Credit glossary
Length of credit history
The FICO category, about 15% of a score for the general population, that measures how long your accounts have been open.
myFICO says the category looks at the age of your oldest account, the age of your newest account and the average age of all of them. It makes up about 15% of a FICO Score for the general population. Closed accounts still count while they remain on your report, and Experian says a card closed in good standing typically stays about 10 years.
This is the one factor only time can fix, which is why reason codes about account age belong in the leave-alone pile. What you can control is avoiding damage. Open new accounts sparingly, since each starts at zero months, and think twice before closing your oldest card, especially one with no annual fee.
Guides that go deeper
- How a credit score is calculated, without the pie-chart mythsFICO's 35/30/15/10/10 split describes the general population, not point values. What each factor reads on your report, with the math worked out.
- How many credit cards should you have? The math behind the numberFICO publishes no ideal number of credit cards. What matters is what each card does to utilization, account age and recent applications. The math, worked out.
- What closing a credit card actually does to your scoreClosing a card cuts your available credit right away but doesn't erase its history for years. See the utilization math and when closing is still the right call.
Sources
- Length of Credit History, myFICO
- What's in my FICO Scores?, myFICO
- Closed Accounts and Your Credit History, Experian
This is education, not legal or financial advice. Spot an error? Tell us and we'll fix it.