Question about CC AAoA

lhcole77 · ‎10-22-2013

Are closed revolving accounts factored into lenders' calculations on length of CC history?

I have 5 open revolving/charge accounts and one closed. My oldest CC (Wells Fargo) was opened 12/2011. I had a FP card (opened 04/2012) but closed that after I got my two Amex cards, Citi card and Barclays card (all in 06/2013 and 07/2013, respectively).

I'm wondering if lenders will look at my history/experience as having one almost 2 yo card AND four newer accounts OR

one almost 2 yo card, one 18 mo old card and four newer accounts.....

Thanks in advance for your feedback.

vish1 · ‎10-22-2013

All revolving ascounts that show up on your credit report, open or closed are factored into calculations.

They stop factoring only after they drop off ur report (7-10 years later)

lhcole77 · ‎10-22-2013

@vish1 wrote:
All revolving ascounts that show up on your credit report, open or closed are factored into calculations.

They stop factoring only after they drop off ur report (7-10 years later)

Thank you! This is what I was hoping.

too-much-time · ‎10-22-2013

@lhcole77 wrote:
Are closed revolving accounts factored into lenders' calculations on length of CC history?

FICO does do, but lenders are free to do whatever they like.

JSS3 · ‎10-22-2013

I have 2 closed accounts still showing up and they aren't factored into my AAoA. The accounts were opened in 2001 and 2002. I'm actually surprised they're still on there. Both paid as agreed and closed in good standing. One was a student loan and the other was my first Cap 1 card that I eventually closed. My AAoA is currently 3 months with my oldest account being 8 months.

parakleet · ‎10-22-2013

@JSS3 wrote:
I have 2 closed accounts still showing up and they aren't factored into my AAoA. The accounts were opened in 2001 and 2002. I'm actually surprised they're still on there. Both paid as agreed and closed in good standing. One was a student loan and the other was my first Cap 1 card that I eventually closed. My AAoA is currently 3 months with my oldest account being 8 months.

Closed accounts are factored into AAoA for fico scoring purposes. If you're getting your AAoA from another service like Credit Karma, they don't take closed accounts into AAoA calculation.

Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+

lhcole77 · ‎10-22-2013

@parakleet wrote:
@JSS3 wrote:
I have 2 closed accounts still showing up and they aren't factored into my AAoA. The accounts were opened in 2001 and 2002. I'm actually surprised they're still on there. Both paid as agreed and closed in good standing. One was a student loan and the other was my first Cap 1 card that I eventually closed. My AAoA is currently 3 months with my oldest account being 8 months.
Closed accounts are factored into AAoA for fico scoring purposes. If you're getting your AAoA from another service like Credit Karma, they don't take closed accounts into AAoA calculation.

I get that. But what I am trying to determine is whether lenders look at ALL CC history, whether opened or closed. I've read about some denials based on "insufficient history".

I'm curious if my 18 mos with FP will still play in my favor even though it's closed.

Startome · ‎10-22-2013

It SHOULD, lol. But as .....

@too-much-time wrote:
@lhcole77 wrote:
Are closed revolving accounts factored into lenders' calculations on length of CC history?

FICO does do, but lenders are free to do whatever they like.

...said, they can do whatever they want when they decide to lend or not, lol.

Current: EQ FICO 0, TU FICO 0, EX FICO 0 | Starting Score: 0 (08/21/2013)
Starting total revolving credit: $0 | Current total revolving credit: $1600.00
Inquiries (12 Months): EQ 3-4 TU Unsure EX Unsure | Most Recent: 8/19/2013

2013 Goals:
~~1,000.00 Emergency Fund~~
~~1,000.00 Emergency Fund, AGAIN~~
Mechanically Sound Car
~~Unsecured Card~~

Fifth Third $300
U.S. Bank Harley Davidson $300
Capital One Platinum $500
2nd Capital One Platinum $500

FinStar · ‎10-22-2013

@lhcole77 wrote:
@parakleet wrote:
@JSS3 wrote:
I have 2 closed accounts still showing up and they aren't factored into my AAoA. The accounts were opened in 2001 and 2002. I'm actually surprised they're still on there. Both paid as agreed and closed in good standing. One was a student loan and the other was my first Cap 1 card that I eventually closed. My AAoA is currently 3 months with my oldest account being 8 months.
Closed accounts are factored into AAoA for fico scoring purposes. If you're getting your AAoA from another service like Credit Karma, they don't take closed accounts into AAoA calculation.
I get that. But what I am trying to determine is whether lenders look at ALL CC history, whether opened or closed. I've read about some denials based on "insufficient history".

I'm curious if my 18 mos with FP will still play in my favor even though it's closed.

Yes, all lenders typically evaluate everything from auto/mortgage loans, student loans, revolving/non-revolving history, etc. which is contained in your profile (open or closed) depending on the CRA they pull. Of course, each lender has their own proprietary criteria for approval depending on their internal scoring algorithms that may exclude or place more emphasis on specific items.

lhcole77 · ‎10-22-2013

@FinStar wrote:
@lhcole77 wrote:
@parakleet wrote:
@JSS3 wrote:
I have 2 closed accounts still showing up and they aren't factored into my AAoA. The accounts were opened in 2001 and 2002. I'm actually surprised they're still on there. Both paid as agreed and closed in good standing. One was a student loan and the other was my first Cap 1 card that I eventually closed. My AAoA is currently 3 months with my oldest account being 8 months.
Closed accounts are factored into AAoA for fico scoring purposes. If you're getting your AAoA from another service like Credit Karma, they don't take closed accounts into AAoA calculation.
I get that. But what I am trying to determine is whether lenders look at ALL CC history, whether opened or closed. I've read about some denials based on "insufficient history".

I'm curious if my 18 mos with FP will still play in my favor even though it's closed.
Yes, all lenders typically evaluate everything from auto/mortgage loans, student loans, revolving/non-revolving history, etc. which is contained in your profile (open or closed) depending on the CRA they pull. Of course, each lender has their own proprietary criteria for approval depending on their internal scoring algorithms that may exclude or place more emphasis on specific items.

Thank you all for your feedback