Your credit score tries to predict the level of risk you present to lenders based on your track record. The longer your credit history is, the more data that is present to analyze how well you manage credit and pay people back. This is why a longer credit history will increase your score.
What Information is Considered
The Age of Your Oldest & Newest Accounts
The Average Age of All Accounts
How Long Certain Account Types Have Been Open
How Long Since You Have Used Certain Accounts
The only thing you can do to improve in this area is to put time on your side. Develop credit accounts early in life so the length of your history doesn’t hurt you later. Also limit the amount of new accounts you open since they lower the average age of your accounts. If you didn’t start your credit while you were young get started on it now!
Contact:
Clean Slate Credit LLC
Owner-Will Frazier
334-430-5296
