has the same short history reporting on his CR. And the only thing we can think of is, he opened a new CC a few months ago.

He has not opened credit in about 10yrs or so. 

[Imhotrodcrazy]

Hi Lightnin, 

I just received a new cc and loc from US Bank, however, neither of them show up on my recent pull from TU.  I guess I need to wait and see what happens when they hit the report.  Thanks for the input. 

[Imhotrodcrazy]

Well,  I just pulled my CCT today, ( Jan 2nd ), and my new cc hit the report.  With my inquiry and new acct listed, my fako score rose 17 pts.  I guess the loc will not hit the report until I use it down the line.  I find the numbers game fascinating.

[MattH]

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@Imhotrodcrazy wrote:
Lynette,  I guess you are right.  It seems there has to be something "wrong" with every report in their eyes. Its a shame, everyone tries to do their best but still can not be perfect in their eyes.  Thanks for the response and have a safe and happy new year. 

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In my experience, when a FICO score comes out something like 797 they list a couple of negative factors, but when it comes out something like 801 they say "Because your FICO® score is exceptionally high, there are no actionable negative factors present with your score."  Of course the difference between 801 and 797 is statistically just noise, but 800 seems to be the arbitrary point at which they stop listing picky little dings.

[Anonymous]

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@MattH wrote:

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@Imhotrodcrazy wrote:
Lynette,  I guess you are right.  It seems there has to be something "wrong" with every report in their eyes. Its a shame, everyone tries to do their best but still can not be perfect in their eyes.  Thanks for the response and have a safe and happy new year. 

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In my experience, when a FICO score comes out something like 797 they list a couple of negative factors, but when it comes out something like 801 they say "Because your FICO® score is exceptionally high, there are no actionable negative factors present with your score."  Of course the difference between 801 and 797 is statistically just noise, but 800 seems to be the arbitrary point at which they stop listing picky little dings.

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The higher your FICO score is the fewer the number of negative reasons reported. My EQ FICO is 724 and three negative reasons are reported. My TU FICO is 755 and I have one negative reason reported. ("Too many accounts", which is compete noise.) You have to evaluate the reported reasons carefully in the light of the specifics of your own CBR's and act (or not act) accordingly.