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Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
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Re: Sept 2006 - Last time I applied for a credit card!

[ Edited ]

creditwherecreditisdue wrote:

DI wrote:

Ok.  I 'm still waiting for the PenFed and GM card to appear.  So I guess my AAoA will decrease 2 months for two cards opened the same month, or is it just 1 month?


It's not that simple. It is most likely going to be more than a two month decrease. The two new, yet to show up TL's will be adding two more zeroes to the top part of your fraction and adding 2 two the bottom part. If you know how many open and closed TL's were included in that 2y 9m it can be figured out. (That would be the total number of all open and closed TL's of all types reporting on your CBR.) Hopefully it stays above 2y for you!

 

(According to my back of the envelope calculation the AAoA of accounts would only go down by 2 m if it is currently based on 31 reporting TL's!)


I have 32 accounts reporting.  My oldest tradeline is 8 years 11 months.  When Target updates my account this month it be 9 years old.  

Message Edited by DI on 10-08-2009 09:22 AM
Message Edited by DI on 10-08-2009 09:22 AM
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
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Re: Sept 2006 - Last time I applied for a credit card!

If you have that many TL's reporting it will cost you about 2 m.

 

 

(With my portfolio two new account would cost me ten months!)

 

Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
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Re: Sept 2006 - Last time I applied for a credit card!

[ Edited ]
Thanks!  So this time next year  will I  be back near 4 year AAoA?  I wonder how this affects my FICO.  I won't purchase to find out.
Message Edited by DI on 10-08-2009 09:33 AM
Regular Contributor
Posts: 204
Registered: ‎01-18-2009
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Re: Sept 2006 - Last time I applied for a credit card!

Prior to opening a Sam's account last month, my last account opened was 10/01.  Opening my Sam's account  knocked my AAofA from 7 yrs to 6yrs.Smiley Sad

EQ Fico 01/10 743
TU Fico 01/10 716
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
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Re: Sept 2006 - Last time I applied for a credit card!


DI wrote:
Thanks!  So this time next year  will I  be back near 4 year AAoA?  I wonder how this affects my FICO.  I won't purchase to find out.

Reducing your AAoA from > 4 to < 3 should result in a FICO decrease. UTIL improvement could partially offset this if you carry any balances or have installment accounts.

Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
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Re: Sept 2006 - Last time I applied for a credit card!


creditwherecreditisdue wrote:

DI wrote:
Thanks!  So this time next year  will I  be back near 4 year AAoA?  I wonder how this affects my FICO.  I won't purchase to find out.

Reducing your AAoA from > 4 to < 3 should result in a FICO decrease. UTIL improvement could partially offset this if you carry any balances or have installment accounts.


I have 2 installment accounts.  Student and Car loans 

Frequent Contributor
Posts: 449
Registered: ‎02-21-2009
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Re: Sept 2006 - Last time I applied for a credit card!

I haven't applied for a card since 2005, but I have an itchy finger right now.
TU - 737 - 02/21/09, 769 - 02/06/10, 795 - 09/08/10
EQ - 758 - 02/21/09, 783 - 02/06/10, 805 - 09/08/10
EX (PLUS) - 781 03/23/09, 787 - 02/06/10, 783 - 08/09/10
Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
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Re: Sept 2006 - Last time I applied for a credit card!


bakalao2k wrote:
I haven't applied for a card since 2005, but I have an itchy finger right now.

Go for it!  An itchy finger means good luck.  Some one is waiting to give a new card

New Contributor
Posts: 73
Registered: ‎10-15-2007
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Re: Sept 2006 - Last time I applied for a credit card!

I fell off the band wagon, I applied for a new car loan in July of this year (got approved for 3.9%) and an Ikea Credit card (which I havent used Smiley Sad )

As of 11/14/2012 EQ: 672

5 inqs in the last year - October 25, 2012, July 05, 2012, July 03, 2012, June 18, 2012, February 16, 2012

(Report reads them as 3) Your applications for credit in the past year
3 inquiries

Last account opened June 2012

Average age of your accounts
6 years

Number of your accounts with a missed payment
0 accounts

Ratio of your revolving balances to your credit limits
82% (Ouch)
Frequent Contributor
Posts: 260
Registered: ‎05-21-2009
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Re: Sept 2006 - Last time I applied for a credit card!


DickC wrote:

Want2BDebtFreeNow wrote:

3 years of "sobriety". The cool part about it is that I don't have any desire to apply for one.  Every once in a while I get the itch, but with the current credit market I know it would be a waste of an INQ.  Plus I do want to get to the 2 year mark with NO inq period on my credit report.  All the ones on there now are from trading veh's, another bad habit that I am trying to break.  In July of 2010 I will have had my car for 2 years! yay! 

 

Anybody else care to share their "sobriety" story? :-)


 

I have not applied for Credit since Feb 2001. That was not even a credit card, but was actually an application to join a Country Club and they wanted to do a credit check.

 

We are very happy with our CC's (we have just 4) and I have turned down all CLI's offers as we have no need for it.

 

 


Being as this thread has reappeared, I thought I would comment again. STILL HAVEN'T APPLIED since Feb 2001. This may seem strange to some, but really, there is nothing we need to apply for. We are blessed that we own our home, rental properties , cars, etc so no need to do it. We still have our 4 Credit cards and are very pleased with our Credit limits. We use each of them for about $500 plus per month, which we pay off when I get the bill.

 

We have not had any adverse reactions to Credit cards since all the changes have happened. The only thing that has changed is BOA actually doubled our CL when they issued our new card (This was not done at our request, they did it themselves).

 

Still get a slew of offers in the mail, but none that are needed.

 

I MAY be tempted later this year though, as the wife is looking at a new car. We could pay for it but the Ford dealer keeps telling me he can get us 36 Months at 0% INTEREST, so honestly, the intelligent thing to do would be to finance it under those terms and keep our money earning interest those three years.  Guess it will just depend on what is offered at that time.

 

Best to luck to everyone and I hope you all reach your credit goals.

 

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