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Oldest account falling off soon, how much will my FICO be affected?

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Super Contributor

Re: Oldest account falling off soon, how much will my FICO be affected?

AoOA is not part of the scoring, it seems that it’s a scorecard assignment factor. 

 

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Seeking-AoOA-Threshold-Data-Points-Anecd...

 

My understanding is that this can be a very significant change. 



01/2019:
1/2020:

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Message 11 of 17
Super Contributor

Re: Oldest account falling off soon, how much will my FICO be affected?


@asmith613 wrote:

@CreditGuyInDixie Sorry for the confusion! All the months I provided are from when the accounts were opened. I just separated open accounts from closed accounts in case that made a difference since those will eventually fall off too. My oldest account (comenity) was opened 9 years and 6 months ago.


Our OP confirms with confidence above that his Comenity was definitely opened 9.5 years ago.

 

The last few posts since then are bewildering me.  Has he decided now that the card was actually opened four years before that?

Message 12 of 17
New Contributor

Re: Oldest account falling off soon, how much will my FICO be affected?

@CreditGuyInDixie I should have given you more information to go by so my apologies for that! Comenity was opened in Sep 2009 and closed in Sep 2013. The 9 years, 6 months I listed was based on the account opening date. I now know (thanks to you all) that accounts will fall off 10 years after closure, I was under the assumption it was simply if the account was 10 years old and closed so I still have some time.

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Message 13 of 17
Super Contributor

Re: Oldest account falling off soon, how much will my FICO be affected?


@asmith613 wrote:

@CreditGuyInDixie I should have given you more information to go by so my apologies for that! Comenity was opened in Sep 2009 and closed in Sep 2013. The 9 years, 6 months I listed was based on the account opening date. I now know (thanks to you all) that accounts will fall off 10 years after closure, I was under the assumption it was simply if the account was 10 years old and closed so I still have some time.


Ahhhh.  OK.

Message 14 of 17
Super Contributor

Re: Oldest account falling off soon, how much will my FICO be affected?


@asmith613 wrote:

Hello All!

 

I've been working on rebuilding my credit and have made a lot of progress in less than a year. I was looking at factors negatively affecting my FICO score and one of them is "you have a short credit history" but that is including a closed credit card from 9 years, 6 months ago. Right now my average age of accounts is 1 year,  5 months due to a lot of new accounts. I'm wondering how much of a blow I am going to see to my FICO score when the closed card falls off? For reference, all of my accounts are as follows:

 

Open:

QS1 - 9 months

BuyPower - 2 months

Slate - 2 months

Discover it - 2 months

NFCU CashRewards - 3 months

NFCU CLOC - 2 months

NFCU Auto Loan - 2 months

Student Loan - 2 years, 4 months

 

Closed:

Cap1 Auto - 10 months

Cap 1 Auto - 2 years, 1 month

Cap1 Platinum - 1 year, 1 month

Credit One - 9 months

Comenity (falling off) - 9 years, 6 months


I'm not gonna lie to you. You'll probably get hammered when that Comenity card falls off. Sorry.


Total revolving limits 639500 (558000 reporting)
Message 15 of 17
Super Contributor

Re: Oldest account falling off soon, how much will my FICO be affected?


@asmith613 wrote:

@rebentley Yes sorry lol my Comenity account was opened in Sept 2009 and closed in Sept 2013 by them for nonuse. I was thinking they fall off if they account is closed and it is 10 years old, but it is actually 10 years from Sep 2013? That's much better news because by then everything else should age as I don't have any reason to open any more new accounts.


They commonly stay in your report for around 10 years from closure. But that is not always the case. Sometimes they fall off sooner, sometimes later. If your present accounts are 4 years older than they are now, that will soften the blow somewhat. But you'll still feel the shock.


Total revolving limits 639500 (558000 reporting)
Message 16 of 17
Super Contributor

Re: Oldest account falling off soon, how much will my FICO be affected?


@asmith613 wrote:

@rbentley well that's exciting! thank you for the information because I was worried about my AAoA falling below 1 year. So in August 2023, I can expect more of a hit to my AoOA more than my AAoA? My plan is to just grow the existing CC's I have and fight the age to apply for a 2nd NFCU card. Smiley Surprised


Yes the loss of your oldest account will cause a heavier loss than the diminished average age of accounts.


Total revolving limits 639500 (558000 reporting)
Message 17 of 17
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