How long is the length of the credit history that the scores consider?
Date: Sun, 03/31/2019 - 22:44
Do I have to leave the first credit account open? Is there any year limit that is considered to compute the scores? I mean what is the maximum no. of years that FICO considers about the clause "Length of credit history"?
You should have a minimum 6
You should have a minimum 6 months of credit history on at least one credit card. If you have a credit card for only 3 months, then it wouldn't help you generate credit score. It doesn't matter how much responsible you are with regards to credit card payments.
You need to have 6 months of
You need to have 6 months of credit history in one credit card. Less than 6 months credit card will not generate any history. So, to get a score, you need to manage it properly at least for 6 months.
Minimum 6 months!! You need
Minimum 6 months!! You need to use a credit card properly, make on time payments, and do not take out any cash advances. IT may cause you credit card debt (most of the time!!!)