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01-06-2013 10:28 AM
I'm new to the board and have been able to answer alot of my own questions by reading previously posted topics. However, I was unable to find an answer to something regarding my AAoA. My credit report currently has 7 accounts w/ 749 months, so an approximate 8.91 AAoA. The break down is below.
1. Citi Bank Credit Card opened May 1998 - 176 months
2. Chase Credit Card - opened June 2000 - 151 months
3. Kohls/Capital One Credit Card opened December 2000 - 145 months
4. Capital One Credit Card - opened December 2001 - 133 months
5. Victoria Secret Credit Card opened April 2007 - 69 months
6. Chase Credit Card - opened November 2008 - 50 month
7. PayPal Credit Card opened December 2010 - 25 months
The accounts I opened myself are 1, 2, 4, and 7. Accounts 3, 5 and 6 were previously exisitng accounts of my wife which I was added onto after we got married.
My question is when my AAoA is calcualted in regarding accounts 3, 5 and 6 as a factor in determining my credit score will I receive credit for all months from the time the account was opened or will I only get credit from the time I was added onto the account? For instance, lets take account 3 for example, I was added onto the account in or around April 2009....will I be receiving the full 145 months in regard to AAoA or will I only be receiving 45 months (April 2009-January 2013) toward my AAoA? My credit report indicates the account was opened in December 2000 but does not indicate when I was added onto the account.
Thanks in advance for the help in answering my question.
01-06-2013 10:43 AM
AAoA as calculated by FICO includes ALL OC accounts, whether opened or closed, good or bad. So, it includes opened and closed loans, individual, joint, and AU CCs, HELOCs and LOCs, and even charged-off accts, if any. You take the sum of the months based off the reported opened date and divide the total into that sum to create an average. FICO rounds down to the nearest whole number. So, based on your example your AAoA is 8 years. If your ages were caclulated this week, then come Feb 1, your AAoA will turn 9.
01-06-2013 11:23 AM
Thanks for the info. Just so I am understanding correctly, I will get all months calculated in my AAoA from when the account(s) were opened rather than from when I was added years later?