topic Re: Calculating AAoA in General Credit Topics

Calculating AAoA

kshurika — Wed, 14 Mar 2018 01:25:02 GMT

Attention Einsteins and Hawkings: I'm just checking. Is the most accurate method of determining my AAoA to take the AAoA of each CB reporting on myFICO, reduce each to months, add them together, divide by 3 and then re-form the quotient into years and months?

AAoA-EQ + AAoA-EX + AAoA-TU = Total Sum of AAoA /3 = Overall AAoA

Thanks

Re: Calculating AAoA

Anonymous — Wed, 14 Mar 2018 02:08:21 GMT

Overall AAoA isn't really relevant, because it's always going to be viewed with respect to the bureau that's being considered. The same way that an average credit score (for example, your 3 FICO 08 scores) divided by 3 really isn't meaningful.

Re: Calculating AAoA

kshurika — Wed, 14 Mar 2018 02:23:35 GMT

Uh-oh.

My AAoA for EX, Chase's main CB in California, is only 11 months. Also, that's where the 6 HPs are.

Re: Calculating AAoA

Anonymous — Wed, 14 Mar 2018 13:06:26 GMT

I don't follow your concern.

Are you thinking of apping for a Chase product?

Re: Calculating AAoA

kshurika — Wed, 14 Mar 2018 14:51:15 GMT

Yup. CSP and Freedom. In another post, I write about the preparation for that, so I forgot to put it here, also.

Re: Calculating AAoA

Anonymous — Wed, 14 Mar 2018 16:27:30 GMT

Except for your own insite, that number will mean nothing. Some of my closed accounts only show on one CB.

Re: Calculating AAoA

Anonymous — Wed, 14 Mar 2018 18:31:33 GMT

Yup. CSP and Freedom. In another post, I write about the preparation for that, so I forgot to put it here, also.

From what I understand of Chase, they look often for a minimum of 1 year AoOA, not necessarily AAoA.

Re: Calculating AAoA

kshurika — Wed, 14 Mar 2018 20:26:37 GMT

BBS: I can't tell the difference between the two terms.

Re: Calculating AAoA

Anonymous — Wed, 14 Mar 2018 20:29:35 GMT

Age of oldest account verses average age of accounts.

Re: Calculating AAoA

kshurika — Wed, 14 Mar 2018 21:06:50 GMT

Hmmmmmmmmm, thanks for that, even though it creates another quandary. The age of my oldest account is almost 30 years. It's an Amex account that was closed several years ago. Unfortunately, it's only reported on TU, which Chase almost never uses here in California. The age of my recent oldest account (a CO Platinum secured card) is only 2 1/4 years. Both EX and EQ (both of which Chase uses) report their ages as 11 months. Also of concern is that my green-check offers from Chase for both Freedom and CSP don't have fixed APRs, but rather broad ranges. I wonder if I'm setting myself up for a double denial. You can see the particulars in my post "Is Chase Prequal Really a Prequal?" in C.C. Applications.

Re: Calculating AAoA

Anonymous — Wed, 14 Mar 2018 23:23:46 GMT

Why don't you give Amex a call and request that they report your 30 year old account to all 3 CRAs? Explain that it's only on one of your credit reports.

An AoOA of 30 years vs 2 years is significant and could make a huge difference in how Chase views you as a potential customer.

Re: Calculating AAoA

kshurika — Thu, 15 Mar 2018 01:24:48 GMT

GREAT idea! I'll call them tomorrow. Thanks!

Re: Calculating AAoA

Anonymous — Thu, 15 Mar 2018 03:13:47 GMT

Cool, definitely report back and let me know how it goes. I had Amex do an off-cycle reporting for me a month or two back and it took all of 1 minute through chat. For some reason my account didn't report to all 3 bureaus one cycle, so I requested a re-reporting and within a week or so it was reported correctly across all 3 bureaus.

Re: Calculating AAoA

kshurika — Thu, 15 Mar 2018 23:41:25 GMT

Well, THAT didn't work out too well! I got bounced around Amex's call center and eventually wound up with the Credit Bureau Unit and was told via recording that the only way I could contact them was by letter. I did call Chase's credit card services and was told emphatically that they DON'T require at least one year of AAoA to be approved for a card. The CSR also suggested that I do my app in my Chase branch.

I guess I pull the trigger next week. 🤞