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How important is AAoA when Apping?

Regular Contributor

How important is AAoA when Apping?

I've been reestablishing credit after being off the grid for awhile. Trying to wait and not rush things adding too many new accts. I noticed today that several old accts which  seem to be propping up my score and AAoA are due to age off in the next 2-4 months. Want very much to add a new card with higher limit or perhaps an auto loan, BUT I wonder if I should go ahead and try say for Chase or similar NOW before the old accts fall off OR are creditors more concerned with recent history than AAoA.?

 

EQ 733

TU 727

EX Fako from their site 766

Oldest pos. acct 9-13 yrs depending on CRA

AAoA 5 yrs or so

 

Income 56000

 

 

BTW got a recent PreApproval from Chase for slate -- afraid to bite. Might be a small limit?

 

Discover-2500

CU Visa. 2500

Sam's. 1000

Cap One. 500

 

None of above more than 6 mos.

 

 

 

My apologies  if this is the wrong place to post.

EX 805 FICO, EQ Fico 762; TU. 768Discover)
Message 1 of 7
6 REPLIES
Valued Contributor

Re: How important is AAoA when Apping?

This is a fine place to post it bro. Also, a good question since I have just opened three accounts that are about to report for the first time. I would imagine that it doesn't matter much as long as it's more than a couple years -- but I do not know. 



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WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||
USAA World MC: ||23k|| US Bank Cash+ Siggy: ||7.5k|| Citi TYP World MC: ||12k|| Barclays Arrival World MC: ||13k||Citi Double Cash World MC ||25k||Sallie Mae World MC ||18.8k||Fico Scores (3 Fico Monitoring): EQ 751,TU 749, EX 743. Last app: 9-12-14 Sallie
Message 2 of 7
Mega Contributor

Re: How important is AAoA when Apping?


Bluedog23 wrote:

I've been reestablishing credit after being off the grid for awhile. Trying to wait and not rush things adding too many new accts. I noticed today that several old accts which  seem to be propping up my score and AAoA are due to age off in the next 2-4 months. Want very much to add a new card with higher limit or perhaps an auto loan, BUT I wonder if I should go ahead and try say for Chase or similar NOW before the old accts fall off OR are creditors more concerned with recent history than AAoA.?

 

EQ 733

TU 727

EX Fako from their site 766

Oldest pos. acct 9-13 yrs depending on CRA

AAoA 5 yrs or so

 

Income 56000

 

 

BTW got a recent PreApproval from Chase for slate -- afraid to bite. Might be a small limit?

 

Discover-2500

CU Visa. 2500

Sam's. 1000

Cap One. 500

 

None of above more than 6 mos.

 

 

 

My apologies  if this is the wrong place to post.


I would stay away from Chase with just the 6 months of history. Give it at least 6 more months then try them.

 




EQ FICO 548 3/3/16
Message 3 of 7
Established Contributor

Re: How important is AAoA when Apping?

You need to calculate your AAoA after those accounts drop off and then compare. if your new AAoA will be 4 years instead of 5, not a big deal. If ALL of your old accounts are about to age off and your new AAoA will be <1 year, you should app before they drop off. AAoA isn't a linear progression. There are distinct "bumps" and 1 year is definitely the biggest. My score jumped considerably when I passed 8 years, but has gone from 8 to 9y 4mos without any change in score. 

 

By the same token, if your AAoA won't change much (maybe 6 months or so), you are better waiting until all of your cards are a year old (or at least some are) and then apping. So you really need to do the math.

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Message 4 of 7
Established Member

Re: How important is AAoA when Apping?


Cdnewmanpac wrote:

You need to calculate your AAoA after those accounts drop off and then compare. if your new AAoA will be 4 years instead of 5, not a big deal. If ALL of your old accounts are about to age off and your new AAoA will be <1 year, you should app before they drop off. AAoA isn't a linear progression. There are distinct "bumps" and 1 year is definitely the biggest. My score jumped considerably when I passed 8 years, but has gone from 8 to 9y 4mos without any change in score. 

 

By the same token, if your AAoA won't change much (maybe 6 months or so), you are better waiting until all of your cards are a year old (or at least some are) and then apping. So you really need to do the math.


AAoA is one of the biggest things holding me back right now. My credit profile has grown astronomically since I started building 3 years ago. A big side effect of that is the hit to my AAoA due to all the new accounts I've added.

Message 5 of 7
Regular Contributor

Re: How important is AAoA when Apping?

Thanks for the replies. Cdnewmanpac, I saw post somewhere on this site about calculating AAoA. Gonna find it and do as you suggest. I have accts that will drop off between April, July, and November. So I don't think I'll get a big hit at one time. Losing one of four ten year plus accts in April but in May I get to the 6 month mark with the newer ones.

 

Funny thing --one CRA has till has positive accts back to 1989! that's a good thing I guess but it could fall off the cliff any day.

EX 805 FICO, EQ Fico 762; TU. 768Discover)
Message 6 of 7
Regular Contributor

Re: How important is AAoA when Apping?

Fico rounds down for AAoA not up right?

EX 805 FICO, EQ Fico 762; TU. 768Discover)
Message 7 of 7