did I calculate my AAoA correctly?

[Anonymous]

1 Mortgage- 6/06-2 years 10 months = 34 months

2 Mortgage- 5/07- 1 year 11 months=23 months

3 CC- 11/97-11 years 5 months 137 months

4 CC- 10/07- 1 year 6 months =18 months

5 CC- 10/07- 1 year 6 months = 18 months

6 CC- 7/08 –0 year 9 months = 9 months

7 CC- 11/96 – 12 years 5 months = 149 months

8 CC- 12/08 – 0 year 4 months = 4 months

9 Auto Loan- 7/08 – 0 year 9 months = 9 months

10 Installment Loan –1/09 -  0 year 3 months = 3 months

11 Crown Jewelers $0 Bal, $2,500 CL, 10/08- TU, EXP – 0 year 6 months = 6 months

12 CLOSED Discover 8/99- TU – 9 years 8 months = 116 months

TU-525/12 accts= 43 months/3.58 years

EXP-409/11 accts-37 months/3.08 years

EQ-403/10 accts-40 months/3.33 years

[llecs]

Without typing out the numbers, your AAoA calc. method looks fine to me. AAoA is measured as a whole number, so it is 3 years. If you look in your FICO reports, you'll likely see the AAoA listed on page 2 or 3.

[Anonymous]

so other than NOT opening up any other lines of credit, there is nothing that I can do to help the AAoA, correct?

One of my mortgages was just sold to another mortgage company, so that will give me yet another account to figure in, correct?

[Red1Blue]

This part I can understand. I am not sure how it works going forward. Let us say avg age is 3 years and I have 60 accounts closed+open. One month from now how much age does it add to my account. Is it still 3 years?  I dont understand going forward how the age improvement is going to work. Any thoughts?

[llecs]

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smo65d11 wrote:

so other than NOT opening up any other lines of credit, there is nothing that I can do to help the AAoA, correct?

One of my mortgages was just sold to another mortgage company, so that will give me yet another account to figure in, correct?

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Only time can help.

The new mortgage will likely drop the AAoA. Sobering to think about....but you have a strong number of accounts that your AAoA will only drop by 2-3 months per CRA (any new account automatically reports at least 1 mo. old).

[llecs]

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concorduser wrote:

This part I can understand. I am not sure how it works going forward. Let us say avg age is 3 years and I have 60 accounts closed+open. One month from now how much age does it add to my account. Is it still 3 years?  I dont understand going forward how the age improvement is going to work. Any thoughts?

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If your AAoA is 3 yrs and 11 months, your AAoA will read 3 years. But if one month passes, then the AAoA will turn 4 yrs and 0 months and it will remain at 4 for the next 12 months or so until it turns 5, assuming no accts are added or drop off.

[Anonymous]

great thanks for the info!