Question : How is the "Average Account Age" in the Equifax credit report calculated?
I have a combination of Open, Closed, Revolving, consolidated and unconsolidated student loans, and a couple credit cards I have never used. I have averaged these in many different ways but have not yet arrived at the "Average Account Age" that is reported in the Equifax credit report. For those who haven't purchased their report, an "average account age" is given, and the longer it is, the better for one's credit score. Hopefully someone who has a simpler credit history can shed some light on how it is calculated. Thanks!
- asked by chesspl
All Answers:
Answer #1
Have you calculated the age without your closedaccounts? If you haven't I would try that as thecredit bureaus don't count closed accounts in theaverage age of your credit file.
- answered by RantingLover
Answer #2
I believe it is oldest account (in month) plusnewest account (in month) divided by 2.Card 1: 24monthCard 2 : 16 month==> 24+16= 40 / 2 = 20 month(1 year 8 Month ) average account age.
- answered by Floppy
Answer #3
I'm not sure but I suspect is the average of justyour open accounts.
- answered by bdancer222
Answer #4
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- answered by Susan L
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