Re: Closing Aged Accounts.. Yes It Is Ok
06-08-2007 04:30 PM
Jay1987 wrote:Curious.Did you find this out from personal experience, or did you read it somewhere?Let's just say it was a credible source.
Gee. I wonder who? LOL. Thanks there is a lot of confusion out there amongst some very knowledgeable people on this subject. So to break it down you just add up all the accounts both open and closed. For the sake of discussion we can use months since opened not years. Then divide it by the number of accounts and there is your average age. All accounts are weighted equally? Car loans credit cards mortgage etc etc. Correct?
Accounts are broken in to groups. Revolving, Installments, ect. The average age of accounts refers to revolving when discussing credit cards, charge cards and retail cards. Installments are graded differently and do not count against average revolving age. :-)