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Should I expect a score increase...

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Anonymous
Not applicable

Should I expect a score increase...

When a revolving account reaches 6 months in age and all other things remain the same? Just curious.

Message 1 of 9
8 REPLIES 8
RobertEG
Legendary Contributor

Re: Should I expect a score increase...

In my opinon, 6-months is not significant..  Length of credit history, of which only one account is just a part, only scores at 15% of FICO scoring.

Gaining significant FICO points for account aging requries years of aging. Usuall five or more years.

 

 

Message 2 of 9
Anonymous
Not applicable

Re: Should I expect a score increase...

 


@RobertEG wrote:

In my opinon, 6-months is not significant..  Length of credit history, of which only one account is just a part, only scores at 15% of FICO scoring.

Gaining significant FICO points for account aging requries years of aging. Usuall five or more years.

 

 


Wow, if this is indeed true this is very sad news because it would then take years and years for my FICO to recover from adding new account. I'll never reach 700s then because I only have 3 small credit cards which is obviously not enough so I wanted to slowly keep adding tradelines...sigh Smiley Sad

 

Message 3 of 9
haulingthescoreup
Moderator Emerita

Re: Should I expect a score increase...

Well, there is some evidence that there's a ding for "new credit" which goes away at 6 months (as long as you don't have any accounts even younger.)

 

I'll let you know in another month! Smiley Very Happy

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 4 of 9
laz98
Senior Contributor

Re: Should I expect a score increase...

i thought the ding went away at 1 year?  does anything interesting happen at 2 years?

Message 5 of 9
Anonymous
Not applicable

Re: Should I expect a score increase...

I just read that it might only count until after it's been "reported" for six consecutive months (green squares) so I'm keeping my fingers crossed! Smiley Happy

Message 6 of 9
haulingthescoreup
Moderator Emerita

Re: Should I expect a score increase...

 


@laz98 wrote:

i thought the ding went away at 1 year?  does anything interesting happen at 2 years?


 

I thought it was one year, too, but the last time I got a new account, the flag vanished at six months. I don't know how authoritative those flags are, but the score increase cheered me up.

 

One year, two years, etc. mark it getting another year older. That sounds well duh, I know, but I think the birthdays help. Also, at one year, the associated inq is no longer scored, so there might be something there as well.

 

My only newish account will hit six months in October, so I will attempt to remember Smiley Tongue that we've been wondering about this, and see what if anything changes on my scores.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 7 of 9
Anonymous
Not applicable

Re: Should I expect a score increase...

I just had an account hit the 6 month mark(EQ States Months Reviewed - 6) and didn't get a single point. Smiley Sad

Message 8 of 9
haulingthescoreup
Moderator Emerita

Re: Should I expect a score increase...

 


@Anonymous wrote:

I just had an account hit the 6 month mark(EQ States Months Reviewed - 6) and didn't get a single point. Smiley Sad


 

Did you have a new account negative on screen 2 before this? Did it go away?

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 9 of 9
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