New account reporting and 14 point drop!

[MarineVietVet]

OOPPSS! Actually I believe my math is incorrect.

That's what I get for proofreading my work only 5 or 6 times. 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[ficonightmare]

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@MarineVietVet wrote:

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@Anonymous-own-fico wrote:

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Let's say you got 5 cards 4 years 11 months ago. As the AAoA is rounded down, the result is 4 years.

So you get a new card, whose age is 0 years 0 months. The new AAoA is 4 years 1 month, which rounds down to 4 years.

So the AAoA hasn't changed.

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I believe your math is incorrect.

Your AAoA is the sum of the ages of every account (except CA collections) on your report, whether open or closed, calculated in months, divided by the number of accounts and then divided by 12. I use the division by 12 to make it easier to convert into years. This is measured from the time each account was opened until present.

You’ll need to figure the age of each account, open or closed, on each report. If all three reports are identical (very unlikely), you're in luck; otherwise, you'll need to run this for each report.

Therefore the number of months (59) divided by number of accounts (5) equals 11.8. Divide this by 12 and the AAoA is .983 years. If you add another account to this it would be 59X6X12= .819 years AAoA.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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Or he's not right?

Math makes my head hurt.

I did it this way.. 5x4, then 11x5/12 then added those two numbers together then divided that by 6 (cards) and the AAoA was 4.09

[RHAL]

HAHA, thanks guys, but my TU said I had an AAOA of 4 years before the account and now it still says 4 years. No change. It turns out my newest account was 3 years ago not 4.

[Anonymous]

It's frustrating. For some time I had nothing in my report, and a "Thin File".. My score was 652. So a month after opening a secured card my score dropped to 572! And I thought getting this card would be a good thing! But I know it is a slow process, way too slow. I'll trade my 80 points for your 14.

[RHAL]

WOW!! Thats outrageous!! I think it would have dropped even more if my util hadn't gone down 15% as well. Now I am worried, because I also have a new Cap1 that is going to report sometime soon. Bahh, I did read on another thread a guy who got half of his points back after make just one payment on the new account. So, I am going to hope and wish for that to happen to me too. It seems like in the long run the new accounts will help though. When did that happen to you? Has it gone up at all since?

[Anonymous]

Mines is Cap1. I should have said the drop was after I made a payment for the entire balance. Lists as "Pays as agreed", maybe because my average account age is only 1 month.