Closing OLDEST Account DOES Affect your FICO Score

[Anonymous]

I just don’t see how the  part of the pie that represents account age in FICO vs VS can possibly be the same.

FICO “age” is oldest account, youngest account and average age of all accounts.

Vantage is all of the above plus average age of open accounts. (Unless every single site is wrong) We don’t know what percentage different age metrics are weighted BEFORE it get put in th pie and weighted in total. Vantage itself calls out that open accounts is a factor. Why would VS allow misinformation about their score to exist every single place their score is provided? Especially when they are the upstart trying to get their score more widely used.

[Anonymous]

Where does vantage say that it considers open accounts as a separate attribute please?

And I can pose that same question regarding FICO, I can show you two separate average age of accounts on Experian creditworks and I can show you an incorrect average age of accounts on MF.

These sites make a deal to pay for the algorithms score. The additional information they produce does not come from Vantage or FICO. As a matter of fact they get the FICO scores from the CRA when they pay them for the data and the score that comes along with it. The websites do not calculate the FICO score.

Where on any of these sites does it say that the additional attribute information comes from either of the algorithms or their proprietors? It does not. It says the score is provided by whatever algorithm nothing else. And it says the data is provided by the respective CRA.

Each site presents and displays the data from the CRA differently in their own format the way they feel is best for their business needs. If I’m wrong please correct me.

[Anonymous]

I agree with BM's post above.

If the VS algorithm did only consider open accounts in their age calculations, don't you think my VS 3.0's (TU or EQ) would have dropped in going from 15 years to 7.x years when I closed my oldest account?  Also, that 15 year old account was on my CR 4-5 times depending on bureau, so it was artificially inflating my AAoA significantly since I had maybe 12-13 accounts at the time.  The large drop in both AoOA and AAoA IMO would have certainly hit me for at least a single VS 3.0 point if that algorithm only considered open accounts.

[Anonymous]

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@Anonymous wrote:

I agree with BM's post above.

If the VS algorithm did only consider open accounts in their age calculations, don't you think my VS 3.0's (TU or EQ) would have dropped in going from 15 years to 7.x years when I closed my oldest account?  Also, that 15 year old account was on my CR 4-5 times depending on bureau, so it was artificially inflating my AAoA significantly since I had maybe 12-13 accounts at the time.  The large drop in both AoOA and AAoA IMO would have certainly hit me for at least a single VS 3.0 point if that algorithm only considered open accounts.

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I don’t know how you got the “only consider open accounts” from anything I said. I said nothing of the sort. It’s too exhausting to have to retype the same in different ways in hopes that this time you won’t be  misinterpreted. So forgive me but I’m out...peace. ✌️

[Anonymous]

I'd just like to see where Vantage claims they use the Average Age of Open Accounts anywhere. I understand you just fine, but these sites do not misrep Vantage, they only claim the SCORE is from vantages algorithm

Only place I saw such a claim was on a 5 year old site that had no connection to Vantage..

[Anonymous]

Closing your oldest account may affect your credit record when it drops from the credit bureaus and a good report MAY stay on your CBs for up to ten years. Thick files are less sensitive than thin files. Vantage Scores may play into our life in the future as several mortgage lenders want the option to utilize them. But few lenders rely on them today.

[Anonymous]

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@Anonymous wrote:

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I don’t know how you got the “only consider open accounts” from anything I said. I said nothing of the sort. It’s too exhausting to have to retype the same in different ways in hopes that this time you won’t be  misinterpreted. So forgive me but I’m out...peace. ✌️

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I wasn't targeting your previous response, as I did not quote you.  Now however I am quoting you above, so I am responding to you.  My previous reply was in response to multiple earlier posts from those that suggested that closed accounts aren't considered by the VS 3.0 algorithm.