cancel
Showing results for 
Search instead for 
Did you mean: 

Understanding how First Premier works...

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Regular Contributor

Re: Understanding how First Premier works...

bofa open nov 10 2017
macys open mar 3 2018
cap one open may 13 2017
credit one open aug 30 2018
chyrsler cap auto loan aug 17 2018
cap one auto loan open dec 1 2017, closed aug 27 2018
fedloan servicing loan open mar 28 2013 closed oct 16 2017
netcredit financial jan 16th 2018
navy federal open feb 29 2008 closed aug 10 2009
portfolio recovery (collections) open jun 25 2015
midland funding (collections) open aug 27 2014
first premier open dec 3 2013, closed mar 10 2014
syncrony bank/tjx open sep 15 2013, closed apr 13 2014
syncrony bank/gap open dec 1 2013, closed mar 2 2014

Message 31 of 41
Valued Contributor

Re: Understanding how First Premier works...

Ok -- how did you come up with an AAoA of 5 years and 1 month?   

 

Because when you calculate using the accounts you listed, your AAoA is 40 months (3 years, 4 months).   Oldest Account: 10 years 11 months;  Youngest Account: 5 months.   

 

Total Age of Accounts (in months) :  557

Number of Accounts: 14

Average:  557/14 = 39.7 = 40. 

 

Is there something else on your reports that is missing from the list you posted?  

 

EDIT:  I'm not entirely sure if collection accounts are included in your AAoA. Seems to be conflicting info on that point.   If they are not included, then your AAoA would actually be a bit lower at 38 months (3 years, 2 months).   

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 10/01/2019: EX 747 ✦ EQ 728 ✦ TU 756
Current FICO 9s | 10/01/2019: EX 765 ✦ EQ 765 ✦ TU 758
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 780s


My AAOA: 2.8 years not incl. AU / 2.11 years incl. AU
My AoOA: 6.8 years not incl. AU / 8.8 years incl. AU
Report Status: Clean

Tending my Garden til 2/2020


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 32 of 41
Regular Contributor

Re: Understanding how First Premier works...

I’ll check if I missed anything
Message 33 of 41
Regular Contributor

Re: Understanding how First Premier works...

I missed two collections, will reply with the info soon. Gotta find the info in what records I have.
Message 34 of 41
Valued Contributor

Re: Understanding how First Premier works...

Take your time. It's late - going to bed. Goodnight!
Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 10/01/2019: EX 747 ✦ EQ 728 ✦ TU 756
Current FICO 9s | 10/01/2019: EX 765 ✦ EQ 765 ✦ TU 758
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 780s


My AAOA: 2.8 years not incl. AU / 2.11 years incl. AU
My AoOA: 6.8 years not incl. AU / 8.8 years incl. AU
Report Status: Clean

Tending my Garden til 2/2020


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 35 of 41
Regular Contributor

Re: Understanding how First Premier works...

gn.

here are the added accounts at the end of the list, the ones that were missing.

 

bofa open nov 10 2017
macys open mar 3 2018
cap one open may 13 2017
credit one open aug 30 2018
chyrsler cap auto loan aug 17 2018
cap one auto loan open dec 1 2017, closed aug 27 2018
fedloan servicing loan open mar 28 2013 closed oct 16 2017
netcredit financial jan 16th 2018
navy federal open feb 29 2008 closed aug 10 2009
portfolio recovery (collections) open jun 25 2015
midland funding (collections) open aug 27 2014, closed jan 10 2019
first premier open dec 3 2013, closed mar 10 2014

syncrony bank/tjx open sep 15 2013, closed apr 13 2014
syncrony bank/gap open dec 1 2013, closed mar 2 2014

jefferson capital open june 7 2016
cedar financial open may 13 2016
southwest credit systems dec 1 2013

Message 36 of 41
Valued Contributor

Re: Understanding how First Premier works...

The additional accounts you've listed don't change your AAoA.  Still 3 years, 4 months (assuming collections are factored into AAoA).  So I don't know where the 5 year, 1 month AAoA came from -- was that, perhaps, calculated prior to the accounts opened in 2017 - 2018? Because if we remove those accounts, you get a 5 year AAoA.   

 

Anyway,  with this AAoA of 3.4 years, if you were to add a new account in Januray, your new AAoA would be 3.2 years.  

IF collections are not included in AAoA,  your current AAoA would be 3.2 years and adding a new account this month would drop it to 2.11 years -- crossing the 3 year threshold will result in a loss of points -- most of which could be regained the following month when your AAoA crosses back over the 3 year mark. 

 

I'm inclined to believe collections are not included in AAoA -- so I would suggest waiting 2-3 months to app for a new account.  This way, your AAoA will remain a month or two above 3 years which will minimize the number of points loss for adding a new account. 

 

Also - have all of those collection accounts been paid?  If not, then you shouldn't app for anything.  Either get them paid (settle, pay in full, try a PFD) or wait for the older ones to fall off your reports.   Midland Funding has a public policy of deleting a paid collection as long as it's at least 2 years past the date of first delinquency -- so that one is easy to take care of.  You should research the others to see others' experiences to help figure out the best way to proceed.   Was Jefferson Cap from the First Premier charge-off? Is so, they may delete now that it's paid. 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 10/01/2019: EX 747 ✦ EQ 728 ✦ TU 756
Current FICO 9s | 10/01/2019: EX 765 ✦ EQ 765 ✦ TU 758
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 780s


My AAOA: 2.8 years not incl. AU / 2.11 years incl. AU
My AoOA: 6.8 years not incl. AU / 8.8 years incl. AU
Report Status: Clean

Tending my Garden til 2/2020


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 37 of 41
Regular Contributor

Re: Understanding how First Premier works...

Jefferson is seperate and was depeted from report. Cedar got deleted to but not from Experian as I tried. Midland is in the works right now. First P only shows as PF. I have submitted a PinF letter( all of them already told me they dont PFD letters ) to all except FP.
Message 38 of 41
Regular Contributor

Re: Understanding how First Premier works...

I think Midland got deleted with Exp, not TU, waiting on Eq with Midland. TU only updated the balance as PinF. Cedar got removed from two except Experian. Jefferson got removed all.
Message 39 of 41
Regular Contributor

Re: Understanding how First Premier works...

I did get a +17 raise on Fico 8 this morning from my debt amount decreasing which is mainly or all on my bofa cash rewards. The debt the app is getting or maybe I should be using another word is coming from bofa account, not the car loan or personal loan I have open right now
Message 40 of 41
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.