Hi {first_name},
We’ve now covered the two most important factors on your credit score, Payment History (35%), Credit Utilization Ratio (30%), now the next most important is Length of your Credit History (15%)
On the surface, this seems simple, the longer an account has been open, (how old it is), the better. While that is basically true, there are a few other factors they consider.
How long different types (installment and revolving) of accounts have been open.
When did you last use those accounts?
FICO calculates your AAoA (Average Age of Accounts) this way:
(Total of the ages of your accounts) divided by (Total number of accounts).
If you’re just establishing credit, it takes a minimum of six months for it to show up on your report.
Can I improve my credit history?
Obviously, you can’t go back in time, so improving your credit history might seem like an impossible task, but there are a few things you can do.
We’ll cover that in the next email we send out.
See you soon!
Sincerely,
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