Calcuting AAoA...I could be right...?

[daisyduke]

Daisy wants to know...Right now I'm afraid of adding any new account UNTIL i get my new car...in December. Daisy has only  really one open bank card, and it's a toy card, a toy limit......and an AU which helped my utilization...One Visa open...that's it..so today i took the months the accounts were opened and the year. eleven accounts...i added up the month and the year and divided by 12, subtracted by the year average by 2009...and I got 7.5 years, which is accurate...am i doing the math correctly>

If i am  doing the math correctly>?

[Lel]

I'm having trouble following your math, and I'm too lazy to take out a piece of paper and figure out whether it's correct, so instead I'm going to tell you how I would calculate my AAoA.

For each account, figure out the number of months that is has been open.  Convert all years to months - so if it's been open for 5 years and 4 months, it's 64 months.  Add all the months together then divide by the number of accounts.  This gives the AAoA in months.  Divide by 12 and that gives me my answer in years.

This is how I would do it, if I ever felt like doing it.  I just let myFICO do it for me.  That's how lazy I can be.   

[llecs]

Also, OP, if you look at your myFICO reports you can usually find AAoA listed on pages 2 or 3 of your reports. If you ever pull your reports directly from EQ, you'll find it listed there too.

[cobaltnv]

Hi Daisy,

    There is nothing wrong mathematically with the way you have calculated your AAoA. Averaging the year your various accounts opened then subtracting that average from 2009 works just fine. 

e.g. if your accounts were opened in 2000, 2003, 2004, 2005 = 8012/4= average year of 2003; 2009-2003 = 6 years

The other way people do this is to add the number of years (or months) each has been opened and divide by the number of accounts (as Lei states). For the example above: 9y, 6y, 5y, 4y=  24y/4 = 6years.

Cheers 

[daisyduke]

thanks everyone for the answers. I'm sure my math is correct...I did look at the EQ my fico and straight from EQ, which does list my AAoA.

I was trying to do future predictions...adding some new accounts and one will drop, which will bring down to about 6 years. Thanks for your help.

[Anonymous]

Just remember that all reporting TL's count in the age calculations, including closed ones.

[daisyduke]

thank you credit - too lazy to type out all of your initials.

that is how i was calculating open and closed with age...