How Does Age Factor Into Your Credit Score
The average age of your credit accounts one of the five major factors determining your credit score. Say you took out a student loan and opened a credit card at age 18, and they are your only credit accounts. Ten years later, when you’re 28 and those accounts are still open, you’re doing very well in that category of your credit history. If your best friend of the same age has no loans and opened her first credit card when she graduated college at age 22, her oldest credit account is only six years old, which isn’t great as far as a credit history goes. While you’re waiting for the average age of your credit accounts to rise, focus on making loan payments on time and keeping your debt levels low, because those behaviors have the greatest impact on your credit score.