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Getting another Amex to boost aaoa

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Anonymous
Not applicable

Getting another Amex to boost aaoa

Anyone have any suggestions on it? Is it worth the hp to get a longer aaoa?
Message 1 of 10
9 REPLIES 9
Revelate
Moderator Emeritus

Re: Getting another Amex to boost aaoa


@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.




        
Message 2 of 10
Anonymous
Not applicable

Re: Getting another Amex to boost aaoa


@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.

Message 3 of 10
SunriseEarth
Moderator Emeritus

Re: Getting another Amex to boost aaoa

I'm getting another AMEX very soon for this purpose, but my MSD is 1998.  That should help things.  



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 4 of 10
mongstradamus
Super Contributor

Re: Getting another Amex to boost aaoa


@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. 



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 5 of 10
phillyguy12
Frequent Contributor

Re: Getting another Amex to boost aaoa

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

Amx BCE-25k,Amx Zync-NSPL
Barclay's Mastercard-13.5k
Credit Union Visa-1k
Discover-24k, Khols-2k
Message 6 of 10
longtimelurker
Epic Contributor

Re: Getting another Amex to boost aaoa


@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.

Message 7 of 10
iwant700fico
Frequent Contributor

Re: Getting another Amex to boost aaoa

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.  

EQ 786 2/2018
TU 792 8/2018
EX 776 2/2018 Chase CSR $28.5k
Barclay Advantage $17.5 k
Amex BCE $29k
CITI Advantage $24.2k
Amex HILTON $13k
Total Rewards visa $20K
Chase INK $11k
Chase Sapphire Reserve $28.5k
BOA 8k
Discover IT 8K
Message 8 of 10
FutureBillionaire
Established Contributor

Re: Getting another Amex to boost 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.

Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward,
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape
Message 9 of 10
Revelate
Moderator Emeritus

Re: Getting another Amex to boost aaoa

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.

 




        
Message 10 of 10
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