There are so much rules on here and sometimes I think I'm over my head trying to do the right thing. I notice that some people say do this and then some people say dont do that, so sometimes I'm like what to do. I read on here that having low CLs hurts your AAoA, what does that mean? Also what is considered a high CLs, what I think is high maybe not be high for you. I am not trying to keep up with the Joneses but I wanted to know all about the AAoA to just improve my score more. I did inquire two cards through shopping cart trick. I keep hearing people say it will (kill) your AAoA. I dont like the term kill maybe hurt
I did my calculations and I am at 4.5 years. I think sometimes I get nervous, Im trying my best to got to the 700's. I guess with time and patience I will get there.
FICO rounds AAoA down to the nearest year, so your 4.5 counts as 4 years. In 6 months you will have reached 5 years AAoA, as long as you don't open any new accounts.
EX:694 TU:744 EQ:777
@JMills wrote:There are so much rules on here and sometimes I think I'm over my head trying to do the right thing. I notice that some people say do this and then some people say dont do that, so sometimes I'm like what to do. I read on here that having low CLs hurts your AAoA, what does that mean? Also what is considered a high CLs, what I think is high maybe not be high for you. I am not trying to keep up with the Joneses but I wanted to know all about the AAoA to just improve my score more. I did inquire two cards through shopping cart trick. I keep hearing people say it will (kill) your AAoA. I dont like the term kill maybe hurt
AAoA has to do with the length of time your accounts have been opened. Each time you open a new account, it lowers the average. Only time can improve this. If you have a low AAoA, the best thing to do is garden, or avoid opening new accounts.
You may read a lot about Amex. Amex is valuable in terms of AAoA because once you get a card with them, it sets your "member since" date. Later on down the road, when you open new Amex accts (only the ones back by Amex/Centurion Bank), they will "backdate" the account to your first member since date. For example, I opened my 1st Amex in 2009. I opened two Amex accts at the end of August and they sent the cards to me with member since dates in 2009.
You mentioned trying to keep up with the Joneses, but I believe that you have to do what's good for your credit. Don't pay attention to those that have $25,000 limits (as an example). As long as your credit is where you want it to be, you are fine. Higher limits help with utilization, another factor that affects your score. I don't think having a super high limit alone is what's going to get you into the 700's. Having established tradelines, paying in a timely manner, not carrying a bunch of debt and avoiding tons of inquiries will help get you to where you want to be.
@missjae wrote:
@JMills wrote:There are so much rules on here and sometimes I think I'm over my head trying to do the right thing. I notice that some people say do this and then some people say dont do that, so sometimes I'm like what to do. I read on here that having low CLs hurts your AAoA, what does that mean? Also what is considered a high CLs, what I think is high maybe not be high for you. I am not trying to keep up with the Joneses but I wanted to know all about the AAoA to just improve my score more. I did inquire two cards through shopping cart trick. I keep hearing people say it will (kill) your AAoA. I dont like the term kill maybe hurt
AAoA has to do with the length of time your accounts have been opened. Each time you open a new account, it lowers the average. Only time can improve this. If you have a low AAoA, the best thing to do is garden, or avoid opening new accounts.
You may read a lot about Amex. Amex is valuable in terms of AAoA because once you get a card with them, it sets your "member since" date. Later on down the road, when you open new Amex accts (only the ones back by Amex/Centurion Bank), they will "backdate" the account to your first member since date. For example, I opened my 1st Amex in 2009. I opened two Amex accts at the end of August and they sent the cards to me with member since dates in 2009.
You mentioned trying to keep up with the Joneses, but I believe that you have to do what's good for your credit. Don't pay attention to those that have $25,000 limits (as an example). As long as your credit is where you want it to be, you are fine. Higher limits help with utilization, another factor that affects your score. I don't think having a super high limit alone is what's going to get you into the 700's. Having established tradelines, paying in a timely manner, not carrying a bunch of debt and avoiding tons of inquiries will help get you to where you want to be.
+1, Great info and advice...not just for newbies but for all of us. A reminder that, sometimes it's best to just leave well enough alone, enjoy what you've earned, and watch it grow.