Help me figure up AAOA correctly PLEASE!~

[Anonymous]

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@pizza1 wrote:

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@Anonymous wrote:

Your credit reports will give you your AAofA.

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my actual reports  fromthe CRA's,or the MYfico reports...which is totally screwed up!! 

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Spend a dollar here:

https://www.creditchecktotal.com

[JagerBombs89]

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@pizza1 wrote:

PLease help me to figure up AAOA correctly.  I just want to be sure Im doing it correctly. 

For example...lets say my oldest CC was opened 05/2006, then my next CC opened 10/2013.

 at that point  Would my AAOA be 7.5yrs???

then lets say for example, my last CC  opened was in 05/2015....

Would my AAOA then be 5 yrs?? 

Am I doing this right??

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Convert everything into months... 05/2006 = 110 months, 10/2013 = 21 months.

Add all the months together... 110 + 21 = 131

Divide all months by number of accounts... 131/2 = 65.5 months

Divide months by 12 to get years... 65.5/12 = 5.45 years = AAoA

For the second example, you would have 131 months + 2 months = 133 months...

133 months divided by 3 accounts = 44.3 months

44.3 months divided by 12 = 3.69 years = AAoA

[Anonymous]

I have a question, in your profile you show $206,000 as your credit lines. Is that amount from various CCs or a combination of other things? How far does that go back? 

And why are you specifically concerned about your AAoA?

[JagerBombs89]

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@gdale6 wrote:

It would not be correct if you are trying to figure it out for Fico purposes as it only takes into account open OC accounts and not the closed ones.

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Is this new?  I thought FICO took into account average age of all accounts?  FICO still has it listed on their page:  http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx

[Revelate]

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@JagerBombs89 wrote:

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@gdale6 wrote:

It would not be correct if you are trying to figure it out for Fico purposes as it only takes into account open OC accounts and not the closed ones.

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Is this new?  I thought FICO took into account average age of all accounts?  FICO still has it listed on their page:  http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx

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Nah, just it was perhaps not worded as clearly as it might be, if you substitute Credit Karma for "it" in "it only takes" then it would read correctly.

FICO: average age of accounts = all accounts, open or closed.

Credit Karma: average age of open accounts = only open accounts are factored.  This is wrong.

[JagerBombs89]

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@Revelate wrote:

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@JagerBombs89 wrote:

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@gdale6 wrote:

It would not be correct if you are trying to figure it out for Fico purposes as it only takes into account open OC accounts and not the closed ones.

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Is this new?  I thought FICO took into account average age of all accounts?  FICO still has it listed on their page:  http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx

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Nah, just it was perhaps not worded as clearly as it might be, if you substitute Credit Karma for "it" in "it only takes" then it would read correctly.

FICO: average age of accounts = all accounts, open or closed.

Credit Karma: average age of open accounts = only open accounts are factored.  This is wrong.

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That makes sense as I completely missed the reference to CK   However, is FICO9 changing all that where only open accounts are scored for AAoA?

[Revelate]

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@JagerBombs89 wrote:

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@Revelate wrote:

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@JagerBombs89 wrote:

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@gdale6 wrote:

It would not be correct if you are trying to figure it out for Fico purposes as it only takes into account open OC accounts and not the closed ones.

---

Is this new?  I thought FICO took into account average age of all accounts?  FICO still has it listed on their page:  http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx

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Nah, just it was perhaps not worded as clearly as it might be, if you substitute Credit Karma for "it" in "it only takes" then it would read correctly.

FICO: average age of accounts = all accounts, open or closed.

Credit Karma: average age of open accounts = only open accounts are factored.  This is wrong.

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That makes sense as I completely missed the reference to CK   However, is FICO9 changing all that where only open accounts are scored for AAoA?

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Not that I'm aware of; look at it this way, CK also discounts my late payments on my old BOFA tradeline just because it's closed.  Does anyone really think FICO would do that?

It's an unfortunate, stupid presentation that CK among others has peddled and it's just flat out wrong and they've never fixed it.  It's one of the few things that I will never forgive CK for even though I love their service offering, but their interpretations and sometimes recommendations are simply laughable.  Would be so easy to do better but for whatever reason they continue to suck on this point.