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Fellow Gardeners,
I was just approved for a 7k Flagship Rewards card, thus reducing my overall credit utilization and also reducing my AAoA.
I just opened a Cap1 QS a month ago, and it only has a CL of 500.
Will closing my meager Cap1 card increase my AAoA?
I've ready that there are two separate Average Ages that companies look at. One for OPEN accounts, and one for ALL accounts.
Please and thank you.
I think I'm the only one with zero replies.
Guess I'll be the first and OP.
@docrob24 wrote:Fellow Gardeners,
I was just approved for a 7k Flagship Rewards card, thus reducing my overall credit utilization and also reducing my AAoA.
I just opened a Cap1 QS a month ago, and it only has a CL of 500.
Will closing my meager Cap1 card increase my AAoA?
I've ready that there are two separate Average Ages that companies look at. One for OPEN accounts, and one for ALL accounts.
Please and thank you.
Closing cards does not affect AAoA for up to 10 years as they stay on file typically 10 yrs post close.
Thanks for the clarification.
Read someone on here it was Average Age of "OPEN" Accounts.
Again, thanks.
There may be more than one AAoA formula, but you then have to ask which scoring models use which formulas.
I believe that FICO scoring uses only the AAoA formula that takes both open and closed accounts into consideration.
Thanks for further clarifying that.
Since thats what FICO uses, I'll base future decisions with that thought in mind.
Appreciate it.
@user5387 wrote:There may be more than one AAoA formula, but you then have to ask which scoring models use which formulas.
I believe that FICO scoring uses only the AAoA formula that takes both open and closed accounts into consideration.
Correct about Fico
Whereas CK Fako does not count closed accounts
Not sure if anyone here will get an update on this question, but how about collection accounts? Do those factor into AAoA?
@docrob24 wrote:Not sure if anyone here will get an update on this question, but how about collection accounts? Do those factor into AAoA?
No, only OCs are included in AAoA.