Every time I try to buy a car the dealer tells me 'you have good credit,but it is too young.'. I've had two credit cards since May of 06 .I pay them off in full. When when my credit stop being 'young'?
2007-02-05 05:25:07 · 5 answers · asked by mingblack 3 in Business & Finance ➔ Credit
Hello, You have less than a year of documented experience handling credit. The most recent 24 months have the biggest impact on your score. "Young" credit is a subjective term. If an auto loan lender compares you to a 50 year old with 30 years of credit history, even a 10 year history is "young". It's reasonable to say that 5 years of history is enough to see patterns of behavior. There needs to be enough history to determine if you are a good credit risk. There really is no magic number of years. I suggest you go to myfico.com and read the information you find under the "learn" tab, you will have a much better idea how to play the credit game. Good luck.
2007-02-05 05:39:20 · answer #1 · answered by CJ 2 · 0⤊ 0⤋
I have been denied credit for the same reason, usually the letter says that i have "less then 3 years of existing credit" so I would assume that after 3 years is when you aren't considered "young" anymore
2007-02-05 15:33:43 · answer #2 · answered by Nicole E 4 · 0⤊ 0⤋
Usually after about 5 years your credit is seen as "established."
2007-02-05 13:55:34 · answer #3 · answered by tchem75 5 · 0⤊ 0⤋
Most of my banks (I have 15-total) require you to be in the credit bureaus at least 4-5 years.
Try getting a good co-signer.
2007-02-05 13:30:55 · answer #4 · answered by ? 7 · 0⤊ 0⤋
after 2 years of paying on time. i know i went through the same thing.
2007-02-05 13:29:14 · answer #5 · answered by pp 1 · 0⤊ 0⤋