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Where can I find my AAofA calculation? I have read that MyFICO provides calc.
Thanks in advance.
MyFico provides AAoA via the credit reports it sells and via the credit reports you get when you subscribe to ScoreWatch. It's easy enough to calculate for yourself, though.
Figure out the age of each individual account in months (both open and closed accouts that are still reporing)
Add together to get total months
Divide by the number of accounts you have
That's your AAoA in months. You can divide that figure by 12 to get years.
Different banks may figure this slightly differently. For instance, if you have some extra age due to Amex backdating, they may not count that. But basically it's just that simple.
Also, for scoring purposes, any AAoA below one year is rounded up to one year. Any AAoA over one year is rounded down to the next lowest year. So if your AAoA is 7 months it'll be scored as a year and if your AAoA is 3 years and 8 months, it'll be scored as 3 years.
This is for the total AAoA. You don't do this rounding when figuring the age of each individual card during your calculations.
Thanks!!
This link is really helpful.
http://aaoacalculator.tumblr.com/
You can also download it and personalize if you have MSexcel (see bottom of the sheet).
If you use the DATE function on excel, you can not only calculate your current AAofA, but do "what if" scenerios in case you are thinking of planning future applications.
Good luck!
@Gunnar419 wrote:MyFico provides AAoA via the credit reports it sells and via the credit reports you get when you subscribe to ScoreWatch. It's easy enough to calculate for yourself, though.
Figure out the age of each individual account in months (both open and closed accouts that are still reporing)
Add together to get total months
Divide by the number of accounts you have
That's your AAoA in months. You can divide that figure by 12 to get years.
Different banks may figure this slightly differently. For instance, if you have some extra age due to Amex backdating, they may not count that. But basically it's just that simple.
+1 ....i'll note that Collections and Public Records are excluded and Charged-Off accounts are included.
When calculating AAoA, do you use the date the account was opened or the date it was reported. Also, do you include all acounts that are being reported in open/closed regardless of their type (installment, revolving, mortgage, etc)? Thanks
@akula wrote:When calculating AAoA, do you use the date the account was opened or the date it was reported. Also, do you include all acounts that are being reported in open/closed regardless of their type (installment, revolving, mortgage, etc)? Thanks
Use date the account was opened. The reported date can off when a card is replaced due to fraud, etc. Not to mention Amex's MSD.
AAoA is calculated for all account types together. Personally, I also run AAoA for revolvers separately. But I pay most attention to the overall AAoA.