Reason for low credit score
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Posted by HunterLynn
(146.7.72.218) on March 25, 2003 at 14:50:32:
I have a low credit score and when I actually read the analysis this is one of the reasons for my low score.
Maybe someone could explain this to me. "Here are the top factors that make your score lower:
1. blah
2. blah blah
3. You opened your first credit account 13 years and 4 months ago. This is making your score lower. Having had credit accounts for a long time is a positive factor becasue your history gives lenders information to evaluate how you typically use credit and repay your debts. Credit reports history is considered short, and less than 3 years of history is considered too little. It is worth noting that your accounts may have been open longer than your report suggests, if lenders were slow to report them to the bureaus. What matters is how long your accounts have been in your report." It sounds to me like they are contradicting themselves.
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