Possible Age Sub-Factor

[Anonymous]

Thanks for the info psychic.

Your report does clearly point out that revolving age is a sub-factor. I would assume installment is as well but it is just a much small one based on the posts above.

Thus, it seems that if someone were starting out at 18, it is much more important in the long term to get a revolving card than to get co-signed on an auto loan.

[Anonymous]

You're welcome, debtisgood!

[RobertEG]

NewWorld makes an excellent point that I had not thought about.  Just as each bucket (category of comparison) controls the algorithm used by FICO to generate the score, it is only logical to assume that the comments, pos or neg, that one receives are pegged to their bucket.  If in a bucket due to low history to begin with, 5 years may actually be a big plus within that algorithm..  But it surely is not if one is a a high bucket and being compared to FICO hight achievers with a history of ten years or more.  Then it would be a big negative.

[Anonymous]

Robert,

I do agree that age will hurt less in the newer to credit buckets, but if one has a clean payment history with no baddies, it is likely to be the single most negative factor on ones report for the first 12 years or so unless you have an extreme - say 10 new accounts, or utility greater than 40% or so.

That is nothing new or nothing to be alarmed about - I wouldn't call it a + in the newer to credit buckets, because that age still puts you in a bucket that puts a cap on your score. That said, it is not something to worry about if all your other factors are maxed out and you aren't going to apply for new credit you don't need.

[MidnightVoice]

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RobertEG wrote:

NewWorld makes an excellent point that I had not thought about.  Just as each bucket (category of comparison) controls the algorithm used by FICO to generate the score, it is only logical to assume that the comments, pos or neg, that one receives are pegged to their bucket.  If in a bucket due to low history to begin with, 5 years may actually be a big plus within that algorithm..  But it surely is not if one is a a high bucket and being compared to FICO hight achievers with a history of ten years or more.  Then it would be a big negative.

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Just like my "new credit" aging from 3 months to 6 months and going from "good" to "bad" when my score hit 795.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=23936&jump=true

Blooming  Mangos and Oranges

Message Edited by MidnightVoice on 07-04-2008 12:22 PM