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Frequent Contributor
Posts: 474
Registered: ‎06-16-2008
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Average age of cards?

How do they calculate the average age of your CCs?
 
I know I had several CCs opened in the 80's and thought I still had at least one of them open.  After scrutinizing my CBRs I realized that I (stupidly) closed two of my older CC's (1985 & 1994) around the time I filed for divorce.  At that time I wasn't thinking about FICO scores.  I found a Discover Card account that's listed as inactive, but Open!  I called Discover yesterday and asked them if I could activate the account.  They said YES and they put a new card in the mail for me.
 
If this is what it shows on my credit report, does that mean my old Discover card's age has probably been taken into account when they determined the average age?  Or are they only looking at the accounts that have recent usage when they calculate avg age?
 
 
What’s helping your FICO® score 
 
You have an established credit history.
 
 
Your oldest account was opened - 22 Years, 10 Months ago
 
Average age of your accounts - 5 years
DH's FICOS: July '08 TU-661 / EQ-593 / EX-656 --> April '09 TU-730 / EQ-705 / EX-685

MY FICOS: July '08 TU-735 / EQ-727 / EX-767 --> April '09 TU-789 / EQ-774 / EX-767
Frequent Contributor
Posts: 299
Registered: ‎04-28-2008
0

Re: Average age of cards?

Looks like it is already factored into your average account age.
TU-654 (6/9/08), EQ-660 (5/15/08), EX-?
TU-696 (9/1/08), EQ-702 (2/25/09), TU-700 (3/2/09)
TU-748 (6/4/09), EQ-746 (6/1/09)
TU-746 (7/7/09), EQ-749 (7/7/09), EXP-696 (7/7/09)
Valued Contributor
Posts: 1,126
Registered: ‎03-25-2008
0

Re: Average age of cards?


Phoenix-rising wrote:
How do they calculate the average age of your CCs?
 
I know I had several CCs opened in the 80's and thought I still had at least one of them open.  After scrutinizing my CBRs I realized that I (stupidly) closed two of my older CC's (1985 & 1994) around the time I filed for divorce.  At that time I wasn't thinking about FICO scores.  I found a Discover Card account that's listed as inactive, but Open!  I called Discover yesterday and asked them if I could activate the account.  They said YES and they put a new card in the mail for me.
 
If this is what it shows on my credit report, does that mean my old Discover card's age has probably been taken into account when they determined the average age?  Or are they only looking at the accounts that have recent usage when they calculate avg age?
 
 
What’s helping your FICO® score 
 
You have an established credit history.
 
 
Your oldest account was opened - 22 Years, 10 Months ago
 
Average age of your accounts - 5 years


 
They don't just look at recent accounts in calculating age because accounts stay on your reports until 10 years after you close a card. Unless you had another card open in 85 it seems it is taken into account.
 
Using a card that is inactive will sometimes lower your score and then the score will go up as it becomes active in future reports so long as the number of accounts reporting balances remains the same.
Frequent Contributor
Posts: 474
Registered: ‎06-16-2008
0

Re: Average age of cards?

[ Edited ]
Are they only looking at revolving accounts or does it include mortgage and car loans when factoring the avg age?
 
The oldest account (Chase VISA - opened 8/1985) is one of the ones I foolishly closed in 2004.  The Discover was opened in 2/1987.  So the Chase VISA (which drops off in 2014 since I closed it) is my oldest account.
 
I've developed an unhealthy obsession with figuring out how it all works.  It seems illogical that they would factor in a closed account.  I guess I should count myself lucky that the closed accounts still add to my credit history if that's the case.


Message Edited by Phoenix-rising on 06-25-2008 04:53 PM
DH's FICOS: July '08 TU-661 / EQ-593 / EX-656 --> April '09 TU-730 / EQ-705 / EX-685

MY FICOS: July '08 TU-735 / EQ-727 / EX-767 --> April '09 TU-789 / EQ-774 / EX-767
Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Average age of cards?



Phoenix-rising wrote:
Are they only looking at revolving accounts or does it include mortgage and car loans when factoring the avg age?
The oldest account (Chase VISA - opened 8/1985) is one of the ones I foolishly closed in 2004. The Discover was opened in 2/1987. So the Chase VISA (which drops off in 2014 since I closed it) is my oldest account.
I've developed an unhealthy obsession with figuring out how it all works. It seems illogical that they would factor in a closed account. I guess I should count myself lucky that the closed accounts still add to my credit history if that's the case.


Message Edited by Phoenix-rising on 06-25-2008 04:53 PM


Includes all accounts good bad or indifferent and all types.
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