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Possible Age Sub-Factor

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Valued Contributor

Possible Age Sub-Factor

I just pulled my free annual reports (which I have neglected doing for a long time). Aside from TU having my account frozen and not being able to verify my identity due to me not being able to remember my username from 2003, it was a pleasant experience. I opted to purchase a FICO from EQ directly for 7.95 (great deal!). On it, it listed four negative factors shown below:
 

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

I 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.
 
With FAKO's there is often bogus info that sounds like this, but this is a genuine FICO score report. I am not sure if the FICO formula suggests these or whether the credit bureaus put them there, but do you think that indicates there is a sub-element not mentioned on FICO reports bought here? Or have I just missed this in old threads?
 
7/2/08 EQ 744
Message 1 of 15
14 REPLIES 14
Moderator Emeritus

Re: Possible Age Sub-Factor



debtisgood wrote:
 
The length of time your revolving/charge accounts have been established is too short
 
I 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.
 


Average age is not broken down into subcategories.  Total length of history is, however.
 
I have the same comment on my TU and EQ reports from myFICO, except on those reports it's worded like this:
 

You have not established a long revolving credit history.

Your first revolving account was opened
7 Years ago
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.

 

----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Message 2 of 15
Valued Contributor

Re: Possible Age Sub-Factor

Remember too that the advice given is all relative to your situation. If your FICO score is 533 on account of a couple charge-offs, and your average age of accounts is 8 years, that's not going to be listed as something holding down your credit score. In fact, it may well be listed as a positive. Even if you could add yourself to some old person's account from 1984 and gain all that extra history, it might not help your score appreciably since the charge-off is staring you in the face.

On the other hand, if your CR is clean and you have a 778 FICO, 8 years average age might be considered low, by the standard of people with clean credit reports and 778 FICOs. MAybe then the geezer's account would loft you into the 800 Club if you could get it.

And once your FICO does get into the 800s, the reason codes are known to get downright loopy.
- - - -
in a credit-scoring postnuclear Stone Age...
Message 3 of 15
Valued Contributor

Re: Possible Age Sub-Factor

NewWorldMan, I am aware of buckets nor worried about my credit length, I just had never seen the negative listed that way - I had only seen the overall credit history too short one before.
 
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?
Message 4 of 15
Moderator Emeritus

Re: Possible Age Sub-Factor



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?


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.
 
Also (granted this is anecdotal, but sometimes we don't have much else to go on), I have never seen a counterpart to the negative score factor I posted above, but which mentions the age of the first installment account rather than the age of the first revolving account.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Message 5 of 15
Super Contributor

Re: Possible Age Sub-Factor

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.
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 6 of 15
Moderator Emeritus

Re: Possible Age Sub-Factor



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.



Yes, but anything about age of specific types of accounts?
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Message 7 of 15
Super Contributor

Re: Possible Age Sub-Factor

Nothing, but the oldest was a CC by happenstance
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 8 of 15
Moderator Emeritus

Re: Possible Age Sub-Factor

This is from my 5/19/08 TU report:
 
 
Like cheddar mentioned, there is no mention of average age of revolving accounts.
EQ 814 / TU 815 / EX 842
Message 9 of 15
Moderator Emeritus

Re: Possible Age Sub-Factor

Also from my 5/19/08 TU report:
 
 
 
EQ 814 / TU 815 / EX 842
Message 10 of 15
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