01-26-2013 07:38 AM
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?
01-26-2013 07:39 AM
Also...how many points do you think I will lose when that old account falls off?
01-27-2013 06:51 PM
01-27-2013 07:19 PM
what is the list of your cards?
im at 2.3 years oldest card and aaoa is at 8 months. (10 accounts with 6 of them from july-august and one in december and also a car loan in august)
i have no baddies.
when my util is under the 9% my fico was about 690, but thats with high number of inqs(under a year).
my guess is that your score will take a dive.
walmart fico may not though since before my util took a dive upwards their score for me was 743. i plan on being back there soon.
|Current: Discover Fico 689 7/14 Walmart Fico 682 7/14|
Inquiries (24 Months): EQ 8 TU 5 EX 5 | Most Recent: 09/04/2013
|Amex Zync(Unicorn) |
Citi Diamond Preferred$6000