Credit History
How Does the Length of My Credit History Affect My Credit Score?
The length of your credit history affects 15% of your credit score. That’s why it’s important to keep your credit accounts open as long as possible. Many people believe that once you pay off an account it’s okay to close the account, but in actuality that may very well hurt your FICO score. If you’ve closed accounts in the past that you have a good payment history on, contact the creditor and try to reopen them. Even if you never plan on using the account again, let it remain open so that it can contribute to your credit history and to your available credit, both of which help to raise your credit score.
If you don’t have a long credit history, ask a friend or relative to add you to a credit card on which they have a good payment history. You do not have to use the account, but by adding you to the account, their good credit will benefit you. The benefits of this can even be seen on your credit score within a couple months.