@Turbobuick wrote:Before I came to this site, I was not even aware sites like this existed. My credit has always been excellent without taking an active role except to make timely payments. Years would pass before I would hear of my credit score while refi'ing my home or whatever.
The most active posters here are those that are building, rebuilding, or trying to improve their score. They are very hands-on and many of their posts speak of being of denied for one reason or another or miraculously approved. HP's are fine if you are approved, but if you are denied, then your score reflects even lower. The chronic app'ers are playing russian roulette. If they succeed in getting a new card, their lot improves, if they fail, they are more likely to fail again and again as their score lowers from too many inquiries. Hence, the Garden which is where most of us belong for months/years at a time.
I think this site encourages some to seek acceptance or approval of their lifestyle by credit card issuers/banks and fellow forums dwellers. I'm not trying to sound like I know about or how to speak psycho-babble, but reading some threads here, it makes me wonder out loud why they need 10, 20, or more credit cards.
Maybe this is why...
@mikemsceo wrote:
@Turbobuick wrote:Before I came to this site, I was not even aware sites like this existed. My credit has always been excellent without taking an active role except to make timely payments. Years would pass before I would hear of my credit score while refi'ing my home or whatever.
The most active posters here are those that are building, rebuilding, or trying to improve their score. They are very hands-on and many of their posts speak of being of denied for one reason or another or miraculously approved. HP's are fine if you are approved, but if you are denied, then your score reflects even lower. The chronic app'ers are playing russian roulette. If they succeed in getting a new card, their lot improves, if they fail, they are more likely to fail again and again as their score lowers from too many inquiries. Hence, the Garden which is where most of us belong for months/years at a time.
I think this site encourages some to seek acceptance or approval of their lifestyle by credit card issuers/banks and fellow forums dwellers. I'm not trying to sound like I know about or how to speak psycho-babble, but reading some threads here, it makes me wonder out loud why they need 10, 20, or more credit cards.
Maybe this is why...
Using the above chart shows that more is better with no regard to AAoA? Time plays a such crucial role at improving a credit score. Unless you have a specially equipped DeLorean, you can't mess with time. We all should take an active role in our credit health, just not necessarily a daily role. I know in the few months since coming here, my fico has dropped 10 points.
My credit report stats show 21 accts with a credit history of 35 years. They include credit of all types, both open and closed. Car loans, credit cards, mortgages, heloc, bank accts with overdraft protection, revolving accts on a single interest-free item, etc. My AAoA is currently only 11 years because I've upgraded to rewards cards in the last couple years. I do have 7 active credit cards of which I carry 4 in my wallet. I still owe on a mortgage and my scores have hovered around 810 for at least the last decade.
