I am 35 years old. The average age of accounts on my credit reports are 4 years 5 months. This is making my score lower. They say that 30 years of history is considered optimal, and that up to 7 years is considered short, and less than 3 years of history is considered too little. Understanding this, my question is: CAN YOU ACQUIRE CREDIT HISTORY? In a nut shell, I have cleaned every negative factor from my reports, thus leaving a very small amout of credit history.... leaving me with about 13 years of no credit history? CAN YOU ACQUIRE CREDIT HISTORY?
Yes, get yourself named an Authorized User on someone else's card whose history is perfect and long. And make sure that the card issuer reports .. Best of luck
ok, I was under the understanding that it only gets reported from the day you become an authorized, but it actually can age the new account?
I'm cracking up because I don't think I know anyone personally (other than me) with perfect credit, that I could ask to become an authorized... My girl friend has an AMEX (since 1991) and they told her that I they would only report from the time I become authorized user.
Re: Re: Length Of Credit History Question: I made my wife an authorized user on my Citibank card that I had perfect payment history on since 1990 ... and they report the account as open since 1990 on my wife's report too. Presto! Instant credit history! Best of luck
Just be aware that the new FICO 08 scoring algorithm, scheduled to be released by FairIsaac beginning this spring, is supposed to eliminate AUs from credit scoring, so you might lose the benefit of being an authorized user with any lendor that switches to the new model. However, new releases of FICO in the past have not been quickly accepted by lendors, and it may be years, or never, for this change to become accepted. Creditors will still have the option of using the current FICO model. Just something to be aware of.
Good point but, it should also be mentioned that the ECOA has direct applicability in the FICO 08' phenomenon. In short, this model as proposed is invalid under the ECOA and any lender that uses it could be liable thereunder. Moreover, Equifax has already stated that they will not allow this proposed model to be applied to their date.
