I had actually though all the accounts would be taken into consideration giving an average age figure but they just seem to care about the oldest one active.
WHAT THIS MEANS
This is the age of the oldest active account on your credit report.
WHY THIS IS IMPORTANT
Lenders like to see how long you’ve been managing active credit for. The more financial history you have, the more chances to prove that you can meet your obligations and organise your finances responsibly.
WHAT YOU CAN DO
Even if you rarely use it, unless it’s costing you too much money, try not to close this account. After 6 years, points are added to your score, but keeping it open for more than a year will start to improve this factor. The longer you keep your oldest account active, the better for your score.
The only other thing to consider is opening New accounts.
[…] try not to open more than 1-2 new accounts in the space of 6 months
This breaks it into the following, but I can’t see any words to go with it.
- xx Accounts
x opened within 3 months
x opened within 6 months
x opened within 12 months
x older than 1 year
x closed accounts
Who really knows if lenders actually care that much if you’ve opened three current accounts instead of two in the last six months or your oldest account is only a few months old, it’s probably quite low in weight compared to say missed payments, and defaults.
Nope no loan for you.