There is one account in your credit report that is a definite driver to higher credit FICO® scores. Do you know which one it is? This is where mismanagement can truly drop your FICO scores. It can take years to recover if a mistake is made.
Whenever consumers come looking for guidance to improve their FICO Classic credit scores, they often ask, “How long will it take me to get to 800?” I always look for this indicator first. It is his / her longest active credit card account?
Do you know which one is your longest active “open” credit card account in your credit report?
Most consumers don’t recognize this valuable account reference and often let it go inactive or even close the account. They don’t realize how valuable such accounts are to FICO Scores.
Do you know your longest open credit card account in your credit report?
Most times, you want to protect it and not let it be closed or have late payments.
FICO Scores look at both your oldest account reference in your credit report and the average account age of your active accounts. When accounts are 4 years or old, they become valuable to your FICO Scores. Anything above 7 years is considered highly valuable.
Any lines of credit or credit card accounts older than ten years and in good standing are exceptionally valuable. Identify such accounts and protect them. You will find greater success in the months and years to come with your FICO Scores.