Credit report stated this - Not True

learningaboutinsurance

Logged in for the first time my Experian CR and noticed for the first time my credit score was Fair was hoping it would of been good to excellent (latter i was hoping :rotfl:)

anyway scrolled down and noticed i had 2 positive factors and 3 negatives. one of the negative factors stated the (Below). which i felt cannot be true because one of the credit cards i have (but will close in the new year) this for close to 11 years, which in my book is a higher than average age on my account.

not sure what to make of that statement:think::undecided



The age of your accounts indicates lenders are likely to view you as higher risk

The age of each account is calculated from the start date.Having a lower average age on your accounts shows that lenders may be unable to see how effective you are at managing credit. As the average age of your accounts increases, the more positively lenders are likely to view you.

rizla_king

Experian's credit score is made up nonsense figure. Doesn't matter what they think of the information on your file.

Ignore it a stop wasting your money paying for a meaningless number.

chanz4

do you have a lot of accounts under 12 months?

sfax

You've mentioned one account but credit cards (plural). The text says average age. How long have the other accounts been open?

Experian_company_representative

The score mirrors the way many lenders analyse your credit report, although they will of course look at other things too. Average age of accounts is just one of many factors scoring considers. A fair credit report score is unlikely to be caused by just one characteristic such as this. It will be a combination of factors. You can get specific advice on your report and score from our contract centre.

James Jones

learningaboutinsurance

rizla_king wrote: »

Ignore it a stop wasting your money paying for a meaningless number.

I am on the 30 day free trial :T and then plan on cancelling it

sfax wrote: »

You've mentioned one account but credit cards (plural). The text says average age. How long have the other accounts been open?

sorry i have in total 3 Credit Cards.

1. 11 years as mentioned in the first post
2. i have had for 4 years
3. opened very recently (two weeks ago)

but surely the 11 years i have maintain my credit should show the score as higher as it proves i have managed my credit very well?

learningaboutinsurance

Experian_company_representative wrote: »

The score mirrors the way many lenders analyse your credit report, although they will of course look at other things too. Average age of accounts is just one of many factors scoring considers. A fair credit report score is unlikely to be caused by just one characteristic such as this. It will be a combination of factors. You can get specific advice on your report and score from our contract centre.

James Jones

Thank you James,

I understand its more factors and as my first post states there were 3 negative factor. i only posted one of them because i felt that in my case this was uncharacteristic because i have had a credit card for 11 years which i a have maintained and the Credit report even showed this

but yet it is 1 negative factor rather a positive factor.

all i was doing is trying understand this statement and get opinions on how i probably could improve and remove this

I not having a go at experian

rartherinv

Looks like you answered your own question here ...you just opened a credit account the other week. The fact that you also have an old credit account is irrelevent.

The reason why very recent accounts and recent searches may be a warning signal to lenders is that the lender cannot clearly see your new circumstances. Yeah, you have a new credit card with X limit, but is that it? They will want to see a few months of calm in your history before they can be sure of that.

It is not uncommon for people to try to open multiple accounts at the same time due to their own actions or fraud.

In reality a lender probably wouldn't discriminate against you for having 1 new account, they would probably take it as a warning if there were 2 or more new accounts/searches very recently. Experian does not lend money so you would not expect their model to be very accurate. There again neither do I so I could be talking rubbish as well. But, at least I don't charge people millions of pounds to tell them my best guess.