Depends on file, in addition to whatever mentioned previously, age of youngest account doesn't appear to be any sort of factor in the severe derogatory scorecards.
I never ever saw that reason code (You opened a new credit account relatively recently) and excluding inquiries the only time I took any negative with opening an account was when I crossed an AAOA boundary and when I was really tracking my scores during my mortgage process my last account ticked over a year and I got nada.
I did see that reason code though on all TU 04 scores with just a 30/60D late reporting.
I still don't have anything about that on FICO 8, nor on FICO 9 but there's still non-trivial stuff wrong with my file; BBS have you seen reports of it on other people's FICO 8/9?
@Anonymous wrote:
I have not. The closest thing I've seen along those lines are the ones to the tune of too many new accounts, but never a reason code specifically tied to 1 account. Perhaps that only happens on specific profiles, such as an extremely thin one for example? Maybe in the "worst" of 8 clean scorecard assignments?
Yeah, if it's still in FICO 8/9 I may see it this year as the only thing that FICO should have to complain about is short history and installment utilization once the tax lien is gone in either July or September, and all inquiries are gone I think in January of next year there on EX / EQ.
Was there any evidence either from published stuff (TT?) or is age of youngest unknown to factor into FICO 8/9? If it counts less or not at all, as someone mentioned that would likely be a reason why so many forum people's FICO 8's are higher than their mortgage scores.
@Revelate wrote:
@Anonymous wrote:
I have not. The closest thing I've seen along those lines are the ones to the tune of too many new accounts, but never a reason code specifically tied to 1 account. Perhaps that only happens on specific profiles, such as an extremely thin one for example? Maybe in the "worst" of 8 clean scorecard assignments?Yeah, if it's still in FICO 8/9 I may see it this year as the only thing that FICO should have to complain about is short history and installment utilization once the tax lien is gone in either July or September, and all inquiries are gone I think in January of next year there on EX / EQ.
Was there any evidence either from published stuff (TT?) or is age of youngest unknown to factor into FICO 8/9? If it counts less or not at all, as someone mentioned that would likely be a reason why so many forum people's FICO 8's are higher than their mortgage scores.
Revelate, I can search my files when I get home regarding Fico 8/Fico 9 and how young accounts are scored differently. I believe Fico 9 is different than Fico 8 in this regard. As we know, Fico 9 has an additional scorecard targeted toward segregating highly leveraged revolving credit users. Most likely other adjustments have been made to how Fico 9 treats revolving credit relative to Fico 8.
The below paste does not speak to new accounts directly but alludes to a 6 month timeframe for pursuit of new credit. I am an advocate of believing Fico looks at # new accounts in the last 6 months as an attribute for scoring. Sure, the below is part of a sales presentation but, it offers insight. Sparse "data" is better than no data.
SJ's score data (he "maintains" a youngest account under 3 months on a routine basis), does suggest young accounts are less of a concern on Fico 9 relative to Fico 8. As I recall, literature on Fico 8 mentions the "new model" is less sensitive to an isolated new account but, may be more sensitive to a patterm (or closely grouped significant quantity) of new accounts than is Fico 4.
As for scorecards, age of youngest is explicitly excluded from Derog scorecards. The 2 assignment factors mentioned for derog scorecards are:
1) Worst rating (severity of worst derogatory).
2) Public record
Does age play a roll in categorizing "worst rating"?
You certainly don't have a thin file nor a low file age. Therefore, you won't be on a hyper sensitive clean scorecard when your serious derogatories disappear.
@Thomas_Thumb wrote:
@Revelate wrote:
@Anonymous wrote:
I have not. The closest thing I've seen along those lines are the ones to the tune of too many new accounts, but never a reason code specifically tied to 1 account. Perhaps that only happens on specific profiles, such as an extremely thin one for example? Maybe in the "worst" of 8 clean scorecard assignments?Yeah, if it's still in FICO 8/9 I may see it this year as the only thing that FICO should have to complain about is short history and installment utilization once the tax lien is gone in either July or September, and all inquiries are gone I think in January of next year there on EX / EQ.
Was there any evidence either from published stuff (TT?) or is age of youngest unknown to factor into FICO 8/9? If it counts less or not at all, as someone mentioned that would likely be a reason why so many forum people's FICO 8's are higher than their mortgage scores.
Revelate, I can search my files when I get home regarding Fico 8/Fico 9 and how young accounts are scored differently. I believe Fico 9 is different than Fico 8 in this regard. As we know, Fico 9 has an additional scorecard targeted toward segregating highly leveraged revolving credit users. Most likely other adjustments have been made to how Fico 9 treats revolving credit relative to Fico 8.
The below paste does not speak to new accounts directly but alludes to a 6 month timeframe for pursuit of new credit. I am an advocate of believing Fico looks at # new accounts in the last 6 months as an attribute for scoring. Sure, the below is part of a sales presentation but, it offers insight. Sparse "data" is better than no data.
SJ's score data (he "maintains" a youngest account under 3 months on a routine basis), does suggest young accounts are less of a concern on Fico 9 relative to Fico 8. As I recall, literature on Fico 8 mentions the "new model" is less sensitive to an isolated new account but, may be more sensitive to a patterm (or closely grouped significant quantity) of new accounts than is Fico 4.
As for scorecards, age of youngest is explicitly excluded from Derog scorecards. The 2 assignment factors mentioned for derog scorecards are:
1) Worst rating (severity of worst derogatory).
2) Public record
Does age play a roll in categorizing "worst rating"?
You certainly don't have a thin file nor a low file age. Therefore, you won't be on a hyper sensitive clean scorecard when your serious derogatories disappear.
Interesting, I don't know if I have enough FICO 9 datapoints around my applications to know; I have seen a much larger swing on EX FICO 9 as a result of inquiries / new accounts than in any of the other models so it's possible but I never really tracked it down.
I don't think that list of assignment factors tells the complete story: there are 4 derog scorecards in FICO 8, and even on the older ones based on my score shifts, it appears that these factors:
Minor lates (30/60D)
Lien
Lien + Minor lates (30/60)
Are 3 seperate scorecards. Since we both agree on age of youngest being flatly ignored in the derog scorecards, the 30/60D would therefore be minor and that scorecard is somewhere among the top 8 rather than bottom 4 so can safely ignore that.
Where it goes sideways, and this happened on both EX and EQ on almost all models, is when the lates were excluded, all my scores fell, including EX FICO 2, EX FICO 3, EQ FICO 5 which don't have as many scorecards... I can't possibly, under any circumstances, see how lates were helping my score, unless it stuck me in a different bucket, even the usual "it's just data" argument falls flat, no late payments on file worse than someone with late payments on file? Doesn't compute heh.
Re: Age - I *think* based on some of my data that FICO 8 may segment derog scorecards by derog age, or perhaps by age of most recent derogatory; I'm not so certain on this, hard to track over time but I've gotten some decent increases in FICO 8, somewhere after the 5 year mark on the tax lien, but I've gone absolutely nowhere on EQ FICO 5, zero zip nada. This isn't conclusive as I may have just been capped via scorecard on FICO 5, I need to dig into it more at some point but it would hold with the anecdotal finding from bunches of people that FICO 8 penalizes old derogatories less harshly than does FICO 5.
Re: short credit history - I think I'm going to get that for another 5-6 years or perhaps longer on my report as a reason code, even if true 3 years AAOA isn't short likely from a scorecard segmentation perspective... plenty of history to get a good predictor of future performance for yours truly.
CGID: It does exist in some places in FICO, but I don't know how prevalent or how recent it is... explicitly not sure it's in current models or is even in base/classic models or I think we'd see it reported here more frequently.
I've only personally ever seen it on EX FICO 2 Bankcard, and I spree or I go home when it comes to apps generally:
You've recently opened too many new credit accounts.
Never saw it on FICO 04/8/9 that I can find, but I'm in ugly scorecards with plenty to complain about. Datapoint was from 5/16, when I'd opened up 6 tradelines in the past year (5 revolving, 1 mortgage), and 23 total accounts open and closed at the time 7 of those are installment.
I'm confident in making that assertion on my scorecard(s) at least, as I've done plenty of apps and been tracking scores, and just like I don't see a new accounts penalty, I haven't seen a drop for too many new credit accounts either in scores that I track (EX FICO 2 Bankcard ain't one of those I commonly look at or care about) but it might factor on cleaner scorecards. Not sure I'm not expecting many more sprees for personal tradelines in my credit future but figure someone would've reported it by now.
FWIW I think LN has a lot more in common with FICO NextGen than current generation FICO or even VS.