What is the Impact of Credit History on a Credit Score?

When your credit isn’t great, you want to know how long it will take to get back on track. The trick is understanding the factors used to calculate your overall score. Here’s a look at the impact of credit history on a credit score.

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How Long Have You Had Credit?

One factor in your credit score is the length of your credit history. In general, the longer you’ve been using credit, the better picture it provides as to whether you are likely to understand and meet your debt obligations.

Creditors may also take the average age of your accounts into consideration. 1 A large number of new accounts, may indicate that someone is seeking out new lines of credit to stay afloat — which may be a red flag for lenders. 2

Recent Credit History Matters More than Old History

Late payments remain on your credit report for up to seven years. 1 However, even though old mishaps will weigh down your score so long as they remain on your credit report, some debts older than 24 months impact your score less than newer delinquencies. 3

 There’s no fast track to a good credit score. Pay your bills on time, reduce your debt and only apply for new credit when you need it. Do that and a good score will come.

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