Discussion in 'Credit Talk' started by Michael, Mar 22, 2001.

  1. Michael

    Michael Guest

    O.K. I realize that FICO like length in a credit file when scoring, but does it have to be an open account?

    Example Joe opened a Chase Secured account in Mar 1999 and a Target in Dec 2000.

    Now Joe wants to close the Chase. Will Fico consider Joe a person with 2 years History or only 4 months credit history???

    How different will Joes FICO score be before and after he closes the Chase Card??
  2. Dallas

    Dallas Guest

    Actually I have noticed that most reports (especially the ones online) report the account even after it is closed. What I mean is, when Joe closes the Chase account with good history 6 months from now, the cb will report that the account is 30 months good standing. I noticed this on my experian report. They still have my FCNB which I closed in 11/00 and my FNBM account which I closed in 4/00 as in good standing for many months after I closed them.
  3. racinut88

    racinut88 Well-Known Member

    I think I read somewhere that good accounts stay for up to 10 years
  4. Michael

    Michael Guest

    O.K. But what if Chase now was to report it as closed how would that effect a FICO Score???
  5. the other

    the other Well-Known Member

    I'd like to know that too. I was given the reason code that my history is too short, but my history is over 8 years. However, my oldest open revolving account is about 6 years.

    And what about installment loans that are paid, are they only considered toward your length of history if open?

    So is my length of history considered 6 or 8 years in the FICO scoring model?
  6. Michael

    Michael Guest

    On the other hand 6 yrs is not bad for length either

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