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I was calculating my AAoA that way as well. The problem is I always misplace the paper and have to do it again. I set up the spreadsheet a couple of weeks ago one sunday afternoon--now I can get my AAoA anytime I want :-). More importantly it is really easy to see how new accounts change things--helps to curb the desire to add new accounts.
@haulingthescoreup wrote:
Excel makes me break out in a rash. My AAoA calculations all seem to be on the backs of envelopes, with sticky-notes added when I run out of room.
My purse is a mess.
Ok, so here is what I typed into excel. Am I doing something wrong?
7/1999 116
8/1999 115
1/2000 110
1/2000 110
2/2000 109
3/2000 108
3/2000 108
5/2000 106
8/2000 103
9/2000 104
5/2001 94
7/2001 92
7/2001 92
8/2001 91
8/2001 91
8/2001 91
3/2002 84
3/2002 84
5/2002 82
1/2003 74
4/2003 71
4/2003 71
6/2003 69
12/2003 63
1/2004 62
10/2004 53
11/2004 52
11/2004 52
11/2004 52
11/2004 52
4/2005 47
5/2005 46
7/2005 44
1/2006 38
7/2006 32
7/2006 32
8/2006 31
9/2006 30
9/2006 30
9/2006 30
9/2006 30
7/2007 20
7/2008 8
248.25 (i typed in =sum(b1:b43)/12
cobaltnv wrote:
I was calculating my AAoA that way as well. The problem is I always misplace the paper and have to do it again. I set up the spreadsheet a couple of weeks ago one sunday afternoon--now I can get my AAoA anytime I want :-). More importantly it is really easy to see how new accounts change things--helps to curb the desire to add new accounts.
@haulingthescoreup wrote:Excel makes me break out in a rash. My AAoA calculations all seem to be on the backs of envelopes, with sticky-notes added when I run out of room.
My purse is a mess.
Want2,
You need to divide by the number of accounts. I quickly counted 43? so 248.25/43 = 5.77 years.
Thank you. So that is an average of almost 6 years right? What is the goal? I think I read 19 somewhere?
Yay! I am feeling smarter. LOL. Ok, now I need to figure out how closed aging accounts are going to affect that #.
I have one from 2001 still open, one from 2004 and 4 from 2006. My goal is not to get any more credit cards at all. Just keep the ones that I have and pay them off.
Considering I am only 28 I can't have an account open for 19 years lol.
As hauling mentioned closed accounts are counted in your age and remain on your credit report for up to 10 years. Are the six accounts you mentioned the only opened out of the 43 accounts you mentioned? Unless any are charging you annual fees I would not recommend closing any of them.
You might want to read the closing credit cards thread found in my signature.
You are in good shape! Congrats!
Edited to correct my math error.
I have a total of 6 credit cards open. 2001, 2004 and 4 in 2006.
Everything else are closed credit cards and car loans 2005(traded in), 2006(traded in), 2007(traded in), and 2008.