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Regular Contributor
KeithW
Posts: 201
Registered: ‎02-22-2012
0

Average Age of Open Credit Impact...

While I realize that Transrisk isn't FICO it does seem to rougly move up and down the same so I use it daily to track my progress with Credit Karma. Then I pull my FICO every few months and check it.

 

I recently bought a new car and went from a 22% interest rate on our old car to a 5% rate on the new one. I also in the past seven months got two new credit cards.

 

Doing these three things have hurt my Transrisk score somewhat. It seems the main reason is that it made my Average Age of OPEN Accounts too new. I have lots of really old accounts that are closed and those don't seem to matter since they only go by open accounts.

 

They say that my credit utilization being 35% is pretty good and that my ontime payments being 99% isn't bad and that my AAOOA is kind of bad.

 

I am fighting to get my score up by next Spring/Summer so we can get a construction loan and it surprises me that having a perfect payment history for over 3 years and a reasonably low utiliztion aren't helping me more. I am still in the low 600s.

 

I tried having my wife add me to her Target card which is a 4 year old card, but after 2 months it hasn't shown up on my credit report, which isn't a surprise since all they asked for was my name and no other personal info.

Current Score: FICO EQ637-TU690-EX704
Wallet: Cap One Rew. $3500, Cap One Plat. $2000, Barclay $3000, Old Navy Visa $2500, HSBC $1500, Credit One $1800, BoA $3000, Chase Freedom $1500, Wal-Mart Discover $2000, Amazon $3100, Lowes $2000, Kay's $7000
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Average Age of Open Credit Impact...

I would assume that the decrease in your car loan interest rate is indicative of the improvement of your CR.  Keep doing what you're doing!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Regular Contributor
KeithW
Posts: 201
Registered: ‎02-22-2012
0

Re: Average Age of Open Credit Impact...

Does the true FICO score only go by the age of your open accounts or does it go by the age of all the accounts on your report?

Current Score: FICO EQ637-TU690-EX704
Wallet: Cap One Rew. $3500, Cap One Plat. $2000, Barclay $3000, Old Navy Visa $2500, HSBC $1500, Credit One $1800, BoA $3000, Chase Freedom $1500, Wal-Mart Discover $2000, Amazon $3100, Lowes $2000, Kay's $7000
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Average Age of Open Credit Impact...

Closed accounts count too.  Paid closed accounts in good standing will stay on your account for 10 years.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Contributor
creditnocash
Posts: 2,245
Registered: ‎07-23-2012
0

Re: Average Age of Open Credit Impact...

i belive it counts all. 

after 10 years or reporting closed the account falls off your reports. 

and 7 years for baddies from dod. 

 

 

Current: Discover Fico 689 8/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/05/2014


2014 Goals:
Lower Utility
47%(OUCH!!)
Freedom Signature

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000

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