Improving your credit score: Length of credit history

The length of your credit history affects about 15% of your FICO^® credit score.*

The longer you’ve been building your credit history, the better it looks to the credit bureaus. They assume that a person with 15 years of recorded on-time payments is more likely to continue making on-time payments than a person with 1 year of on-time payments.

Here’s an idea for improving your length of credit history, without having to wait several years.

Don’t open several new accounts in a short time period. Your FICO^® credit score considers the average age of your accounts. If you open a number of accounts at the same time, your average age will be younger.

What is a FICO^® credit score and what goes into it?

A credit score is a calculation that indicates how likely you are to pay back debts. The FICO^® score is the most common type, and is a three digit number (between 300 and 850), where a higher score means more likely to pay back a debt. It is calculated by a math formula that takes into account the following factors:

• Payment history (35%)
• Amount owed (30%)
• Length of credit history (15%)
• Credit mix (10%)
• New credit (10%)

Learn more

*FICO^® is solely responsible for its credit score calculation. Information contained on the FICO^® website is its own content and is not managed, sponsored or endorsed by Oportun. Oportun does not require a credit score to qualify for its products nor does Oportun rely on this score.

The information in this site, including any third-party content and opinions, is for educational purposes only and should not be relied upon as legal, tax, or financial advice or to indicate the availability or suitability of any Oportun product or service to your unique circumstances. Contact your independent financial advisor for advice on your personal situation.


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