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Regular Contributor
pozativelyliving
Posts: 237
Registered: ‎07-13-2012
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Re: How To Determine AAoA?

Thanks for posting that chart, good info!

 

While reviewing my report here (myfico) today, I saw that they list AAoA. My oldest account is about 23.7 years and average age is about 8.3.  I guess that will drop with the recent accounts opened.

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New Contributor
shinedown87
Posts: 65
Registered: ‎10-03-2012
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Re: How To Determine AAoA?

[ Edited ]

Thanks for posting this spreadsheet.  I have a few questions for those that would be kind enough to answer.

 

From what I have read here at myFICO recently, if an account is closed, it continues to be factored into the AAoA for 10 years after closure.  Does this spreadsheet automatically stop using the credit for calculation after the 10 years, or would I need to manually remove the old closed account?

 

Amex charge cards should be entered in as installments? What should I enter for the 'limit' on these cards?

 

I have a Bank of America Cash Rewards that does not report my credit limit.  What should I enter in the 'limit' field?  Since I can't enter '0' should I just enter a '1'?

 

 

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
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Re: How To Determine AAoA?

[ Edited ]

shinedown87 wrote:

Thanks for posting this spreadsheet.  I have a few questions for those that would be kind enough to answer.

 

From what I have read here at myFICO recently, if an account is closed, it continues to be factored into the AAoA for 10 years after closure.  Does this spreadsheet automatically stop using the credit for calculation after the 10 years, or would I need to manually remove the old closed account?

 

Amex charge cards should be entered in as installments? What should I enter for the 'limit' on these cards?

 

I have a Bank of America Cash Rewards that does not report my credit limit.  What should I enter in the 'limit' field?  Since I can't enter '0' should I just enter a '1'?

 

 


It factors into AAoA for as long as it reports to your CRs, which can be 10 years, more or less. There isn't a fixed rule on the 10 years. I've had some closed accounts delete earlier and some much later.

 

Amex charge cards largely don't impact util. The mix is considered as a charge card. The EQ FICO on here and versions used by those that pull EQ FICO ignore the balance (and high balance) for util calculation purposes. Same goes for EX FICO versions out there and the TU FICO versions used by most lenders. Only the TU98 version on here factors charge cards into util via the balance and high balance. The same applies to your BofA. If a CL reports of $0, then it's excluded. If absent a CL, then a high balance is substituted for the sole TU FICO version.

 

ETA...I too did a similar spreadsheet. I omitted the rows for CCs that don't count. I excluded my Amex.

 

New Contributor
shinedown87
Posts: 65
Registered: ‎10-03-2012
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Re: How To Determine AAoA?

Great explanation. Thanks.
Valued Contributor
my-own-fico
Posts: 1,175
Registered: ‎01-05-2010
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Re: How To Determine AAoA?


llecs wrote:
Amex charge cards largely don't impact util. The mix is considered as a charge card. The EQ FICO on here and versions used by those that pull EQ FICO ignore the balance (and high balance) for util calculation purposes. Same goes for EX FICO versions out there and the TU FICO versions used by most lenders. Only the TU98 version on here factors charge cards into util via the balance and high balance. The same applies to your BofA. If a CL reports of $0, then it's excluded. If absent a CL, then a high balance is substituted for the sole TU FICO version.

 

Haha, what a mess. Surely we can't just assume all cards are used for util at all times by all the credit bureaus. There are so many finer details and exceptions. My EQ lists two cards with an account type of revolving while the description field says flexible spending credit card. They are both used for util.

Also, while the re-posted spreadsheet is primarily about AAoA, it dips into util as well. But it incorrectly averages the individual card utils, which makes no sense. You must divide the total of card balances by the total of relevant limits, for qualified cards only naturally.

TU 04 820 mortgage preapproval middle score
Established Contributor
ktl72455
Posts: 830
Registered: ‎12-09-2012
0

Re: How To Determine AAoA?

I know this is a old thread but I used the spreadsheet and I wanted to say it is exactly what I was looking for!!!  CK says my AAoA is 2yrs 2mo and yet my Fico says 6yrs and now with the spreadsheet I can actually follow and confirm its 6 yrs!!  Yeah!!

 

if I drop the 2 AU accounts until I can get the balances down:

With AU them both: AAoA 6 yrs 3mo

With out AU: 5yrs 9 mo

 

So I am assuming I am doing more damage to my score by keeping on as AU. Please correct me if my thinking is mis-guided! 

 

12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)
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6/8/14 TU08 666 | EQ08 656 |EX08 655 } EQ04
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Established Contributor
pakman92
Posts: 650
Registered: ‎03-01-2012
0

Re: How To Determine AAoA?


pozativelyliving wrote:

Do CRAs go by the average of open credit lines or all credit lines? And if it's all credit lines, do they include accounts that were closed because they weren't being used and also accounts that were included in a BK?

 

If it's open accounts, that will be fairly easy to do.  If it's ALL accounts, that will be a project! 


It's not a matter of what CRAs do.  FICO alogorithm uses all accounts open and closed when determining AAoA to be part of the score calculation.   Of course, this is based on anecdotes and what FICO shares about it's alrotithms via estimators, etc.  


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