The length of time you have had credit—which includes the age of credit cards on your credit report—is a big factor in determining your credit score, accounting for 15 percent of your credit score. The older your accounts, the better your score.
This component considers not only the age of individual credit cards, but also the average age of credit cards on your credit report. This means that each time you open a new account, the average age is lowered. Because the credit-scoring bureaus respond more favorably to older accounts, your credit score might be lowered every time you open a new account. (And this is a double whammy because opening new credit cards also requires inquiries into your credit report, which also lower your score.)
It works like this. Let’s say you have four credit cards, and each of them have been opened for five years.
Credit Card #1: 60 months old
+
Credit Card #2: 60 months old
+
Credit Card #3: 60 months old
+
Credit Card #4: 60 months old
= average age of 60 months
Obviously, the average age of credit cards on your credit report is 60 months, or five years. But what happens if you add another credit card to the mix by opening a new credit card?
Credit Card #1: 60 months old
+
Credit Card #2: 60 months old
+
Credit Card #3: 60 months old
+
Credit Card #4: 60 months old
+
CREDIT CARD #5: 1 MONTH OLD
= average age of 48.2 months
The average age of credit cards on your credit report is now 48.2 months, or a little more than four years. By opening just one credit card, the age of credit cards on your credit report dropped by one whole year!
For this reason, if you need to open some credit cards to reach the ideal number of three to five (see “How Many Credit Cards Should I Have?”) we suggest that you open them all at once, unless you are preparing for a large purchase such as a home or car. Though opening several accounts at once might hurt your score temporarily (read the post called “New Credit Cards”), your score will be better off in the long run because the age of credit cards on your account will not continue to drop in tandem with new credit cards.
Posted in 
Tags: 
A “credit card score” is a letter grade that reflects whether your credit card habits are helping you build credit or causing you to have bad credit: An “A” credit card score is excellent; an “F” indicates that you likely have bad credit. The lower your credit card score, the more likely you have bad credit and need to make immediate changes to your credit card behavior.
Do you mind if I quote a few of your articles as long as I provide
credit and sources back to your blog? My website is in the very same niche as yours and my
users would really benefit from some of the information you present here.
Please let me know if this alright with you. Thanks!
This is a good tip especially to those new to the blogosphere.
Simple but very precise information… Appreciate your
sharing this one. A must read post!
。実際のマネージャ
は、最大実際のランプの作品は、いずれCELも点灯していることを認
識していることを確認するには瞬間点火主は実際に元のジョブ
を取得します。一度
電気モーターが稼
働される可能性があり、光が外に起こっている
Hey there! I know this is somewhat off topic but I was wondering which blog platform are you using for this website?
I’m getting tired of Wordpress because I’ve had issues with hackers and I’m looking at options for another platform. I would be great if you could point me in the direction of a good platform.
Hi there! Do you know if they make any plugins
to assist with Search Engine Optimization? I’m trying to get my blog to rank for some targeted keywords but I’m
not seeing very good results. If you know of any please share.
Kudos!
mortgages for bad credit…
[...]Age of Credit Cards | Credit Card Score / How to Improve Bad Credit? – Philip Tirone[...]…
naturally like your website but you need to test the spelling on quite a few of your posts. A number of them are rife with spelling issues and I in finding it very bothersome to tell the truth on the other hand I will surely come again again.
[...] Age of Credit Cards | Credit Card Score / How to Improve Bad Credit .Mar 15, 2010 The length of time you have had creditwhich includes the age of credit cards on your credit [...]
personal finance click here…
[...]Age of Credit Cards | Credit Card Score / How to Improve Bad Credit? – Philip Tirone[...]…
Generally I don’t read article on blogs, but I wish to say that this write-up very compelled me to check out and do so! Your writing style has been surprised me. Thanks, very great post.
I am happy that we found this excellent weblog. i would like to thank you for the moment and effort that you’ve place into this. I will return once more, Thanks a lot
Konkursy Guru…
konkursy online…
Very informative and great complex body part of content material , now that’s user friendly (:.
[...] on a new credit card will also lower the average age of your credit accounts. While this isn’t nearly as damaging as, say, missing a payment, the age of your accounts [...]
[...] percent of your credit score is derived from the age of your credit accounts, with older credit accounts giving you a better score. This part of your credit score is based on [...]