The Impact of the Age of Your Credit
Your credit score is also affected by a subtle, little known factor – how long you have actually had credit. In fact the age of your credit accounts for 15 percent of your total credit score.
The score considers both of these factors –
• The age of the oldest account that you have with any one lender
• The average age of all the accounts that you have
You can have a good credit score if you have a short credit history but typically if you want a great credit score the longer you are in the game of borrowing money and successfully paying it back – the better. This is why it can be a good idea to stick with one lender for many years. It impresses the credit bureaus.
According to Fair Isaac the average age of an American’s oldest credit account is about 14 years.