SCHUFA has developed a new score based on twelve criteria. One of these is the age of the oldest bank account. Find out here how this criterion will affect your creditworthiness in the future.

• Subject of the criterion: Age of the oldest bank contract
• Score: 0 to 69 points
• Awarding the minimum number of points: The oldest bank contract is less than three months old
• Maximum points awarded: The oldest bank contract is at least 20 years old

SCHUFA considers bank contracts to be those that involve credit risk. These include, among others: checking accounts with an overdraft facility, credit cards, lease agreements, guarantees, blank-check home savings loans, and loans. Information about how long individuals have been actively participating in the financial system is important for creditworthiness. The longer you do so in accordance with the terms of the contract, the longer you have demonstrated that you manage your finances responsibly. This has a positive impact on your credit score.

The older a banking contract is, the more positively its age affects the score. If the oldest banking contract was entered into only recently and is less than three months old, it counts as zero points. With new customers, banks do not yet know how they will handle their financial obligations. Three months after opening the account, three points are awarded; after the first year, twelve points are awarded. If the oldest banking agreement is four years old, consumers receive 27 points; for ten years, 49 points. Once the account is 20 years old, the maximum score of 69 points for this criterion is awarded. Not having a bank account results in 18 points for the score, because without a bank account, there is no risk of overdrawing it.

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