topic Re: Your AAOA in General Credit Topics

Your AAOA

Anonymous — Wed, 18 May 2011 16:18:06 GMT

Has someone before asked everyone their AAOA? Mine is 6 years, 7 months.

Re: Your AAOA

UFGuy2006 — Wed, 18 May 2011 16:27:52 GMT

3 years, 4 months

Re: Your AAOA

tntexans72 — Wed, 18 May 2011 17:24:58 GMT

AAoA is 5yrs.

Re: Your AAOA

Anonymous — Wed, 18 May 2011 17:39:41 GMT

AAoA is 8 yrs.

ETA - This is after a fairly major rebuild, with several TLs added in the last year. On TU, my oldest account was opened: 23 Years, 11 Months ago; on EQ, 17 Years, 4 Months ago.

Re: Your AAOA

marty56 — Wed, 18 May 2011 21:40:09 GMT

11 years.

Re: Your AAOA

Anonymous — Fri, 20 May 2011 01:32:24 GMT

Mine keeps shrinking!!!

It was 7 years, then 6, then 5, then 4.5... and now there's a big split between my AAOA and AAOOA, which is 5 and 2.5.

I got a lot of closed accounts that are old, which is keeping it at 5, but I have added a lot of new recent accounts in the last 3 years.

I know FICO only cares about AAOA but some of the FAKOs and internal lender scoring also look at or only consider AAOOA (Average Age Of Open Accounts)

Re: Your AAOA

Anonymous — Tue, 24 May 2011 15:24:51 GMT

According to myfico, my oldest account was opended 6 year, 10 months ago.....but my Average Age of Accouns is 2 years.

It's sad that that's one of the main reasons I can't get credit cuz it's not old enough...and I don't really know how to fix it.

Re: Your AAOA

MarineVietVet — Tue, 24 May 2011 15:30:20 GMT

@Anonymous wrote:
According to myfico, my oldest account was opended 6 year, 10 months ago.....but my Average Age of Accouns is 2 years.

It's sad that that's one of the main reasons I can't get credit cuz it's not old enough...and I don't really know how to fix it.

One way (the slow way) is to not apply for any new credit and let all your accounts age. It's been 2 years since I've applied for any type of credit and almost 7 years since I got my last CC.

Another way is to be added as an AU but this will only help you IF the account is older than any of yours, IF the payment history is long and clean, IF the utilization is very low, and IF it will report to the CRA's. Not all cards will do this. You need to ask the company first. You will inherit the entire history of this account. One caveat however; if this account starts to go south your credit will be affected as well. Keep that in mind.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Your AAOA

TeeGee — Tue, 02 Jul 2013 19:01:19 GMT

It appears it's less than 5 yrs, which is a bummer because I purchased an auto new in 2005; and re-fied it in 2009, so instead of showing 8 years of AAoA; it shows account closed; and a new account opened. I suppose lenders don't see that - that the account/loan has actually been opened for 8 years (same auto loan) - they only see a stat.

Re: Your AAOA

Anonymous — Tue, 02 Jul 2013 23:01:45 GMT

@TeeGee wrote:
It appears it's less than 5 yrs, which is a bummer because I purchased an auto new in 2005; and re-fied it in 2009, so instead of showing 8 years of AAoA; it shows account closed; and a new account opened. I suppose lenders don't see that - that the account/loan has actually been opened for 8 years (same auto loan) - they only see a stat.

Any OC account, open, closed, good or bad is factored into AAoA.

Re: Your AAOA

Roarmeister — Wed, 03 Jul 2013 01:58:22 GMT

Well there's the one I calculated from my entire credit history and then there is Equifax's version which calculates only the current accounts and the closed ones from the past 6 years. The difference is phenomenal - 10 years to be exact! Equifax's is the one the my score is calculated on, mine is... well... just for my own reckoning.

I did some checking on another website and the graphs that a user posted suggests that there is a diminishing boost to your score on the 1st, 2nd and 5th years of your AAoA and perhaps even a very slight boost at the 10th year. [I can't post the website, graph or user because apparently that site has been banned from MyFico.] If that is the case I should see a slight score bump (1-2 pts) when my AAofA from Equifax reaches the 5th year later in October.

Re: Your AAOA

TeeGee — Fri, 05 Jul 2013 00:43:06 GMT

You could be absolutely right, because I just got a score bump of 1 point to 675 - it would EXACTLY co-incide with the date of my original auto loan.

Re: Your AAOA

eddie84 — Fri, 05 Jul 2013 05:25:15 GMT

Let see.. my oldest account is from 1999 so that's 15 years.

Re: Your AAOA

Roarmeister — Sat, 06 Jul 2013 01:16:11 GMT

Just to be clear -- it is when your AAoA hits the 1, 2, 5, 10, 15 year milestones that you MAY see a increase in your credit score -- not the age of a single debt or of your oldest debt.