Average age of account question

[Anonymous]

Can someone please explain to me average age? Does it include just accounts that are open or does it include all acounts on the report? Thanks so much!

[Anonymous]

Average age counts the age of both your open and closed accounts. The closed accounts stop counting 10 years after they are closed and at such a point, if you don't have accounts near as old you could take a point hit from losing an account off your report.

I believe FICO also factors the ages of your various types of accounts (installment vs revolving) though I am not quite sure how that calculation cuts. Many of the pros on here can perhaps offer you more detail.

[Anonymous]

So if they are closed, do you count just the time they were open or do you count from the time they were opened until present date? I have several OLD accounts that were open 2 yrs or less (installment) .

Thanks for any help on this

[Anonymous]

Every account is counted open and closed. Just take the date each tradeline was opened (everything counts installments, revolving, mortgages, all of it). Then divide them by the number of total accounts and you have your average age.