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Questions about factors "hurting my FICO score"

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RW771
Frequent Contributor

Questions about factors "hurting my FICO score"

Good morning all,

 

I just pulled my Eq fico this morning and was reading through the factors that are hurting my score. One of the factors is that I have a short credit history, with my oldest account being 7 years, 5 months ago. I'm in my upper 20's so considering my age, I think this seems appropriate? I understand that FICO High Achievers opened their oldest account 19 years ago, but at that time I was still in elementary school, so don't feel like this is a good way to base my credit history? lol

 

I guess there's really nothing I can do to help bring this negative factor into good standing except to just continue to let my accounts age? And here I was thinking that 7 years, 5 months was pretty good...psssh.

05/31/2013 672 EQ (Fico), 03/08/2012 697 TU (Fico)

Closed on my first home 12/07/11! Officially a homeowner, thanks to this forum!!!

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Questions about factors "hurting my FICO score"

I wouldn't worry about it.  Just be carefu how many new accounts you open,, and what old accounts you close.  Every new account affects you AAoA, so you might want to keep old cards, and CLI them rather than opening new ones.

Message 2 of 5
RW771
Frequent Contributor

Re: Questions about factors "hurting my FICO score"

Thanks for the reply. I've been tempted to open a few new accounts in order to roll over some balances to a lower APR card, but can't really afford the inquiries, or much less any denials. I have 3 cards I've been tempted to request CLI's on, but 2 of them are almost completely maxxed and 1 is 1/2 way. I'd be able to pay them down much faster if I could transfer them since the rates I'm about to get hit with are ridic. What do you think the chances are they will honor my request for CLI? What do they usually look for?

 

I also have a Kohl's card with a CL of $200 that hasn't moved for the past 4 years...I'm tempted to close this one out since it doesn't seem to be going anywhere...should I just leave it alone? It makes me more mad than anything that they wont increase it after so many years.

05/31/2013 672 EQ (Fico), 03/08/2012 697 TU (Fico)

Closed on my first home 12/07/11! Officially a homeowner, thanks to this forum!!!

Message 3 of 5
GregB
Valued Contributor

Re: Questions about factors "hurting my FICO score"

When your score is generated, it goes through different scorecards. Each time a factor raises or lowers your score, the system remembers those reasons. They are then listed on your report. There will always be reasons but they may have had a very small effect.

 

When you have a reason listed of short history, it only means that your score was lowered compared to others that had a longer history. If you had a high score with lots of accounts, that difference could have been 1 point. I have seen reports with 800+ FICO where short history was listed as a factor. At that level, each negative factor had very little effect but they do list the top 3 or 4 factors.

 

As far as getting a CLI on existing accounts, I wouldn't waste any inquiries unless that account has been completeley paid off recently. You are not likely to get a new account with a 0% BT with your scores and account balances. I would zero out at least one balance and get the others under 80% util before you apply and ensure your FICO is above 700.

Message 4 of 5
AndySoCal
Senior Contributor

Re: Questions about factors "hurting my FICO score"

I would leave the Kphls card alone and focus on the paying down the other credit card debt.

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