15% of our credit score calculates our Age of File and Average Age of File. This calculation is done using the “date opened” of open accounts. The longer the Age of File and Average Age of File, the better for the credit score.
Keeping accounts open, especially credit card accounts, over time will develop a long age of file. One account over seven years old, or an average age of all open accounts that is greater than seven years will help this category. We will implement strategies to increase the Age of File/Average Age of File. We will also train our clients on which accounts to close and which to keep open to maintain a
long credit age.