@FreedomHammer wrote:
Sorry for the confusion. My oldest credit card is a secured one (does that matter?) and when my reports are clean and I move to that clean scorecard, my oldest (secured) revolver will be about 20 months. My newest revolver will be about seven months at that time.
I do have multiple unpaid charge offs that are still reporting balances. That's why my EQ and EX scores are garbage.
I managed to use early exclusion to remove most of the derogatories early with TU. TU has one unpaid charge off remaining, with a balance, two inquiries, and three new accounts in the last two years. My FICO8 on TU with all of the previous mentioned is 718.
Edited to add:
Once my oldest revolver is more than 2 years old on this new mature scorecard, will I see step improvements?
@FreedomHammer The algorithm doesn't care if a loan or a credit card is secured or unsecured, it treats them the same.
OK you should go to a clean/thick/mature/new revolver Scorecard. When your youngest Revolver hits 12 months, you will change to a no new revolver Scorecard and gain a few points, assuming you don't open any more revolvers before then.
OK so your COs are unpaid with Balances. This is the one situation where that might turn out to be good. LOL. Let me explain my comment. Your score is lower than it would be had that been a paid chargeoff. So when it's gone, you've got further to go up, effectively. understand?
TU may be the one where you get the least, since it only has one unpaid chargeoff in comparison to the others. But that prediction might not be correct because of other factors in your profile, but considering that point alone would have that effect.
Likewise, your score will be lower on all bureaus than it would've been had your youngest Revolver been 12 months of age upon reassignment, but that's fine because a few months later you'll see that increase.
you will see step improvements as your account ages from multiple metrics. Sometimes it's AAoA, sometimes it is AAoRA, sometimes it is AoORA, and sometimes it's from loan aging metrics, though you may have those maxed out. we would have to calculate all your old loans, but they offer less points than Revolver Metrics anyway.
regarding the consequences of your oldest Revolver being so young on a mature Scorecard: A lot of this is new and we're just figuring it out. So I can't really give you conclusive answer. As I said, on a young card it appears that age of oldest revolving account provides a peek somewhere between two and three years.
I don't believe that that will happen on a mature card. But I don't know for sure. It's my guess that a mature card will start offering more points maybe at five years. Seems like we've got a data point for six years that needs to be confirmed and nine years and I'm sure there are some between there.
either way since you have unpaid chargeoffs, your score is worse than it would be and has further to rise. Even though you don't have an older revolver that would allow you to have a higher score than you would otherwise, I predict you will still see a nice increase because you've got further to come from the unpaid chargeoffs.
So you will see a bigger increase than you would have because of that. you got one thing giving you a bigger increase and one thing giving you a smaller increase, maybe they'll cancel out?
One thing about it, maybe we will learn from your data points. But this is good information for everyone to know. Version 8 and 9 are revolver-centric and the age of the oldest Revolver is very important.
