did I calculate my AAoA correctly?

Anonymous · ‎03-19-2009

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 · ‎03-19-2009

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 · ‎03-19-2009

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 · ‎03-19-2009

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 · ‎03-19-2009

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?

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 · ‎03-19-2009

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?

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 · ‎03-20-2009

great thanks for the info!