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I messed up big time and need to apologize

Moderator Emeritus

I messed up big time and need to apologize

I need to clarify some of the things I've been saying about AAoA.

 

I have been misreading/misinterpreting information I received and that is on my shoulders only. That has led to me providing incorrect advice and I feel awful about it.

 

It's been several days since I realized my mistake and I've struggled how to post an apology. I could have ignored it and let the false information stay out there but I tell my sons all the time that if they know they've made a mistake they need to admit it no matter how embarrassing it might be or how much it might hurt their ego.

 

I can do no less. Here is what I should have said about AAoA:

 

For purposes of the scoring explanations on myFICO, they're rounded upward. Within the actual scoring, however, the actual number of months is used whenever length of history is being measured, i.e. AAoA, age of oldest account, etc.

This is why a file with one TL that is only 5 months old will not get a score. There’s no requirement that every TL be at least six months old for a score to be generated-only one. And AAoA isn’t used to determine whether the minimum scoring criteria has been met.

 

As for how/when rounded numbers are used, the calculations compute actual numbers, but they’re typically applied to ranges of numbers. So there is rounding taking place but how/where it’s applied can vary.

 

The calculation methods vary for different factors within the “length of credit history” category and that sometimes the numbers may be rounded off and sometimes not. I’m simply not able to give any more specifics than that. As for the “Sometimes they may not” portion of the answer my contact regrets any confusion he/she may have caused.

 

Again I apologize to everyone who has read my past comments on this subject and were misled by them. I wil try and do better going forward. Needless to say I will never again give the blanket statement that "You can never have an AAoA of less than a year".

Message 1 of 14
13 REPLIES
Established Contributor

Re: I messed up big time and need to apologize

Never send a Marine to do a sailor's job....

Starting Scores 10/14 - TU 506(loan app), EX 520 (loan app)
Current Scores - 3/2/16 - EQ 725, TU 688, EX 681
My Wallet - Venture $23k, AMEX Delta SkyMiles - $15k, Chase United MileagePlus Visa - $6k, QS - $9.3k, Discover IT - $4.5k, Citi Double Cash - $2.9k, Amazon Visa - $1k, Camping World Visa - $1k, Sportsmans Guide Visa - $3k, Total Rewards Visa - $1.5k, Overstock.com - $5.2k, Amazon Store - $6k, Patelco LOC - $500

Message 2 of 14
Established Contributor

Re: I messed up big time and need to apologize


Rising_Scores wrote:

Never send a Marine to do a sailor's job....


Yea, that would be a waste of the Marine's talent.

Chase Disney Premier - $30k // Discover IT - $26,500 // Citi DC - $10,750 // Barclay Commence (formerly SM) - $5,650 // Amex Blue Delta Skymiles - $1,800

Isn't gardening for vegetables???
Message 3 of 14
Highlighted
Administrator Emeritus

Re: I messed up big time and need to apologize


MarineVietVet wrote:

I need to clarify some of the things I've been saying about AAoA.

 

I have been misreading/misinterpreting information I received and that is on my shoulders only. That has led to me providing incorrect advice and I feel awful about it.



The truth is that the info wasn't so much misread or misinterpreted by MVV, but wrong from the source. As 'the source' I ought to know. Smiley Sad

 

Message 4 of 14
Regular Contributor

Re: I messed up big time and need to apologize

A dozen lashes for ye.

Message 5 of 14
Moderator Emeritus

Re: I messed up big time and need to apologize


NumberzGame wrote:

A dozen lashes for ye.


I think right now I'd be happy for just a dozen.  Smiley Embarassed

Message 6 of 14
Valued Contributor

Re: I messed up big time and need to apologize

Credit and credit scoring are so complicated that it would be surprising if somebody (well, other than RobertEG, maybe!) never made a mistake when talking about it. You're a good man for clarifying this, MVV, but the lashes aren't necessary.

Message 7 of 14
Valued Member

Re: I messed up big time and need to apologize

MarineVietVet, you helped so many people so many timesSmiley Happy Once you made a mistake. Not a big deal, it happens to all of us. All I can say is Thank you for all the helpful info you have given!

Message 8 of 14
Super Contributor

Re: I messed up big time and need to apologize

Messd up big time? Hardly.

 

The scores are so opaque and depend on so many variables that any close approximation of what seems to move scores is helpful. The AAoA is the kind of influence that might have an impact on scoring, but as with all the aspects of FICO, particularly payment history, time heals all wounds.

 

I appreciate the piece, but I interpret it as just refinement of information, no mea culpa necessary.

 

Cheers!

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812

Delta Reserve and CSP Jan 2018, no more 5/24 worries... unless new Chase Marriott/SPG replacement is enticing...meh, turns out not. [unless a 100k points SPG Luxury Upgrade appears... well lookie here...]
Message 9 of 14
Valued Contributor

Re: I messed up big time and need to apologize

We're all human & there's nothing to feel bad about.  Glad to know they round it.  I guess it would be wise to keep it a little over 1%.


FICOS: EQ-812 TU-811 EX-818 Goal - 840-850 Across The Board
Total Credit Lines - 506K Gardening....
"I am the master of my fate and the captain of my destiny" Nelson Mandela
Message 10 of 14