Average age and conflicting statements

[Junejer]

Open and closed accounts alike count toward both average age and total age of your file. Mine bears that out to the tee.

[creditninja9000]

Great, thanks for the replies, I applied through a preapproval link in another thread......here's my result. What to do?

[haulingthescoreup]

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@MidnightVoice wrote:

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@VistaV wrote:

Unfounded opinion warning

I agree with MV. I think the AGE of even closed accounts counts, not just the duration that they were open. And like I said, I have NOT run the detailed equation on my own records to prove this yet.

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If any of the Mods ever drag themselves out of bed, maybe they can chime in.....................

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Hey, now!

EX alone has a closed 20-year-old gas card, and it makes my history longer there than on the other two. It's all about the year when the account was opened, whether the account is now open or closed. The only problem with closing is that eventually it will stop reporting and fall off, and then you lose the history. As long as an account is open, they have to keep reporting. That's why you see the advice to not close an account unless there are horrendous fees, or it's stinking up your report for having a low CL and/or cheesy reputation.

FICO looks at both overall history (oldest account still reporting) and average age of both opened and closed. That's why I'm getting hammered for opening 6 new accounts. My overall age hasn't changed a bit --well, actually, it just went up another month. But my average age has plunged.

[creditninja9000]

Hey, are closed (reported lost/stolen) accounts also included in the average age?

Common sense would say no but thought I'd ask anyway....just in case. I'm doing some calculations to see if it's worthwhile to have some newer accounts that I got closed as soon as they were opened deleted.

[Anonymous]

YES- Avg age is ALL TL's on your CR

open or closed

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ejbeasley wrote:
Hey, are closed (reported lost/stolen) accounts also included in the average age?

Common sense would say no but thought I'd ask anyway....just in case. I'm doing some calculations to see if it's worthwhile to have some newer accounts that I got closed as soon as they were opened deleted.

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[creditninja9000]

So lost of stolen cards are not omitted and if they are my oldest accounts they could be adding additional years to my average age? are you positive?

[haulingthescoreup]

Yep, I'm positive, and it's because when a closed account fell off my EQ early, my average age declined. It wasn't my oldest, but it was on up there, and it definitely had an effect. I'm still a bit peevish.

[BallBounces]

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ejbeasley wrote:
So lost of stolen cards are not omitted and if they are my oldest accounts they could be adding additional years to my average age? are you positive?

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I just went through 2 of my credit reports, and calculated the  average age based on 24 (and 25) total open and closed accounts.  One report omits an old closed Discover card. 

I can tell you for certain, average age includes OPEN and CLOSED Tradelines.

[creditninja9000]

Okay I understand that CLOSED accounts do apply, but my question now is the ones that are closed because they STOLEN or LOST also count? Because if that is the case, then it would seem that it's artificial and inaccurate average aging if you ever lose one of your cards for your newer or older accounts.

[Anonymous]

Yes-  Lost and stolen count-

Discussions on lost and stolen beyond this might violate TOS-

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ejbeasley wrote:
Okay I understand that CLOSED accounts do apply, but my question now is the ones that are closed because they STOLEN or LOST also count? Because if that is the case, then it would seem that it's artificial and inaccurate average aging if you ever lose one of your cards for your newer or older accounts.

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