In regards a FICO rating a credit history refers to the how long you have had credit. The weight it conveys in the FICO rating formula is 15
. The weight it conveys is because to the relation of the lengthier an individual has has made use of credit the lesser the danger they represent line of credit is discontinued it will hurt both.
There is not much a consumer can try to increase this component of the FICO rating calculation besides avoiding the common mistakes above. In Addition, if an individual do not have a balance on the oldest line of credit, it is wise to utilize the card once a year. Certain accounts sometimes close accounts because of inactivity.