Average Age of Accounts Question

[ChemGuy]

For mortgages, do lenders look at Average Age of All accounts (open and closed) or do they only look at Average Age of Open Accounts?  I ask because I've been told that mortgage lenders use a different scoring system than what consumers can access through myFICO, etc.  Just curious about what could be so different about the scoring system and the formula they use for average age of accounts might be a factor.  Thanks

[ShanetheMortgageMan]

The scores lenders pull are mortgage enhanced scores, which from what I've seen are the same scores that are used here at myFICO.com.  Only difference is that myFICO.com still uses the old scoring model for TU, Classic 98 vs. the most recent version of Classic 04.

[MarineVietVet]

I could be wrong but as far as I know the calculation of AAoA is no different for mortgage accounts than any other types of accounts..

Your AAoA is the sum of the ages of every account (except CA collections) on your report, whether open or closed, calculated in months, divided by the number of accounts and then divided by 12. I use the division by 12 to make it easier to convert into years. This is measured from the time each account was opened until present.

You’ll need to figure the age of each account, open or closed, on each report. If all three reports are identical (very unlikely), you're in luck; otherwise, you'll need to run this for each report.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".