Help calculating the average age of my reports.

[Anonymous]

I know this seems to fairly easy, and I have come up with a solution, just want to make sure I am right.

Ok according to my fico, my oldest account is 12 years and my account average is 5 years. What I want to know is what will my new average be if I reopened an old CC that I originally opened in 96 (which is also 12 years)?

Will this help me age wise, or not, since I have an account (1) that is already 12 years old?

[Anonymous]

It will help. You can take (your ave age) x (# accts), then add 12 to this and divide by (# accts plus 1). So if you had 10 accts, your ave age would go from 5 to "5.6" years! Hopefully rounded up to 6!!

In addition, I have read elsewhere that the *number* of old accounts helps, in addition to the age of the oldest account. (This is unofficial, tho )


OT: I apologize to you for making an ID kind of close to yours; had I seen yours first, I'd have chosen an ID that doesn't look so similar!

[Anonymous]

Easier way is to copy your report and paste into Excel -

Have it calulated the Avg opened collumn.

[Anonymous]

No probs on the name.

[Anonymous]

Tim I have not reopened the old account, will that still work anyway?

Message Edited by jaybee on 01-05-2008 04:27 PM

[Anonymous]

Avg  age includes all TL's on you Credit report (minus collections reported in the collections and Public records) if they are opened or closed.

got to the Accounts section of you MyFico report- copy then in Excel paste special and choose text.

[Anonymous]

Thanks to the both of you!