AAoA

[cobaltnv]

 I was calculating my AAoA that way as well. The problem is I always misplace the paper and have to do it again. I set up the spreadsheet a couple of weeks ago one sunday afternoon--now I can get my AAoA anytime I want :-). More importantly it is really easy to see how new accounts change things--helps to curb the desire to add new accounts.

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@haulingthescoreup wrote:

Excel makes me break out in a rash. My AAoA calculations all seem to be on the backs of envelopes, with sticky-notes added when I run out of room.

My purse is a mess.

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Message Edited by cobaltnv on 03-01-2009 05:33 PM

[Want2BDebtFreeNow]

Ok, so here is what I typed into excel.  Am I doing something wrong?

7/1999  116
8/1999  115
1/2000  110
1/2000  110
2/2000  109
3/2000  108
3/2000  108
5/2000  106
8/2000  103
9/2000  104
5/2001  94
7/2001  92
7/2001  92
8/2001  91
8/2001  91
8/2001  91
3/2002  84
3/2002  84
5/2002  82
1/2003  74
4/2003  71
4/2003  71
6/2003  69
12/2003  63
1/2004  62
10/2004  53
11/2004  52
11/2004  52
11/2004  52
11/2004  52
4/2005  47
5/2005  46
7/2005  44
1/2006  38
7/2006  32
7/2006  32
8/2006  31
9/2006  30
9/2006  30
9/2006  30
9/2006  30
7/2007  20
7/2008  8
           248.25 (i typed in =sum(b1:b43)/12

[haulingthescoreup]

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cobaltnv wrote:

 I was calculating my AAoA that way as well. The problem is I always misplace the paper and have to do it again. I set up the spreadsheet a couple of weeks ago one sunday afternoon--now I can get my AAoA anytime I want :-). More importantly it is really easy to see how new accounts change things--helps to curb the desire to add new accounts.

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@haulingthescoreup wrote:

Excel makes me break out in a rash. My AAoA calculations all seem to be on the backs of envelopes, with sticky-notes added when I run out of room.

My purse is a mess.

---

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Oh, believe me, I'm not advocating my "method"!

Everything else in my life is on computer. I just have to get over my Excel allergy.

[cobaltnv]

Want2,

   You need to divide by the number of accounts. I quickly counted 43? so 248.25/43 = 5.77 years. 

[llecs]

I got the same as colbalt.

[Want2BDebtFreeNow]

Thank you. So that is an average of almost 6 years right? What is the goal? I think I read 19 somewhere?

[cobaltnv]

Fico rounds down so right now you have a AAoA of 5 years. High achievers have an average age between 6-12 years (at least according to my reports). The 19 you are talking about is the oldest account. Again according to the comment on my reports high achievers opened their oldest account 19 years ago.

[Want2BDebtFreeNow]

Yay! I am feeling smarter. LOL. Ok, now I need to figure out how closed aging accounts are going to affect that #.

I have one from 2001 still open, one from 2004 and 4 from 2006. My goal is not to get any more credit cards at all. Just keep the ones that I have and pay them off.

Considering I am only 28 I can't have an account open for 19 years lol.

[cobaltnv]

As hauling mentioned closed accounts are counted in your age and remain on your credit report for up to 10 years. Are the six accounts you mentioned the only opened out of the  43 accounts you mentioned? Unless any are charging you annual fees I would not recommend closing any of them.

You might want to read the closing credit cards thread found in my signature. 

You are in good shape! Congrats! 

Edited to correct my math error. 

Message Edited by cobaltnv on 03-01-2009 07:37 PM

[Want2BDebtFreeNow]

I have a total of 6 credit cards open.  2001, 2004 and 4 in 2006.

Everything else are closed credit cards and car loans 2005(traded in), 2006(traded in),  2007(traded in),  and 2008.