Credit Cards

[littlesister]

Well I know everyone here says if you close accounts it will not affect your aaoa until they drop off in ten years, that's not right!

 I just recently closed two crappy cards that I got years ago because of the fees and my aaoa dropped by almost a year. So it does affect your aaoa!

 I dont really care, just wish I was prepared. I replaced the limits with cli  so my util would stay the same and thankfully I only lost one point.

[Wolf3]

How do you Know?

[littlesister]

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Wolf3 wrote:

How do you Know?

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I know because I check my credit reports almost daily and as of right now it is only affecting transunion. It said my aaoa has dropped due to two recently closed accounts.

They advise me to get a cli , which I already have, just waiting for it to report.

[jefftca925]

Was the score that dropped a FAKO score by chance?  Companies that use these have slightly skewed criteria than FICO.  I have a couple of closed accounts from several years ago that are still on my reports and are still being factored into my FICO AAoA score.  Also, the impact of your AAoA is minimal compared to a derog or high utilization.

[Crashem]

Are ou using credit karma? They show aaoa of open accounts. Luckily fico scoring is off of all accounts

[cloyd]

+1

[sqrt]

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Crashem wrote:
Are ou using credit karma? They show aaoa of open accounts. Luckily fico scoring is off of all accounts

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+1

[LS2982]

I shut down 4 accounts all within a month and dropped 5 points on EQ and EX and TU stayed the same. AAoA at 1 year.

[MarineVietVet]

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LS2982 wrote:

I shut down 4 accounts all within a month and dropped 5 points on EQ and EX and TU stayed the same. AAoA at 1 year.

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It wasn't the act of closing them that caused the score drop. There was something else at play.

[mxp114]

I don't understand how closed accounts work and I did read the sticky.

Are closed accounts calculated based on the opening span or since opening date thru now? For example Open Date 4/22/92 but closed 4/23/93, does that factor 12 months of age into my AAoA or a decade? If a decade, why? If it's the avg age of open accounts, how can the time lapse between closure and now get factored? Just trying to understand it. Thanks.