topic Re: Average Age of Accts in Understanding FICO® Scoring

Average Age of Accts

Anonymous — Thu, 15 Dec 2016 00:52:22 GMT

I dread Oct of 2017 because my oldest closed in good standing store card will age off TU and EQ. It is 22 yrs old. My only other revolving card (secured Open Sky) will be shy of two years old. In March I plan on applying for the Barclaycard Rewards MasterCard because two baddies will have aged off my reports. I worry though with what I've heard about CC issuer's that if I get the Barclaycard in March but my Fico takes a dive in Oct because my oldest acct aged off, that they may exercise AA. What are your thoughts?

Re: Average Age of Accts

Anonymous — Thu, 15 Dec 2016 01:40:22 GMT

@Anonymous wrote:
I dread Oct of 2017 because my oldest closed in good standing store card will age off TU and EQ. It is 22 yrs old. My only other revolving card (secured Open Sky) will be shy of two years old. In March I plan on applying for the Barclaycard Rewards MasterCard because two baddies will have aged off my reports. I worry though with what I've heard about CC issuer's that if I get the Barclaycard in March but my Fico takes a dive in Oct because my oldest acct aged off, that they may exercise AA. What are your thoughts?

There's hope. Ive had a closed account on my CR for over 12 years now. It has yet to fall off my CR. So you may get lucky and it may not fall off. Mine was an old paypal account from many many years ago.

Re: Average Age of Accts

Anonymous — Thu, 15 Dec 2016 03:19:50 GMT

If my oldest account does fall off and that is the only thing that would make my Fico drop, I wonder if after review of my credit, if the credit card issuer would cut me slack.

Re: Average Age of Accts

Anonymous — Thu, 15 Dec 2016 03:43:46 GMT

I do have a old Ben Bridge jewelers open acct on EX and EX is my highest Fico score of 680. Only bad thing is I have a paid water bill that has 24 entries of going over 180 days late by Revenue and Recovery. That is why I won't apply for CAP 1 Platinum or Quick Silver 1 because they pull all three reports.

Re: Average Age of Accts

Anonymous — Sat, 17 Dec 2016 04:04:18 GMT

You may want to ask a moderator to place this post in a different forum. Credit In The News is for stories about credit scoring that have appeared in the media. You will get more and better responses if this gets placed in General Credit or the Credit Card forum.

Your subject header is Average Age of Accounts, but the actual scoring factor that will get hit most significantly by what you describe is Age of Oldest Account. Just as an FYI those are different.

You mention your oldest store card and only other revolving card. Do you have any open or closed installment accounts? If so are any of them open?

Re: Average Age of Accts

Anonymous — Sat, 17 Dec 2016 05:32:06 GMT

No I do not have anymore open accts on TU and EQ. I do have one more very old open acct on Esperian but I have a paid co from city treasurer that reported 180 days late 24 times.

This is my info:
TU FICO 8 Score 666
EQ FICO 8 Score 687
EX FICO 8 Score 680

Re: Average Age of Accts

Anonymous — Sat, 17 Dec 2016 05:33:31 GMT

I am contacting the administrator to move this post. Thank you.

Re: Average Age of Accts

Anonymous — Sat, 17 Dec 2016 05:43:19 GMT

Since you have no open installment accounts, you would benefit a lot of the Share Secure Loan technique. You can read about it here -- you only need to read the first few posts:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/m-p/4506756

It will also help make your profile less thin. Thin profiles have only a very small number of accounts.

Re: Average Age of Accts

SouthJamaica — Sat, 17 Dec 2016 15:14:41 GMT

@Anonymous wrote:
I dread Oct of 2017 because my oldest closed in good standing store card will age off TU and EQ. It is 22 yrs old. My only other revolving card (secured Open Sky) will be shy of two years old. In March I plan on applying for the Barclaycard Rewards MasterCard because two baddies will have aged off my reports. I worry though with what I've heard about CC issuer's that if I get the Barclaycard in March but my Fico takes a dive in Oct because my oldest acct aged off, that they may exercise AA. What are your thoughts?

On a side note, I'm sorry to say the Barclay Rewards Mastercard is no longer being offered.

Re: Average Age of Accts

elim — Sat, 17 Dec 2016 16:02:41 GMT

I lost my last old account this past month. These were 3-4 yr old accounts closed in 06'. My oldest account (open or closed) now is 32 months. Shockingly, the disappearance of these accounts off my CR's cost me nothing in points. Alerts between then and now have shown no more than a 4 point loss (and my EX has actually gone up).

Re: Average Age of Accts

Anonymous — Sat, 17 Dec 2016 18:33:20 GMT

Yes I posted about that yesterday (Barclaycard Rewards MC).

Re: Average Age of Accts

Anonymous — Sat, 17 Dec 2016 18:37:37 GMT

Great info. I just might take a copy of my EX cr into San Diego County Credit Union to see if they'd approve me for a shared secure loan. They only pull EX.

Re: Average Age of Accts

Anonymous — Sun, 18 Dec 2016 01:12:16 GMT

@Anonymous wrote:
Great info. I just might take a copy of my EX cr into San Diego County Credit Union to see if they'd approve me for a shared secure loan. They only pull EX.

If you decide to give Alliant a try, their credit pull is only a soft pull. So there is no downside to applying -- even if you were to be rejected, that fact won't be visible on your credit report. I was hoping to tell you that they pull Experian, but I just spent the last 5 minutes googling this and it appears that they are pulling EQ.

It's very unlikely that SDCU will approve you for a loan based on a printed copy of a credit report that you bring in with you. If they want to see your report, they will pull it themselves. And of course, when they do, it might well be a hard pull.

Re: Average Age of Accts

JLK93 — Sun, 18 Dec 2016 01:26:56 GMT

@Anonymous wrote:
It's very unlikely that SDCU will approve you for a loan based on a printed copy of a credit report that you bring in with you. If they want to see your report, they will pull it themselves. And of course, when they do, it might well be a hard pull.

A few years ago, it was possible to get a secured credit card or secured loan with a soft pull from SDFCU if the app was done over the phone. And, when they mistakenly did a hard pull, they would quickly remove it. This may very well have changed.

Re: Average Age of Accts

Anonymous — Sun, 18 Dec 2016 01:58:39 GMT

Yes they will do a hard pull for sure on EX. I had read on this site about asking a creditor to look at your most current Cr that you take with you to possibly get an idea from the banker first if the report looks ok before letting them do a hard pull. Sorry about that; I should have clarified that.

Re: Average Age of Accts

Anonymous — Sun, 18 Dec 2016 13:07:19 GMT

If you opt to go with the non-Alliant credit union, be sure that you understand how they handle paying off most of the loan early. You want to be sure that they will respond by pushing your next payment due out many months. In other words, you want a big early payment to NOT result in being forced to pay off the loan early. You want to pay most of it off on month 2 while keeping it open for the full 60 months.

Otherwise your plan sounds fine.