Continue to enter your reason codes, one at a time, in the search field in order to generate a list of printable explanations below.
P40: Date your oldest bankcard or revolving account opened is not too recent
Bankcard accounts include credit cards and charge cards from a bank and are frequently revolving accounts. Revolving accounts allow you to carry a balance and your monthly payment will vary, based on the amount of your balance. Your oldest bankcard or revolving account was not opened too recently. As a result, your history of credit management is enough to demonstrate responsible behavior which has improved your score.
What you can do:
Don’t open more accounts than you actually need. Research shows that new accounts indicate greater risk. Your score will benefit as your accounts get older.
A HIGHER LEVEL OF CONFIDENCE
Count on the company behind ReasonCode.org for more accurate and consistent credit scores too.