Does average age of account, matter if the account is closed? I recently closed a credit card and my "average age of account" I think thats what it's called went up? However, when I originally opened the account my average age went down? I asking because I'm thinking of paying off some loan accounts ( 3 Student Loans) which are my oldest open accounts. I know the account will continue to report for up to 10 years from the date closed, but will it affect my average of account like the credit card did once I pay off the loans?
My personal goal is to get my average age of accounts up to 7yrs minimum. I have 2 1/2 years to go for that as I'm currently at 4 years 6 months. Perfect garden time for myself to stay in the garden and NOT open any new accounts. (Note to self). I could be wrong but does average of account matter with FICO scoring? and/or creditor approvals?
Edited: I've come to learn that there's also an "Average age of open Accounts", which may be the reason I seen the changes I saw when I closed down the credit card account. So now, my question is which is more important... Average Age of Account or Average Age of Open Account?
@sznthescore wrote:Does average age of account, matter if the account is closed? I recently closed a credit card and my "average age of account" I think thats what it's called went up? However, when I originally opened the account my average age went down? I asking because I'm thinking of paying off some loan accounts ( 3 Student Loans) which are my oldest open accounts. I know the account will continue to report for up to 10 years from the date closed, but will it affect my average of account like the credit card did once I pay off the loans?
My personal goal is to get my average age of accounts up to 7yrs minimum. I have 2 1/2 years to go for that as I'm currently at 4 years 6 months. Perfect garden time for myself to stay in the garden and NOT open any new accounts. (Note to self). I could be wrong but does average of account matter with FICO scoring? and/or creditor approvals?
In FICO scoring, the closed loans will continue to be factored into your average age of accounts so long as they continue to appear in your reports.
So closing out those loans will have no near term effect on your AAoA.
And yes, AAoA sure does matter 
@sznthescore wrote:
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Edited: I've come to learn that there's also an "Average age of open Accounts", which may be the reason I seen the changes I saw when I closed down the credit card account. So now, my question is which is more important... Average Age of Account or Average Age of Open Account?
Average age of open accounts is only relevant to Vantage scores, not to FICO scores. In FICO scoring there is no such thing.
I don't know much about the Vantage scores, but it's my understanding that the only average age of accounts it considers is average age of open accounts.
@SouthJamaica wrote:
Average age of open accounts is only relevant to Vantage scores, not to FICO scores. In FICO scoring there is no such thing.
I don't know much about the Vantage scores, but it's my understanding is that the only average age of accounts it considers is average age of open accounts.
Got it. It's all making sense now. Thank you.
"When it comes to length of credit history, your FICO Scores take three things into account:
How long your credit accounts have been open including the age of your oldest account, the age of your newest account, and an average age of all your accounts.
How long specific credit accounts have been open.
How long it has been since the account has been used." https://www.myfico.com/credit-education/credit-scores/length-of-credit-history
#3 isnt a big thing. If a card isnt used/reported for a while and then reports. It will show up as a dormat account is being used. Doesnt affect scores. Stick to aging your AAoA's and keep it high as possible. New accounts lower it for a while but it bounces back. AAoA's is all accounts either cards or loans.
@sznthescoreI was posting in another thread about this in a way. Yes @SouthJamaica is correct. Vantage doesnt count closed accounts. My FICO TU vs CK TU Vantage. There's that "Open Accounts" and red!!!!!! 
Since were on this topic. @SouthJamaica in that other thread where I said we'll figure it out here. Guess its 4 yrs and not 4 yrs 8 months to hit very good with FICO. ¯\_(ツ)_/¯
@FireMedic1 wrote:@sznthescoreI was posting in another thread about this in a way. Yes @SouthJamaica is correct. Vantage doesnt count closed accounts. My FICO TU vs CK TU Vantage. There's that "Open Accounts" and red!!!!!!
Since were on this topic. @SouthJamaica in that other thread where I said we'll figure it out here. Guess its 4 yrs and not 4 yrs 8 months to hit very good with FICO. ¯\_(ツ)_/¯
@FireMedic1 This is good news for me because according to EQ I'm 3yrs 9mos on AAoA. So I'll see what happens in three months and be sure to get my utilization lowered as well. The years and months mentioned in my OP were from CK. Of course accounting for open accounts. It's yellow now from closing an open account, giving my self a little boost. You may be on to something... 🤔 I saw the conversation in another post with @SouthJamaica . It appears I can be the tester for 4yrs and then 6yrs and see what happens. I'm on a dirty scorecard though.... 😏 I'll pull MyFICO scores this week and see what color I am here as I'm definitely under the 4yr threshold for sure on AAoA.
edited: As of Aug/2022 on Experian. The others are within months behind each other.
@FireMedic1 wrote:@sznthescoreI was posting in another thread about this in a way. Yes @SouthJamaica is correct. Vantage doesnt count closed accounts. My FICO TU vs CK TU Vantage. There's that "Open Accounts" and red!!!!!!
Since were on this topic. @SouthJamaica in that other thread where I said we'll figure it out here. Guess its 4 yrs and not 4 yrs 8 months to hit very good with FICO. ¯\_(ツ)_/¯
I wonder what the thresholds are for oldest account/newest account to get very good as well
Would be nice for MyFico to list newest account age as well in that section
