I'm trying to determine how the FICO scoring model identifies the "oldest" account, and what accounts are considered when averaging age of accounts. Does anyone know whether this is specifically the oldest OPEN account, or simply the oldest account shown in the credit report (even if closed), as well as whether the average age of accounts is computed using OPEN accounts only? I'm considering closing a credit card I opened over five years ago which happens to be my oldest. Since then I've had a few car loans, several credit cards, etc established, but many were within the last two years. I don't want to close the account if it might result in a reduced score based on my credit history appearing shorter to lenders. Can anyone verify? Thanks!
