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Closing New Accounts

Moderator Emeritus

Re: Closing New Accounts

Midnight:
 
My credit history on EQ and TU is 28 years and my average age is more than 6 six years. Same has happened to me on EX because these TLs are not reporting too. On EX my average age is not even 2 years.
Message 31 of 38
Senior Contributor

Re: Closing New Accounts

I have a bunch of very old credit cards closed (correction by 1 year) 7 years ago. They weren't active for more than a few months.

I can "easily" delete them from the CRA's.
=> If they are still aging they are increasing my age.
=> If they are not aging they are decreasing my age.

Please give opinions. Their is a conflict of opinion on how they are aging. Does anyone know for sure? In the push of a button I can have them deleted.... What should I do?

Message Edited by ilovepizza on 09-18-2007 09:43 PM
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 32 of 38
Senior Contributor

Re: Closing New Accounts

If I delete them I would also loose a good number of "total" accounts if having more is helpful? Has anyone had a bunch of account fall off about the same time and had a score change because of it?

Message Edited by ilovepizza on 09-18-2007 09:38 PM
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 33 of 38
Senior Contributor

Re: Closing New Accounts

I'm trying to dig up a few more points anywhere that I can.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 34 of 38
Senior Contributor

Re: Closing New Accounts

Ok. I missed the area on MyFICO SW where they showed average age of accounts. I was figuring my average ages by adding them all up my self. I come up with 2 completely different average ages on my own. One age with all aging, the other if they stop aging. I need to get a score power and compare. I can figure out the correct course of action from there. Smiley Happy
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 35 of 38
Senior Contributor

Re: Closing New Accounts

The MyFICO Score Power showed an average age that would reflect that all closed accounts are still aging on all 3 CRA's. Since there was a very drastic difference for average age when I calculated the difference between closed accounts that stopped aging compared to if they were still aging, this definitely with out question would clearly indicate that my closed accounts are still aging. This might only happen for me, I don't know.

The drastic difference for average age of my accounts if they were not aging would be years lower than Score Power calculated. So that was pretty drastic. However the number Score Power calculated matched my calculations when I calculated all accounts aging. This is how I determined that my closed accounts are in fact still aging.

How I calculated my averages.
I first added up all my account open dates, then calculated the number of months from the start date to the date on my Score Power report.
Example: Total of 3 ACTIVE accounts open is 30 months.
And total closed accounts is 70 months.
Added together if all still aging would be 100 months.
39 divided by 12 = 8.33 average age.

Then second I added up all my open dates from ACTIVE accounts only to the date on my Score Power report, then calculated the number of months my closed accounts were open until closed. Then I added the number of months the closed accounts were open with the number of months from ACTIVE accounts.
Example: Total of 3 ACTIVE accounts open is 30 months.
And total closed accounts if not aging is 9 months.
Added together if all still aging would be 39 months.
39 divided by 12 = 3.25 average age.

You can see how the number of months for aging accounts would be drastically different than if they stopped aging as seen by the example above.

From here I have very different number of months. I dived each number by total accounts and divided by 12 months for years. I ended up with 2 very different average ages!!!! Only 1 matched MyFICO Score Power report. You can decide if I did this correctly.

The BIG QUESTION that I have now would be, is the MyFICO Score Power report accurately calculating my average age? If it is accurate my closed accounts are definitely still aging. Smiley Happy That would be great news.

Message Edited by ilovepizza on 09-20-2007 01:39 PM
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 36 of 38
Senior Contributor

Re: Closing New Accounts

I really did my home work on this one. Please comment. Smiley Happy Thanks.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 37 of 38
Super Contributor

Re: Closing New Accounts

closed accounts continue to age. 
 
But EX seems to think differently to the other two about age, at least in my case.
 
And also see EQs version -
 
 
 
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 38 of 38