Established Member
bhenken08
Posts: 36
Registered: ‎06-03-2012
Average account age?

I Talked with a lender today she recommended that I open another two secured cards I already have one along with a car loan and a personal loan. I also used credit karma today and my average account age is a 0.3.

 

What would you do?

 

How much does account age effect my score?

I'm at 595 now I want to get to 640 to get a house.


Starting Score: 547
Current Score: 620
Goal Score: 700


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Regular Contributor
Asailorshort
Posts: 205
Registered: ‎06-04-2012
Re: Average account age?

CK doesn't include closed accts for aaoa so it's possibly way off.  How old are your current accts?  Do you have any old/closed accts reporting?  Also, with a 595' i'm assuming you have some baddies on your report.  Getting rid of those will help your score much, much more than another couple secured cards.  Adding a couple more secured cards *could* be helpful at some point, but right now you should focus on those baddies, imho.

Starting FICO 667 (5/2012) EQ
672 (7/2012) EQ. 681 (8/1/12) EQ
Current FICO 682 (10/13/12) EQ; 718 (10/13/12) TU
Goal: 760+ but 700-720 by jan 2013
No new apps tll jul 2013
Established Member
bhenken08
Posts: 36
Registered: ‎06-03-2012
Re: Average account age?

Loan 7 months

car 4 months

car 6 months

I do have some other closed accounts reporting a couple of good and about 4 bad

 

 not sure what you mean by baddies, I did have 4 collection accounts that have been paid. I'm working on goodwill but haven't had any luck yet

 

 

 


Starting Score: 547
Current Score: 620
Goal Score: 700


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Regular Contributor
Asailorshort
Posts: 205
Registered: ‎06-04-2012
Re: Average account age?

'Baddies' are anything negative, like your paid collections.  Since they're already paid, gw'ing them is pretty much your only recourse.  Do you have anything else?  Unpaid collections, charge offs, lates?

 

it does look like you likely do have a very short aaoa.  Actually, imo, it seems that its so short that i dont think it would hurt for it to get a little shorter by adding a couple more secured cards.  It might help a little to wait until your car is 6 months old, but perhaps not any noticeable amount.  When you do apply for the secured cards check out the cc board to see what your best deal would be and app for them both on  the same day.

Starting FICO 667 (5/2012) EQ
672 (7/2012) EQ. 681 (8/1/12) EQ
Current FICO 682 (10/13/12) EQ; 718 (10/13/12) TU
Goal: 760+ but 700-720 by jan 2013
No new apps tll jul 2013
Valued Contributor
madmann26
Posts: 1,402
Registered: ‎08-30-2012
Re: Average account age?

http://ficoforums.myfico.com/t5/Credit-Cards/AAoA-Calculation/td-p/501000

 

Post #2.

 

In contrast, my AAoA is 5yr 3mo (EQ), 5yr 6mo (EX) and 5yr 10mo (TU).


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 705|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $4k WalMart DC; CFNA Firestone $2.2k; Amazon $1.5k; NFCU Cash Rewards $22K; AMEX BCE $6k; NavCheck $15k; Lowe's $10k; Citi DP $6.3k; AMEX ED $8.5k
Goal Score: 700 across the board.
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