In 30 days approved for $ 43.500

[Anonymous]

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@Anonymous wrote:

I have 63 credit accounts opened and closed

now the AAOA is on equifax at 6 years

From 63 i am planing to add 3 new accounts with 0 yrs old

The total accounts opened and closed will be 66

What is the total new AAOA?

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Which part do you find hard? (Unlike the others here, I am criticizing!)   In simple terms:

Average = Total/Number.    So, current state, 63 accounts with an average of 6 years.   6 = Total/63, so Total = 6*63 = 378 (years).

You now add three accounts, so New Average = (New Total)/(New Number).  New Total is the same, 378, New Number is 66, so new AAoA is 378/66 = 5.736

You are in OK shape because of the large number of accounts. 

Adding new accounts hurts most those with very few accounts, e.g. if you only had three accounts and an AAoA of 6 years, your old total would be 18.  Adding 3 accounts, the new AAoA would be 18/6 = 3 years, halving the AAoA.

[Epcot]

Very nice! Congrats!

[Open123]

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@Anonymous wrote:

You are in OK shape because of the large number of accounts. 

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Right, with such a large number of accounts already factoring into your AAOA, 3 new ones aren't going to have much effect.  

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I have 63 credit accounts opened and closed

now the AAOA is on equifax at 6 years

From 63 i am planing to add 3 new accounts with 0 yrs old

The total accounts opened and closed will be 66

What is the total new AAOA?

---

Which part do you find hard? (Unlike the others here, I am criticizing!)   In simple terms:

Average = Total/Number.    So, current state, 63 accounts with an average of 6 years.   6 = Total/63, so Total = 6*63 = 378 (years).

You now add three accounts, so New Average = (New Total)/(New Number).  New Total is the same, 378, New Number is 66, so new AAoA is 378/66 = 5.736

You are in OK shape because of the large number of accounts. 

Adding new accounts hurts most those with very few accounts, e.g. if you only had three accounts and an AAoA of 6 years, your old total would be 18.  Adding 3 accounts, the new AAoA would be 18/6 = 3 years, halving the AAoA.

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Thank you very much for been patience with my spining mind

Thank you for the great explenation on this

[Anonymous]

Thanks Epcot