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@Anonymous wrote:
Anyone have any suggestions on it? Is it worth the hp to get a longer aaoa?
All depends what AAOA you're at now, vs. what it'd be after the approval, and whether there's anything within the next year that you'd need your credit report for.
@Revelate wrote:
@Anonymous wrote:
Anyone have any suggestions on it? Is it worth the hp to get a longer aaoa?All depends what AAOA you're at now, vs. what it'd be after the approval, and whether there's anything within the next year that you'd need your credit report for.
Well About 1.4 years according to CK becuase I just started building credit at 18 (almost 20) Amex backdates for me to 2011.
I'm getting another AMEX very soon for this purpose, but my MSD is 1998. That should help things.
@SunriseEarth wrote:I'm getting another AMEX very soon for this purpose, but my MSD is 1998. That should help things.
yeah i am planning on doing the same to pad my aaoa when i apply for new barclays sallie mae card.
i am somewhat skeptical as to the whole amx backdating impact, yes it does improve your avg age but on manual review its clearly apparent its a new account because there is no data for prior yrs
@phillyguy12 wrote:i am somewhat skeptical as to the whole amx backdating impact, yes it does improve your avg age but on manual review its clearly apparent its a new account because there is no data for prior yrs
Yes, but it helps for auto approvals.
I think it cases with long ago backdating (mine is 1987) it is often worth the HP, but when people talk about 2011, not so sure. The extra age gets spread around all your open and closed lines, and the impact can be small, relative to the HP. Waiting a few months will achieve the same thing.
Just got a PRG and they backdated me to 1989. AAOA jumped from 15 months to 4 years 8 months. Scores improved anywhere from 7 to 28 points across 3 bureaus. I too want get another AMEX to increase AAOA.
@iwant700fico wrote:Just got a PRG and they backdated me to 1989. AAOA jumped from 15 months to 4 years 8 months. Scores improved anywhere from 7 to 28 points across 3 bureaus. I too want get another AMEX to increase AAOA.
That's good stuff.
OP: won't help much in the near-term, if you can use the card and can get approved then go take it, but a 3 year backdate isn't going to do wonders if your AAOA is actually 1.4 (note: CK doesn't factor in closed accounts, but you likely don't have many of those). If you napkin math it out if it'll boost you over the 2 year mark it'll help your score some, but it's not the godlike backdate some others have.
As for whether it's useful or not: FICO scores are just one piece of the puzzle - if you can't make it over that hurdle (admittedly it's usually a pretty low barrier) then you'll get kicked out. It's not an auto-approval thing really, it's about the aggregate data presented to the underwriting algorithm of which FICO is only one part.
Absolutely any underwriter will know what's up (well at least any remotely competent one), but unless they're looking to fail you because you're borderline, it's not going to matter that much. Goose the FICO and get your other ducks in a row, and hopefully it's enough to get out of the borderline scenario for an easy approval, but I really, really doubt anyone just gets approved based on their FICO anymore: it's utterly trivial to do a lot more than that in one's infrastructure for next to zero additional cost, I can effectively guaruntee you virtually every lender does that as a result. I do know from personal first-hand experience working at lenders that at least 3 out of the 3 I've worked at, have been doing this for nearly two decades when it comes to underwriting decisions.