Calculate Credit Age?
Guest: howardi
Post subject: Calculate Credit Age?
Posted: Thu Jan 11, 2007 2:35 pm
Anyone know how this is calculated to reflect ur credit AGE?
Mine is 6.8yrs??
Thanks
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Guest: hdporter
Credit Expert (100+ Posts)
Posted: Thu Jan 11, 2007 2:43 pm
There are 2 credit ages evaluated ...
Age of oldest reporting account
Average age of reporting accounts
I've interpreted "reporting account", based upon my experience, to be those accounts which are actively updating (updated within the last 3 months).
Calculating the age of the oldest reporting account is self explanatory. If the earliest opening date for the accounts actively updating on your report is 7/01, then the oldest account age would be 5.5 years.
Average age is also easy to calculate (remember, don't include closed accounts that no longer update). If you have 4 accounts which are 10 yrs, 8 yrs, 5 yrs, and 1 yr old, exactly, then the average age would be 6.0 yrs.
For my edification I'd appreciate hearing back on how well this information fits what you see on your report.
- Harry
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: howardi
Posted: Thu Jan 11, 2007 2:51 pm
Understood.
What if U have mutiple(2/3) accounts recently openned.
10,8,6,1+1+1>And do they calculate the months as well?
Do U have a tier system?
Service to others is the rent we pay for living on Earth.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: hdporter
Credit Expert (100+ Posts)
Posted: Thu Jan 11, 2007 3:38 pm
Each new account opening reduces your average account age. Yes, the calculation is based upon number of months open.
As with many of the FICO factors, I wouldn't be surprised if age is evaluated on a tiered basis. However, I don't have any information on this. Opening a new account will obviously have a greater score impact on those with few accounts already opened than those who have a good number.
- H.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Calculate Credit Age?
Posted: Thu Jan 11, 2007 2:35 pm
Anyone know how this is calculated to reflect ur credit AGE?
Mine is 6.8yrs??
Thanks
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: hdporter
Credit Expert (100+ Posts)
Posted: Thu Jan 11, 2007 2:43 pm
There are 2 credit ages evaluated ...
Age of oldest reporting account
Average age of reporting accounts
I've interpreted "reporting account", based upon my experience, to be those accounts which are actively updating (updated within the last 3 months).
Calculating the age of the oldest reporting account is self explanatory. If the earliest opening date for the accounts actively updating on your report is 7/01, then the oldest account age would be 5.5 years.
Average age is also easy to calculate (remember, don't include closed accounts that no longer update). If you have 4 accounts which are 10 yrs, 8 yrs, 5 yrs, and 1 yr old, exactly, then the average age would be 6.0 yrs.
For my edification I'd appreciate hearing back on how well this information fits what you see on your report.
- Harry
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: howardi
Posted: Thu Jan 11, 2007 2:51 pm
Understood.
What if U have mutiple(2/3) accounts recently openned.
10,8,6,1+1+1>And do they calculate the months as well?
Do U have a tier system?
Service to others is the rent we pay for living on Earth.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: hdporter
Credit Expert (100+ Posts)
Posted: Thu Jan 11, 2007 3:38 pm
Each new account opening reduces your average account age. Yes, the calculation is based upon number of months open.
As with many of the FICO factors, I wouldn't be surprised if age is evaluated on a tiered basis. However, I don't have any information on this. Opening a new account will obviously have a greater score impact on those with few accounts already opened than those who have a good number.
- H.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 4:44 PM
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