Credit Age
How long you've had credit and why it matters
Learn More
> M2: Understanding Credit Score
Defintion
Credit Age, also known as the Length of Credit History, is a key factor in your credit score that measures how long your credit accounts have been active. Lenders view a longer credit history as a sign of financial stability and responsible credit management. Credit Age is calculated based on the age of your oldest account, the average age of all your accounts, and the age of your newest account. Keeping older accounts open and maintaining a strong payment history can help improve your credit score over time.
Top Entries
> Credit Freeze
> Credit Mix
> ChexSystems
> Zombie Debt
Frequently Asked Questions:
How is Credit Age calculated?
It's based on the average age of all your credit accounts and the age of your oldest account.
Does closing old accounts lower my Credit Age?
Yes, closing an old account can shorten your average credit history and potentially lower your score.
What is a good Credit Age?
Generally, a credit history of 7+ years is considered strong, but even 3-5 years can be decent.
How much does Credit Age affect my credit score?
It makes up about 15% of your FICO Score, making it an important but less dominant factor than payment history or credit utilization.
Should I open a new credit account?
Only if necessary. Opening new credit accounts frequently can lower your average Credit Age and slightly impact your score.
How Do I Build a Long Credit History?
Since installment loans have an expiration date, revolving credit lines like credit cards are a great way to maintain credit age. Assuming you're in good standing, all you have to do is keep your credit line open to improve your credit age!
