Oldest account hitting 15 years

Anonymous · ‎01-11-2016

Hi all, next month my oldest account will hit the 15 year mark. Anybody know if this may likely cause a little score boost for me? I don't know if there are any particular breakpoints with length of history and AAOA but figured I'd ask if anyone has any insight to offer. My AAoA is 4.8 years if that is a factor as well.

Anonymous · ‎01-11-2016

When my oldest account hit 15 I got around a 10-15 point boost across all 3 CB. My AAOA hit 8 at the same time though, and I was also messing around with my utilization. It was a few months ago so I can't accurately remember everything in my credit state. It will be interesting to see what happens to you next month, please keep us posted

azguy13 · ‎01-11-2016

AAoA will have a larger affect than just one account aging to 15 years. I have not personally seen or heard of anyone getting a real boost because of the age of a single TL; unless of course there is only like 2 or 3 TLs on the report.

AAoA> Single TL

Anonymous · ‎01-11-2016

Hello Azguy! The OP is not asking about the general effect of one of her many TLs going to 15. In that case (if it was just a random TL) all that would matter is what her AAoA was doing -- you'd be totally right.

But this is her oldest account. "Age of oldest account" is an important factor (within the Age category, that is). So the age of this account matters much more than (say) her 2nd oldest account.

For example, suppose Bob has ten accounts. Nine were opened in the last 2 years. But his oldest is a credit card that was opened 16 years ago. That old CC helps him a lot more than just being one old tradeline helping out his AAoA. It causes the age of his profile as a whole to be 16 years. If that account were to fall off his reports, his profile age would drop to 2 -- with a signficant effect on the score.

So it sounds like the OP is wondering whether FICO's models have a breakpoint of 15 years where you get some extra points when your profile crosses that age.

azguy13 · ‎01-11-2016

@Anonymous wrote:
Hello Azguy! The OP is not asking about the general effect of one of her many TLs going to 15. In that case (if it was just a random TL) all that would matter is what her AAoA was doing -- you'd be totally right.

But this is her oldest account. "Age of oldest account" is an important factor (within the Age category, that is). So the age of this account matters much more than (say) her 2nd oldest account.

For example, suppose Bob has ten accounts. Nine were opened in the last 2 years. But his oldest is a credit card that was opened 16 years ago. That old CC helps him a lot more than just being one old tradeline helping out his AAoA. It causes the age of his profile as a whole to be 16 years. If that account were to fall off his reports, his profile age would drop to 2 -- with a signficant effect on the score.

So it sounds like the OP is wondering whether FICO's models have a breakpoint of 15 years where you get some extra points when your profile crosses that age.

Hey there Dixie-Dude! Yea, after re-reading this, I misinterpreted it. I'm going to blame it on being at work and reading it between meetings After reading it again, I have no idea if hitting the 15 year mark for a credit profile will do anything. I am curious to see if anything changes for OP (as long as all other accounts remain reporting in the same way).

Anonymous · ‎02-02-2016

Just stopping by to report the update. On February 1 all three of my scores jumped 6-10 points. All other things being equal, I shall assume that it was because my profile aged to 15 years. :-)

Thomas_Thumb · ‎02-02-2016

@Anonymous wrote:
When my oldest account hit 15 I got around a 10-15 point boost across all 3 CB. My AAOA hit 8 at the same time though, and I was also messing around with my utilization. It was a few months ago so I can't accurately remember everything in my credit state. It will be interesting to see what happens to you next month, please keep us posted

Data I have seen posted suggests 8 years might be a threshold for AAoA for Fico (might bump you to a different scorecard).

I know Experian publishes 7 years 8 months as a threshold for their Plus score. Experian also definse "max out" for card utilization at 90%.

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

Anonymous · ‎02-02-2016

OP, was this an open acct or closed. I ask because my oldest acct (closed) is about to turn 15 in a couple months. If I can remember I'll keep an eye out for any changes to my scores and report back.

Anonymous · ‎02-02-2016

@Anonymous wrote:
OP, was this an open acct or closed. I ask because my oldest acct (closed) is about to turn 15 in a couple months. If I can remember I'll keep an eye out for any changes to my scores and report back.

It was a closed account. My oldest open account will also turn 15 this year as well. My AAoA is just under 5 years.

Anonymous · ‎02-02-2016

Thanks for the response! Looks like we have similar profiles age wise. My AAoA is about 6y and oldest open acct around 10y. Hopefully I'll get a nice bump too.