@Anonymous wrote:
When I look at my scores on MyFico it shows a 'fair' rating for Amount of New Credit. My newest account was opened 6 months ago. At what point (how many months) does this change to a 'good' rating and then 'very good?'
Not sure if this correlates directly with MyFico but here is what I got from a recent 3B Equifax report and an older 1B Equifax report:
1) I have no inquiries on file with TU or EX. New credit rating = Excellent.
2) At the time of the 3B report I had 2 Inquiries on file with EQ (one less than a month old and 1, 18 months old). New credit rating = Good
3) Back in July my EQ had only1 inquiry that was 13 months old. New credit rating = Very Good.
4) Can't recall specifically without hunting down an older credit report but I think my EQ new credit rating = VG back in March when the lone INQ was under 12 months.
Based on the above I think rating may be something like:
a) Excellent => No inquiries on file
b) Very good => No inquiries under 6 months age on file (possibly 12 months).
c) Good => An inquiry less than 6 months age on file
d) Fair (guessing at this one) => multiple recent hard inquiries with one or more new accounts being opened in the last 3 to 6 months.
e) Poor ? => suspect in addition to the above AAoA is under 2 years and/or age of youngest account being less than 3 months. Also, more than 2 accounts opened within the last 6 months
Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
