Average Age of Account misconception

For just about anything you want to get off your chest about credit cards.
5 posts
MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Average Age of Account misconception

Postby MemberSince99 » Sun May 26, 2013 10:11 am

I constantly see people on FICO even mods who should know better INSIST that closed accounts are included in your average age of account.

If that was true with the 30 I have closed, my AAoA would be close to 0 instead of the 5 it is on EX and 3.7 on TU.

I am NOT seeing this is true, not at all, however these guys repeat this stuff over and over and over again.


Robrus1
Centurion Member
Centurion Member
 
Posts: 797
Joined: Tue Oct 02, 2012 3:25 pm
Location: Texas

Postby Robrus1 » Sun May 26, 2013 4:24 pm

I thought it was true that it factored in until it's 7 years old and falls off your report, but BofA closed my oldest card account due to inactivity and I had that card for 6 years. My AAoA doesn't appear to have that card factored into the equation.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Sun May 26, 2013 7:07 pm

My report information according to CreditSecure is reflecting open accounts. CK is the same way. I know, CK doesn't mean much of anything, but apparently it uses TU's calculation. CreditSecure and CK agree on the AAoA in TU.

With all the accounts I have closed in the last year (4 Discover and 3 Amex alone, US Bank Cash +, etc) mine would be like 6 months if it counted them all in that.

Gamma
Centurion Member
Centurion Member
 
Posts: 465
Joined: Sat Sep 15, 2012 1:15 am
Location: Los Angeles, CA

Postby Gamma » Sun May 26, 2013 10:35 pm

Huh. That's weird. Currently, my longest open credit card is BoA and Chase opened 11/2011 less than 2 years ago. My aaoa is 2.3 years I believe so I assume it does factor in my closed accounts back in '07

DavidNY
Centurion Member
Centurion Member
 
Posts: 1332
Joined: Tue Jul 05, 2011 12:28 pm
Location: New York

Postby DavidNY » Mon May 27, 2013 6:03 pm

Robrus1 wrote: BofA closed my oldest card account due to inactivity


How long was it inactive?



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests
cron