Average account age

CreditBob · ‎10-07-2008

Here is how you find out the average account age. Here is a table that will help you. Not having enough credit means is that the age of the account or accounst has not been opened long enough.

creditor type date opened account age

visa revolving 10/1980 18 yrs 00 mths

american express revolving 05/2007 01 yr 05 mths

Toyota -car loan installment 10/2001 07 yrs 00 mths

average account age of all three accounts is 08 yrs 08 mths.

If youwere to open a fourth account you would bring the average age down. By doing so would affect your fico score.

If you already have two or three revolving accounst you do not need any more. Allow them to age and keep the utilization percentage below 9%.

MidnightVoice · ‎10-07-2008

@CreditBob wrote:

creditor type date opened account age
visa revolving 10/1980 18 yrs 00

Ah - so we are back in 1998!!

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

tatiana · ‎10-07-2008

I wish. LOL.

-------------------------------------------------------------

Might as well change my surname to Morgan-Chase.
Closed on my crazy midcentury home in July, 2012! Thanks, FHA!

wmarat · ‎10-07-2008

@CreditBob wrote:
Here is how you find out the average account age. Here is a table that will help you. Not having enough credit means is that the age of the account or accounst has not been opened long enough.

creditor                        type                        date opened                       account age
visa                         revolving               10/1980                          18 yrs 00 mths
american express       revolving                05/2007                          01 yr   05 mths
Toyota -car loan        installment             10/2001                          07 yrs  00 mths

average account age of all three accounts is 08 yrs 08 mths.

If youwere to open a fourth account you would bring the average age down. By doing so would affect your fico score.

If you already have two or three revolving accounst you do not need any more. Allow them to age and keep the utilization percentage below 9%.

If 4th account is another AMEX, it is going to be backdated to the first AMEX account w/o any impact on FICO.

IN VINO VERITAS.