December 5th, 2012
Last time, we talked about how your percentage of on-time payments affects your credit. Before that, it was all about your open credit card utilization and how a high percentage can really ding your score. Today, we’re discussing another factor in your Credit Report Card: your average age of open credit lines.
Your credit history says a lot about you as a borrower. Of course, there’s whether or not you’ve made payments on time, but there’s also just how long your history is. In Credit Karma’s Credit Report Card, we take a look at the average age of your open credit lines, since many scoring models weigh newer credit lines more heavily.
How does my credit history length affect my credit?
Your credit history length is a significant factor in your credit score. Based on that, the average age of your credit cards is a strong indicator of your credit history. Basically, the longer that you’ve responsibly managed credit (like credit cards), the higher your credit score. Lenders and creditors can get a more thorough and accurate evaluation of your creditworthiness by looking at years and years of your credit use.
This is reflected in the score comparison charts you’ll see in your Credit Report Card.
July 31st, 2012
Building a solid credit history and saving money don’t always go hand in hand. The essence of building credit means you’re paying back borrowed money to establish a good reputation, so you can borrow more money (at a lower interest rate) in the future.
November 9th, 2011
We don’t usually toot our own horn at Credit Karma, but we came up with something cool and thought you should know about it. Our latest feature, launched yesterday, is a big step forward in helping you save money and keep your credit history free of errors. The My Accounts tab is now live on Credit Karma and it shows you all of your credit accounts in one place.
September 30th, 2011
One of the most frequently asked questions we receive from our users here at Credit Karma is, “Why hasn’t my credit score changed?” Truthfully, improving your credit health can be hard work. Sure, you’ve been paying your bills on time, but sometimes it takes more to boost your credit score.
To take your credit score to the next level, you need to reevaluate your overall credit characteristics. Here are key areas to help you dig yourself out of a credit score rut.
August 1st, 2011
8 New Annoying Things Consumers Need to Be Aware Of. As consumers, frustration is inevitable — it's common to experience bumps along the way. Some of the many hurdles we have to deal with include marketing ploys we fall prey to, rude customer service, instances of fraud, and the list goes on. Savvy Sugar
July 25th, 2011
Credit-reporting companies compile the data that generate the credit reports and scores that affect just about every financial move a person makes — from whether you get approved for a loan to how high your interest payments will be. Market Watch
February 22nd, 2011
A change is gonna come… and if you are a renter, it could be great news for your credit report.
It’ll be a good addition to most consumers’ credit toolbox, but as with all big changes, there could be a downside.
January 24th, 2011
Scared straight... by your bank?
An interesting survey reported by MainStreet found that 33% of Americans report being “too scared” to check their balance on a bank statement at least once in 2010.
November 16th, 2010
The next time you shop for insurance, you may be new to the fact that credit history is on hand for most insurers to use to determine how much you will pay.
In our last post on auto insurance scores, we discussed what exactly an insurance score is; this week, we’re breaking down the logic and truth behind it.
August 2nd, 2010
Consumers are not spending like drunken sailors, reports CNN Money. What exactly does that mean?
While consumer spending and savings affects the economy's pace of recovery, is it enough to lift us out of the recession?