You have to have seven years of credit history to have “good credit” at all.
Because of the seven-year rule, you can have a spotless payment history, but still get turned down for certain credit cards if your history doesn’t go back at least seven years.
What is a good average age of credit history?
|AVERAGE ACCOUNT AGE: HOW PEOPLE WITH EXCELLENT, FAIR CREDIT COMPARE|
|Credit score||Average age of credit accounts||Oldest account age|
|650-699 (Fair credit)||7 years||12 years|
|750-850 (Excellent credit)||11 years||25 years|
What is considered long credit history?
“The minimum amount of credit history needed to generate a FICO score is six months or more on at least one credit account,” said Paperno.
How is length of credit history calculated?
This number is calculated using your oldest and newest accounts divided by your total number of accounts. As a matter of fact, you can use the information found on your credit report to calculate your AAoA on your own and see where you fit on the Length of Credit History spectrum.
Photo in the article by “President of Russia”