Length of Credit History

If you’re buying a home, lenders will look at your FICO score. One of the components of your FICO score is the length of your credit history. Here’s what you need to know about the length of your credit history and your FICO score.

FICO Score Breakdown

FICO scores are calculated based on your payment history, how much you owe, how old your credit history is, how much new credit you have, and types of credit you have. It’s approximately this way:

  • 35% payment history
  • 30% debts you owe
  • 15% length of credit history
  • 10% new credit you’ve obtained
  • 10% the types of credit you have

Length of Credit History

Generally speaking, the longer you’ve had credit extended in your name,, the higher this part of your score will be. The age of the oldest account and the age of the newest account are both factored in.

Are You Buying a Home in Irvine?

If you’re thinking about buying a home in Irvine or any of the surrounding communities, we can help you find one that’s just right for your needs (and your budget).

Call us at 949-385-1684 or get in touch with us online to let us know what you’re looking for.

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