Short Credit History???

[GFer]

1. You have a short credit history.

Your oldest account was opened
14 Years, 1 Month agoFICO High Achievers [?] opened their oldest account 19 years ago, on average. Average age of your accounts
5 yearsMost FICO High Achievers [?] have an average age of accounts between 6 and 12 years.

1. Your FICO score measures the age of your oldest account and the average age of your accounts. In your case, either your oldest account was opened recently or the average age of your accounts is relatively low. People that do not frequently open new accounts and have longer credit histories generally pose less risk to lenders. Therefore, as your credit history lengthens and you pay your bills on time, this factor should have less of a negative impact on your score.

I'm guessing because my average age is 5yrs because of new accounts?

Meaning: will I be good at 6yrs?

Message Edited by GFer on 09-21-2008 02:13 PM

[CreditBob]

The most common word in your situation is "average age".  If you were to not open any new accounts then your average age of your oldesta ccount will be 19 years. Each time you open a new account you lower the average account age.

[Anonymous]

That is odd, that short credit history is listed as the #1 strike against you. At five years, with scores in the 600s, the scoring formula usually has bigger fish to fry than a five-year AAoA.

Do you have revolving accounts in good standing? Any baddies?

[GFer]

I have 9 revolving accts in good standing.

But I have many baddies! Tax liens, judgements, co's, lates....(all pd of course!)

But still....geesh!

[CreditBob]

I do have three revolving accounts that are in good standing. Bad accounts are 2 bankruptcies & 3 late payments. The last bad account reported was April 2003. Right now high balance credit cards and new accounts opened. So my account avaerages are low. I also just barely added a new car loan which has not been added to my credit report.

[Anonymous]

That is weird...

My oldest account is 8 years and my average age is 4 years and a couple of months and I didn't get a short credit file hit....

Maybe it's just a software snafu?

[GFer]

Dunno. This is new. Didn't say this before. Maybe a snafu when I opened 7-8 new accounts the past few months....?