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The time since your most recent account opening is very recent
The length of time your accounts have been established is relatively short
You have a relatively high number of accounts with balances
The length of time your revolving/charge accounts have been established is too short
debtisgood wrote:
The length of time your revolving/charge accounts have been established is too shortI don't know if they are shown in the order of impact, but what is most interesting is #4.We have all heard of Age comprising of: Total length of history and average age.....but I don't recall reading that average age is broken down into sub-categories as well.
You have not established a long revolving credit history.
Your first revolving account was opened 7 Years ago |
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FICO High Achievers opened their first revolving account 19 years ago, on average. |
Notice there is no mention of average age of revolving accounts, only the length time since my first revolving account was established.
I don't have any "hard" info on this. I'm not sure it's even been discussed here at any great length, but given the extent to which revolving plays a much larger role in all aspects of FICO scoring, I think we can assume that the age of one's first revolving account weighs more heavily than the age of one's first installment account.
debtisgood wrote:
Thanks for the info Cheddar. Do we know if revolving age is weighted equal or more heavily than installment age in the total age component?
MidnightVoice wrote:
Quote:You have an established credit history. Your oldest account was opened
20 Years, 8 Months agoFICO High Achievers opened their oldest account 19 years ago, on average.