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Re: Oldest Account On Fico

sjf0sauf09u109 — Fri, 16 Nov 2012 18:29:58 GMT

Thank you for your help.

I think I understood. So once the account is closed, it no longer grows.

1 Year old account will be 2 yrs old next year.

But If I close that account today, it will stay 1 year old next year.

Did I understand correctly?

Re: Oldest Account On Fico

sjf0sauf09u109 — Thu, 15 Nov 2012 20:28:32 GMT

Thank you for yor reply.

Say my oldest account is 15 years old

and I have 3 other accounts; all are 5 years old.

Even after I close my oldest account, my "oldest account opened" should be 15 years ago.

DId I understand correctly?

Thank you again for your time and help! :d

Oldest Account On Fico

sjf0sauf09u109 — Tue, 13 Nov 2012 17:34:27 GMT

About the oldest account opened on Fico score, is this the oldest account opened/closed?
I understand that closing account has No effect on AAOA as it stays on the report for 10 years
and it Does affect util ratio as credit limit is no longer available.
What about Oldest account opened section of Fico?
I am asking because I wish close my oldest accont and want to know if it would have any effect on my length of history.

Thank you for your time reading my post ! :d

Inquiry sensitive lenders

sjf0sauf09u109 — Wed, 07 Nov 2012 23:24:53 GMT

which lenders are inquiry sensitive?

Besides hurting fico score, I assume inquiries have psychological

effects on credit analysts at banks.

Well, inquiries are proof of "seeking credit"
I read on forum that citi is quite sensitive about inquiries.

More than likely to turn you down if you have 2 within a year.

What other lenders are sensitive?

Anybody had recent experiences of being turned down because you had inquiries?

If so, how many inquiries did you have?

Also, when does inquiry show up on your report after you apply for credit card/loan?

Always appreciate your valuable time and answer !!

Employed Vs. Self employed

sjf0sauf09u109 — Mon, 05 Nov 2012 16:45:03 GMT

In general, do banks prefer person who earns a salary over a person that is self employed?

I guess that really depends on type of work (business for self employed), amount of salary vs. net income of business, etc.
Generally speaking, however, which one do banks prefer for unsecured personal loans?

Additionally, which banks offer unsecured install/line of credit nowadays?
It looks like citi and wells fargo do but bofa and chase do not.

I know it is a credit forum but I thought it is quite related to credit
and you guys are the experts on the matter :d

Thank you for your kind answers, as always!

bofa conversion: platinum plus to cash reward

sjf0sauf09u109 — Sun, 04 Nov 2012 19:43:19 GMT

I am trying to convert my bofa platinum plus to cash reward.
However, I am not getting clear answers from bofa as they
are leaving some ambiguity.
If any one has done conversion with bofa lately,

do they hard pull for conversion?
if I get the conversion, will I retain my payment history and its original open date?

Hope you all are having excellent weekend and thank you for your help!

making minimum payments = negative account?

sjf0sauf09u109 — Sun, 04 Nov 2012 02:35:14 GMT

if you make minimum payment or something less than statement balance
but pay on time, is it considered negative account on credit report?

Will the Current Status say 'Pays as agreed', 'Never Late'?
What about the payment history boxes? will it say 'OK' or other thing like 'Minimum'?

Sounds stupid asking those but I was wondering if paying on time is only requirement
to be positive account.

Thank you for your time and help!

Citi, Chase credit limit increase

sjf0sauf09u109 — Fri, 02 Nov 2012 22:13:14 GMT

I got my citi card in Nov 2011, never requested line increase.
Nor there was an auto increase by citi.
I called the city for line increase in October
and they raise my limit to 6k from 4k.
This was an automated increase without a hard inquiry
Although I requested, I specifically asked for increase
without a hard pull.
And the representative sought if I am qualified for an automatic increase
where he just put the number on a computer.
I did qualify and received an increase instantly.
I want to turn my card onto 10k.
So I am thinking whether I should request line increase
but I am afraid that they might turn down since it only has been a month.
On there system, however, it should be an automated increase.
And I am willing to take the hard pull this time.

Also, I recently moved my chase card line (5k) onto another (3k) and closed 5k card.
That was also in October and now I am with 8k line.
I wish to make it over 10k, preferably 15k.
Here I did not request line increase. I just moved lines that I already have. No credit pull.

For both cards, I never had late payments and always paid balance in full.
Before the request, I will pay off total balance making it zero (if that helps).
My credit fico scores are 730is. No negative acct but short length of 2yr.

My question is,
If I request line increase 1 month after an auto increase, do I have some chance of getting it ?
If I request line increase 1 month after the consolidation, do I have some chance of getting it ?

Sorry for the long post; Thank you for your time reading it and I appreciate your help very much !

credit limit increase: How much should I ask for

sjf0sauf09u109 — Mon, 29 Oct 2012 17:01:05 GMT

Hi,

I wish to increase my credit line and I was wondering what amount is considered reasonable.
Is there a standard that people ask for? like 50% of current limit or doubling the limit.
I have 8k on chase and 6k on citi.
Is this reasonable to ask for double? I am asking because I want to make my chase 15k and 10k for my citi.

Thank you for your time reading my post and I appreciate all your input!

Re: What is average credit limit per account (card) in the u.s.?

sjf0sauf09u109 — Mon, 29 Oct 2012 14:37:59 GMT

thank you all for help

Re: personal line of credit

sjf0sauf09u109 — Mon, 29 Oct 2012 14:36:33 GMT

thank you for your response!

joint credit card means higher limit?

sjf0sauf09u109 — Mon, 29 Oct 2012 14:35:15 GMT

Does bank give a higher limit for joint credit card than an individual?
Say I have a mid 700 score and currently have $8000 limit,
will the bank give another 8000 if I add my sister as a joint account
who also has about mid 700 score?

Thank you for your times and help!

personal line of credit

sjf0sauf09u109 — Mon, 22 Oct 2012 16:31:31 GMT

About the personal line of credit.
Is it considered a different type of credit from revolving?
Thank you for your help!

What is average credit limit per account (card) in the u.s.?

sjf0sauf09u109 — Mon, 22 Oct 2012 16:09:23 GMT

I searched the forum and on google to find but had no luck.
What is average credit limit per account (card) in the u.s.?

Thank you for your help.

bofa credit line consolidation

sjf0sauf09u109 — Fri, 19 Oct 2012 19:19:42 GMT

Today I called bank of america three times and talked to 3 different representatives.
I am trying to consolidate the credit lines from 3 cards I have and they have to pull the credit report for this.
This does not make sense to me as I am not asking for line increase.
Chase and citi do not do this. Yesterday, I consolidated my chase and citi lines.
Plus, I cannot full transfer of lines.
That is, each card must have at least $100 line.
Basically, I want one card and get rid of two other cards.
Sacrifice I have to take for that
1. hard pull inquiry
2. loss of $200 credit line
Does anybody have familiar experience with this (bofa)?
Did I talk to wrong people? and perhaps, I should try talking to other reps?
Thank you all for your help!

Consolidating credit limit

sjf0sauf09u109 — Fri, 12 Oct 2012 16:04:15 GMT

I am trying to consoliate credit limit into one card.
(2 bofa card to 1, 3 chase cards to 1)
I got some positive answers from the banks so far.

If I can maintain the same credit line/limit and oldest account's history (open/activation date) after merging multiple cards into one,

will there be any change in my credit score?

Assuming that all other things remain the same (balance, credit line, history).
Only difference will be accounts closures thus less accounts.

Basically, my question is whether "closing accounts" itself has negative impact on the score while debt to credit ratio and history remain the same.

I appreciate all inputs. Thank you for your time reading my post.