I opened several credit cards last year and the only cc that I planned to get was a Mastercard later this year. I was thinking of getting one with FNBO because they have been really good to me with the Amex I have with them and they also have given me my highest credit limit. I was going to wait until August of this year because that will be a year from the my oldest cc.
Here is my dilema....the oldest account I have on my credit report is a car installment loan that started in 1997. I paid it off (perfectly) in 2003 so it is due to fall off my credit this month and then my oldest account will be August of 2012. It has already fell off my TU report and is keeping me from getting cli on my GE cards. GE said they have to wait until TU shows 6 months of history (next month billing cycle) before they can generate a score for me. So should I apply for the Mastercard before my oldest account falls off experian or will I be able to get it in August after only a year history?
I'm really worried about this falling off because I assume my credit score will take a dive showing that I only have new credit. I do not want it to cause AA with any of my creditors (especially my new Amex) .
My goal with the cc's I have is to let them hit a year old and then close a few of them since I am now getting in with prime lenders. I want to end up with good cards with high limits and not a bunch of small ones.
What shoud I do?
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