@Anonymous wrote:
Hi llecs,
Sorry I wasn't more clear. The first number is the year opened and the second the year closed. For example my car loan was opened in 2006 and paid off in 2012. My scores came from the credit reporting companies. I signed up for their trial memberships then canceled once I got the report and score. Maybe I missed it and they were FAKO scores. I know the Equiafax score is 680 for sure. I get that from them directly and it states it's FICO.
To answer your questions.
PRISM is a credit card. Can you spell out the abbreviations. I don't know what OCs PRs and CAs are. I can guess, but I want to be sure I completely understand.
My credit report stated those accounts would be removed. Each went to collections and then was settled for less than the amount owed, but are considered paid.
Thanks for your help.
Welcome to the forums!
I'd suggest reading the following:
Common Abbreviations
Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.
The month it was opened is important too. But for math's sake, I'll assume they were all opened in January of that year:
Citi (1/2000) 158 months old through this month
Citi (1/2002) 134 months old
Citi (1/2003) 122 months old
Citi (1/2004) 110 months old
Citi (you mentioned 5 Citi accts. Only see 4 dates. Will assume 2004) 110 months old
Capital (1/2010) 38 months old
PRISM (1/2006) 86 months old
Citibank SL (1/2005) 98 months old
SM (1/2011) 26 months old
Tower (1/2006) 86 months old
Universal (1/2004) 110 months old
Discover (1/2006) 86 months old
Chase (1/2003) 122 months old
Capital (1/2003) 122 months old
14 accts. 1408 months combined. 1,408 divided by 14 = 100 months. 100 months divided by 12 = 8.3 years. If the dates are correct, and you have no other OC accounts reporting, then AAoA equals 8. FICO rounds down to the nearest whole number. Conversely, if the accounts were opened towards the end of the year, then AAoA equals 7 years. Knowing the exact open date is important.
You can cheat and find AAoA on your FICO report (most of the time). It's on pages 2 or 3 of your FICO report. Ignore AAoA mentioned elsewhere as some of them only include open accounts.
If your Universal, Chase, and Discover are removed tomorrow, then 354 combined months' of history are removed. 1,408 minus 354 equals 1,054. 1,054 divided by 11 accounts = 95 months. 95 divided by 12 months equals 7.9 years. So FICO will see a drop in AAoA by one year with a rebound one month later. Obviously they won't all drop at the exact same time so it won't work perfectly like that.
An AAoA change of 1 year may or may not impact your FICO if these are removed. As mentioned, they won't disappear at the same time so you may not see any change. The only other thing to consider is the age of your oldest accounts. It's not your oldest so no worries there. But if these are your oldest CCs, for example, then you could see a decrease.
