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That makes sense, they were my oldest accounts
@Anonymous wrote:That makes sense, they were my oldest accounts
Remember - clean reports are better than higher scores any day. Your scores will recover.
What is the age of your oldest account now?
3 years 6 months
@Anonymous wrote:3 years 6 months
Is that a revolving (credit card) account or a loan? If it's a loan, what's the age of your oldest revolver?
And do you know your current average age of accounts (aaoa)? I think myFICO provides that for you as well. Sorry for all the questions, just trying to get a better picture of your profile as it stands now.
Also - have you started a goodwill campaign for the late payments yet?
This drop should be only temporary - that happened to me as well. It took about three months to see my score "magically" come back...
I'm sorry, as I said I don't know all the lingo. I just checked and it says my oldest account is 15 years 5 months, average age of accounts 3 years 6 months. So those weren't my oldest
@Anonymous wrote:I'm sorry, as I said I don't know all the lingo. I just checked and it says my oldest account is 15 years 5 months, average age of accounts 3 years 6 months. So those weren't my oldest
Please don't apologize. This stuff can be very confusing when first starting out.
So... age of your oldest account apparently was not affected, but your average age of accounts (AAoA) may have been (happen to know what your AAoA was before the charge-off was removed?).
Aside: For aging, most of us actually go so far as to use an excel spreadsheet to track changes - listing all of our accounts and their open dates; the spreadsheet can be set up to auto-calculate age for you so you always have this info handy. I know it probably sounds like too much but it really isn't and you certainly don't have to do it but if you really want to dig into how scoring works for your profile, it would help. Plus, everytime you post about a score change folks will likely ask about age factors. If you'd like a template (calculations ready to go, you just have to fill in the account info), let me know.
I also suggest reading this thread when you feel up to it -- it's kinda long - so maybe take one section at a time, but it's incredibly informative and helpful in understanding FICO, including the different age metrics and how they affect scoring / scorecards.
It would be nice to know the change in average age of revolving accounts. What remaining derogatories do you have OP?
I only have one 30 day late with GM Financial from 2016. I emailed them to see if they would delete it, but they didn't respond. My credit usage is high, about 50% overall, and I am working on paying down cards.
@Anonymous wrote:I only have one 30 day late with GM Financial from 2016. I emailed them to see if they would delete it, but they didn't respond. My credit usage is high, about 50% overall, and I am working on paying down cards.
@Anonymous OK if all charge-offs and collections are gone and the only derogatory you have is a 30 day late, then you are in a clean scorecard. Since the 30 day late is over two years old, most of its scoring impact is gone, but it will still affect you until it's removed at 7 years.
your average age of accounts is 3 1/2 years old. That's pretty low. I'm willing to bet the charge-offs we're older accounts and therefore you dropped your average age of accounts decent and your average age of revolving accounts decent. You experienced Scorecard reassignment and with the new low aging metrics, that likely accounted for the drop.
The good news is your score will increase with age. May we know the age of your youngest Revolver? Your youngest account? How many total accounts do you have on your report opened and closed? Any loans? Open/closed?
Based on the answers to these questions we may be able to recommend some actions to assist you or advise you of upcoming increases to expect.