topic Re: Amex Backdating and AAoA in Credit Cards

Amex Backdating and AAoA

Anonymous — Sat, 14 Sep 2013 05:02:05 GMT

I have a question about Amex backdating & AAoA

My BCP arrived and I went online to activate it and set up a online account. Much to my surprise it said "Member Since 1995" !!! Shocked to see this because I figure Amex would not of approved me if they still had record of my old CO. Since it say 1995 on my online account, will that be what they report to the CRA's?

Question, how is this backdating going to affect my AAoA, how does that calculation work?

I have 6 open accounts total (4 CC's)

Mortgage: 12mo

Car loan: 1yr 8mo

Cap 1: 2yr 5mo

Barclay: 1mo

Chase: 1mo

Amex: 18yr

Closed Car Loan: opened 1/04 closed 3/09

How is AAoA calculated? Is it total months opened divided by total accounts? How are closed accounts accounted for in the calculation?

If I were to get another Amex, I assume adding another 18 yr account, would have another huge impact on AAoA, correct?

Re: Amex Backdating and AAoA

09Lexie — Sat, 14 Sep 2013 05:13:52 GMT

Open and closed TLs are used in the calculation. Add the mo/date they were opened and divide by the total number of accounts. The closed date is irrelevant.

Re: Amex Backdating and AAoA

Anonymous — Sat, 14 Sep 2013 05:15:38 GMT

Yes another Amex will help aaoa if it reports as 1995.

Re: Amex Backdating and AAoA

djc1puno — Sat, 14 Sep 2013 07:22:26 GMT

Re: Amex Backdating and AAoA

TheConductor — Sun, 15 Sep 2013 00:46:52 GMT

All of the above is true.

And yes, henceforth every Amex you add will be backdated to 1995, so adding more over time will be a good strategy to keep your AAoA healthy.

Re: Amex Backdating and AAoA

Anonymous — Sun, 15 Sep 2013 01:09:03 GMT

Thanks everyone. I really hope that Amex shows 1995 when they report. Otherwise my AAoA is going to take a nose dive, my closed auto loan will fall off in January.

Even further motivation to get another Amex or 2!

Re: Amex Backdating and AAoA

09Lexie — Sun, 15 Sep 2013 01:15:20 GMT

If it doesn't you can call Amex's Credit Dept and with your account number on your cr - they will update it for you.

You have to have the acct number from CRAs not your actual card number.

Re: Amex Backdating and AAoA

Anonymous — Sun, 15 Sep 2013 01:20:29 GMT

@Anonymous wrote:
Thanks everyone. I really hope that Amex shows 1995 when they report. Otherwise my AAoA is going to take a nose dive, my closed auto loan will fall off in January.

Even further motivation to get another Amex or 2!

Normally, closed accounts fall off approx ten years after the date of closure, not opening, so it should stay on for many more years. Of course, you can still get more Amexs

Re: Amex Backdating and AAoA

Anonymous — Sun, 15 Sep 2013 01:21:00 GMT

It's an old account and shouldn't set off any credit monitoring alert.

Re: Amex Backdating and AAoA

Anonymous — Sun, 15 Sep 2013 01:31:36 GMT

@Anonymous wrote:
Normally, closed accounts fall off approx ten years after the date of closure, not opening, so it should stay on for many more years. Of course, you can still get more Amexs

Oh, great to know, thanks!