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Valued Contributor
Posts: 1,195
Registered: ‎12-13-2007
0

Do CRAs factor in longest or average credit?

I have 3 CCs, 2 with 2 years one with 11.

I'd like to apply for 2-3 more cards, but worry that my 'average' age will drop (from 5 to 2.5). Do CRA's calculate this or just maximum age?
MyFico Scores (TU/Exp/Efx):

11/02/08 696 / 695/ 737- 5/4/08: 667 / 703 / 668 - 11/07 Low 500s All (Fako)
Moderator Emeritus
Posts: 1,518
Registered: ‎04-20-2007
0

Re: Do CRAs factor in longest or average credit?

[ Edited ]
Both.  This is from my TransUnion report--
 
Your oldest account was opened
29 years agoFICO High Achievers opened their oldest account 19 years ago, on average.
 
Average age of your accounts
14 yearsMost FICO High Achievers  have an average age of accounts between 6 and 12 years.

Your FICO score measures the age of your oldest account and the average age of your accounts. Your FICO score was helped because you have a relatively long credit history and you haven't recently opened many new accounts.



Message Edited by psychic on 01-26-2008 01:51 PM
EQ 814 / TU 815 / EX 842
Valued Contributor
Posts: 1,195
Registered: ‎12-13-2007
0

Re: Do CRAs factor in longest or average credit?

Interesting. So it looks like if I can keep my average to 6 years I'll be in a 'high achiever' category.

Follow-up question; If I am added as an AU to my parents Amex, which is 35 years, will that increase my absolute and average lengths, or will they somehow factor the AU into it (I know, I know, FICO '08 but that isn't here yet).

So then if I added the 3 new cards I'd have;
35 Years
11 Years
2 Years
2 years
0 Years
0 Years
0 Years

which would still give me a 7 year average (if they counted the AU, otherwise it would be 2.5)

Also will 3 new cards drastically drop my score with the 3 inquiries as well?
MyFico Scores (TU/Exp/Efx):

11/02/08 696 / 695/ 737- 5/4/08: 667 / 703 / 668 - 11/07 Low 500s All (Fako)
Established Contributor
Posts: 660
Registered: ‎09-11-2007
0

Re: Do CRAs factor in longest or average credit?

psychic - with those great aging numbers, you must be in the high 700's or low 800's...are you?
Moderator Emeritus
Posts: 1,518
Registered: ‎04-20-2007
0

Re: Do CRAs factor in longest or average credit?



Boscoe wrote:
psychic - with those great aging numbers, you must be in the high 700's or low 800's...are you?


My FICOs are in the 800s.  My 1/14/08 scores were--
 
EQ--802
TU--813
EX--831

 
EQ 814 / TU 815 / EX 842
New Contributor
Posts: 73
Registered: ‎10-06-2007
0

Re: Do CRAs factor in longest or average credit?

Dude, I'd say you already are a high achiever. Good job!
This site is M$NEY......Ch13 discharge Sept '07
10/8/07 TU: 602 - EQ: 637 - EX: 651
12/24/08 TU: 696 - EQ: 707 - EX: 716

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