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Increased CL at the cost of lower Avg. Account Age?

Member

Increased CL at the cost of lower Avg. Account Age?

A little background: I have two credit cards with a combined CL of $25k split approx. 20k/5k. I was going to request a limit increase on the smaller one when I heard that it may be better to open a new card (3 cards being better than 2). The tricky part is that I am a joint account holder with my father on the large card with an account age of 25 years; the small is solely mine with an age of 2 years. I guess my question is if it is worth it to open a third card? My overall limit would increase but my average account age would drop from 13 years to just below 9 years. Any insight would be appreciated. Thanks.

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Valued Contributor

Re: Increased CL at the cost of lower Avg. Account Age?

with 9 years of aaoa i wouldnt even wink at it. 

go for it. that way youll have 3 cards and they can all grow. 

 

unless your planning on a mortgage. (within a year) otherwise go for it. 

 

what does your credit profile look like? 

any baddies? 

util? 

 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000
Message 2 of 3
Member

Re: Increased CL at the cost of lower Avg. Account Age?


creditnocash wrote:

with 9 years of aaoa i wouldnt even wink at it. 

go for it. that way youll have 3 cards and they can all grow. 

 

unless your planning on a mortgage. (within a year) otherwise go for it. 

 

what does your credit profile look like? 

any baddies? 

util? 

 


I have not yet pulled my scores thru this site, but did my free annual report a few weeks ago. No baddies, no current or previous credit lines other than the two cards, total utilization < 10%, zero balance on the $20k card and ~1.5k balance on the $5k card (always paid in full), have never had a late payment/interest payment. I'm looking to apply for my first home loan early in 2014, so I'm using this year to make sure I have my stuff together haha.

 

Edit: minor profanity edit --Rev

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