I'm sure this has been answered before but I can't seem to find a reference. I have multiple new accounts this past year and CK has my Average Age of Open accounts at 5 months. Over the past year( since May 2018) I've opened 3 CC's, 1 Mortgage, and consolidated my student loans into one account. So there are no open accounts that are older than 8 months. My youngest account is about to turn 3 months and I was wondering if I could expect any sort of bump when it reports about the middle of the month. This is my Amex and I had done a balance transfer over to it so there is a little balance. The utilization is going down from 47% last reporting, to 42% this time, so no thresholds crossed there. I'm not at AZEO as I have a 9% utilization on another card, but overall utilization is about 12%.
Can I expect any sort of bump from this? I'm just wondering as I'm so close to crossing 700 on all three CRA's and I would love to grab enough points to put me over that.
It is possible, yes, from what I have seen in data points in these forums. I never really tested on my own profile before. You are referencing AoYA. If you search "AoYA" in this forum, you'll find several threads with data points on this that you may find helpful.
Also, if you really wanted to see if there was a resulting bump in scores, you would want your profiles to be stagnant with no moving parts at the same time. When there are multiple changes that are happening, it is much harder to single out what effected your score in what way. I would also advise using Fico 8 scores, not CK scores, if you aren't already. You mentioned what your CK was showing, so I figured I would bring that up just in case you were not aware. CK used Vantage 3.0 scores, which are not a reflection of Fico's, and are rarely used by lenders, if at all.
Also, if you really wanted to see if there was a resulting bump in scores, you would want your profiles to be stagnant with no moving parts at the same time. When there are multiple changes that are happening, it is much harder to single out what effected your score in what way. I would also advise using Fico 8 scores, not CK scores, if you aren't already. You mentioned what your CK was showing, so I figured I would bring that up just in case you were not aware. CK used Vantage 3.0 scores, which are not a reflection of Fico's, and are rarely used by lenders, if at all.
Thanks the CK reference was just from what they were showing as the average age. I'm talking about changes to my fico scores which are in my signature.
@Anonymous wrote:1. Do not go by AAoA on CK front end software, both FICO and VS3 algorithms use both open and closed accounts in calculating AAoA.
2. All FICO age related factors, including AoYA happens on the first of the month the card was opened, if there was a FICO bump, it would have happened already.
3. In my year long carefully controlled experiment, there were no scoring bumps for AoYA at 3 months or 6 months, got a 21 point bump at 12 months.
Well, that's a bummer. I could have sworn I saw a reference to a slight bump when they reach 3 months. I guess I'll just need to wait until these other baddies fall off or I get my utilization down a little more before I see the 700's across the board.
@Anonymous wrote:1. Do not go by AAoA on CK front end software, both FICO and VS3 algorithms use both open and closed accounts in calculating AAoA.
2. All FICO age related factors, including AoYA happens on the first of the month the card was opened, if there was a FICO bump, it would have happened already.
3. In my year long carefully controlled experiment, there were no scoring bumps for AoYA at 3 months or 6 months, got a 21 point bump at 12 months.
Which FICO model were you tracking on that 12 month mark?
As for hitting 700, without knowing when your derogs will drop off, you have a lot to look forward to, especially if you hit the garden and allow what you have to age. Rise in your TRUE AAoA, aging your AoOA (probably one of your close accounts), 20 point bonus for 1 year AoYA, inquiries become unscorable at 1 year, continuing paid down of UTI. You will soon be worrying about when to hit 750, you just have to be patient.
My reports will be totally clean in May of next year. My TU is clean now from EE's on it. I'm sure I should be close to if not over 750 by then. I'm just impatient and want it now :-)
My oldest account is 11-13 years based on which CRA you look at and my average is 7-8 years depending on the report source.