When does Average age stop hurting?

Larrypatty · ‎09-07-2020

I haven't used credit for 10+ year's. Started building 10 months ago with a self loan, and have 3 credit cards. With average age of 7 months. Credit score is 721. Been denied several pre-approvals due to history to short, to many new accounts, etc. Is 1 year the magical number when this will not hurt me? Kind of frustrating only having a total cl of $1,000.00 on 3 cards.

Anonymous · ‎09-07-2020

It's probably closer to two years as a blanket statement but many lenders become receptive with a year of solid history.

OmarGB9 · ‎09-07-2020

@Anonymous wrote:
It's tons blu closer to two years as a blanket statement but many lenders become receptive with a year of solid history.

Eh??

But I agree, 2 years is solid, 1 year is a good minimum.

Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:

Current FICO 8 scores:

Anonymous · ‎09-07-2020

Lmao autocorrect has been drinking tonight. I'll fix it.

Anonymous · ‎09-08-2020

I guess it depends on your personal definition of hurting you. If you mean score wise, any AAoA of under around 8 years isn't maximized and will be hindering your scores some. If you mean in terms of approvals/denials and such, that's all very lender specific. Some may think you're solid with 1+ year, others may want to see 2-3 or more. Keep in mind another big factor and one that impacts score card assignment is AoYA, that is, your youngest account... so it's not just about average age of accounts. The older your AoYA, the less you're credit-seeking and the better that will look to your existing lenders or to those that you do app with. It's also well documented that nice score gains can come with an AoYA reaching 12 months.

Anonymous · ‎09-15-2020

Which average age? Of accounts? of revolvers? or of installment accounts?

And we have actually came to the conclusion that age of youngest revolving account (AoYRA) is a segmentation factor and age of the youngest account (AoYA) is a scoring factor.

My testing and many following established the first premise, and the second was established via a fico slide, along with tested point awards at thresholds by @Anonymous and others.