Account Ages

[haulingthescoreup]

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@smallfry wrote:
Average age and oldest account in the BK bucket are fairly substantial. TU and EX report correctly for me in that all the accounts that are supposed to be on my reports actually still appear.

The hatchet job EQ has done by removing 3 accounts opened between 1996-1997 due to fall off between 2010 and 2012 and dropping a paid for mortgage 6 months early has cost me the difference of over 30 points between my TU and EQ and 20 points between EX and EQ. EQ 696 EX 717 and TU 726.

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I think that EQ ought to be held responsible for dropping so many accounts early. It's not consumer's fault that their software was so shaky.

For others, this is why I always say that closed accounts are *supposed* to report for 10 years after the date of closing. Unfortunately, stuff happens.

[haulingthescoreup]

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@pokerpro wrote:

Hauling - Thanks for your insight

Interestingly enough, I just pulled my EQ again, last pull was 8/1 score was 687

Score now is 694, up 7 points

AMEX is counted as a new account ( i am an authorized user)

Utilization is down from 14% to 5%

as a result i am up 7 points,

no notation on Macy;s yet. And I really thought I would have lost points with AMEX and the average account age going down

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Nice jump just from util improvement, with an apparent deduction for a new account.

When was the AmEx opened that you've gone AU on? If the account was new to you, but open for more than a year, you shouldn't get a newness ding. It's just like it magically appeared one day, bringing with it whatever length and util and baddies might be included.

Rule of thumb is to only add accounts that are at least as old as your average age, unless there's something spectacular about it, like high util credit limit to help util if you have high balances, or getting a decent card into your mix.


edit: whoops, slight difference between high util and high CL!

Message Edited by haulingthescoreup on 09-02-2008 06:20 PM

[pokerpro]

Amex account was opened in July 08, so very new under my wife's name

so apparently i did ok considering an initial deduction. thanks for the insight on the average age, i have no other new accounts or even applied for over a year, everything else is at least 1-2 years old