When will I see an increase?

[Anonymous]

I have three credit cards that I opened up on June 1st of this year.  It is my understanding that once the cards are 6+ months old, I will no longer be penalized for them.  Will that be reflected on my reports after December 1st or do I have to wait until January 1st when they are actually 7 months old.  If it makes a difference, they all report around the 19th of the month, so once they report in December they would be 6+ months old.  I am waiting to hear back on an offer I put in on a house, which would close on 12/22 and I am very close (3 pts) to being in the next tier and getting a better interest rate.  

Thank you in advance for your help!

[Kree]

Credit scores are continually updated.  Whenever they report in the month plus 2-5 processing days is when you will see the 6 month bump.

If you get your report on the 1st of every month, then in this scenario your January report will have the improved numbers.

Edit: to address second part of post.   If you need the new numbers on the 22nd it will be close. Cause of that 2-5 day thing. 

[Anonymous]

I'm not concerned with when the score shows on the reports that I pull, I get mine on the 7th though.  I know things change throughout the month.  Maybe to clarify, the cards will be 6 months old on 12/1, so does FICO automatically give me the points for them being 6 months old on 12/1, do I have to wait until my cards report for the month around 12/19, or do I not actually get the points until 1/1 when they will be 7 months old?  So is it an automatic thing without the cards reporting anything or do they need to report for the month before I receive the points?  And is it at the 6 months + 1 day where I get the points or is it at 7 months since the bucket is for 6+ months? 

[Anonymous]

It's tough to say without knowing what your reports look like right now (good accounts, bad accounts, closed accounts) and what your scores are.

FICO gives you points for any aging that occurs over time in different categories:

1. Your oldest account (open or closed) -- as it ages to different tiers, you get more points.
2. Your average age of all accounts (open or closed) -- as it ages to different tiers, more points.
3. New account penalty is usually a big one from 0-3 months and a smaller one from 3-6 months and then no penalty after, but it might take until month 7 (or even 8) to see the result.
4. Inquiries aging: hurt the most from 0-6 months, then hurt less from 6-12 months, and don't hurt at all after 12 months.

Without knowing your overall profile, it's really impossible to guess!

[Anonymous]

I opened 3 credit cards earlier this year.  When all 3 crossed the 6 month mark of being open, I saw zero scoring increase.  I did however see a slight scoring increase over the course of those 6 months as the accounts aged, inquiries aged, etc. just nothing specifically at 6 months.

At the 6 month mark, my EX score was a couple of points higher than where it started (before the 3 new accounts), while my EQ score was still a couple of points below.  My TU score is impossible to tell, as a final baddie fell off during those 6 months taking me from a dirty to clean score card on TU.

My question to the OP is what are you scores now compared to when you apped for those 3 accounts? 

[Anonymous]

It is really just the new account penalty (these are my three newest accounts) that I was thinking of.  I didn't even think about the inquiries. 

My oldest account is 10 years, 6 months (student loan) but my oldest credit card is 3 years old.  I have a total of 7/26 accounts with reported lates to varying degrees (mostly from 2012 and 2015).  Not sure what all of my credit scores were when I applied for the cards, but my Experian from Discover Scorecard was 546, since then my default marks and lates from students loans have been removed and my credit utilization now sits at 1%.  I have also paid off three collections in that time (two deleted, the last from PRA which will be there for eternity).  As of 11/7, my Experian FICO8 is 652, so lots of improvement in the last five months!

[DollyLama]

What are your mortgage scores? Those differ from FICO 8 scores and can vary widely in your favor or against. 

[Anonymous]

Mortgage scores are:

Equifax:  686

Transunion:  677 (680 gets me a lower interest rate)

Experian:  641

[Anonymous]

I've noticed on my reports that age is reflected on the 1st of month. I think the 6 mos will be reflected by the CRA's on Dec 1, whether or not you see a score increase is another matter.