cancel
Showing results for 
Search instead for 
Did you mean: 

There IS Hope for 21 and Younger CC Applicants

Regular Contributor

Re: Have they let you PC before--and if so, after how long?...

I'm only 20 and have the following:

 

Chase Freedom 1k (Got at 19)

Amex Blue Cash Everyday 2k

Amex Green NPSL
Cap One 1k

Walmart 2.5k

Best Buy 2k

 

Not hard if you know what your doing.


Starting: 563 | Current: 748 (TU 8/15) | Goal: 800 | Garden since: 08/10/2015

Message 21 of 34
Valued Contributor

Re: There IS Hope for 21 and Younger CC Applicants


FabulousDtheBruin wrote:
The first year is waived. Smiley Happy

Oops. I agree with others then. I would leave it for a year and then close.Better to have one extra year of history than nothing.

Message 22 of 34
Established Contributor

Re: There IS Hope for 21 and Younger CC Applicants

I had a lot of my cards at 19/20...it's not a competition. Just good to show folks that young people can be responsible.
Photobucket
Message 23 of 34
Highlighted
Frequent Contributor

Re: There IS Hope for 21 and Younger CC Applicants

21.....Check the sig started building 2/2012

Fico Scores:800+Club

Marvel MC 25K AMEX BCE 18K AMEX Blue Sky 13.6K AMEX BCE 13.5K AMEX Zync
NPSL(AU) Citi Double Cash 14.5K PenFed Plat Rewards 14.5K Citi Forward 10.3k Discover it 9.5K Wells Fargo Cash Back 7.2K BankAmericard Better Balance $700 Chase Freedom $500 Capital One Quicksilver $6K Capital One Platinum (AU) $500 Capital One Secured Card (AU) $251(Closed) PenFed PLOC 14K
PenFed Promise 5K
Message 24 of 34
New Contributor

Re: There IS Hope for 21 and Younger CC Applicants

What're the repercussions of closing a card aside from the increase in utilization rate? Does it also hurt your AAoA? Can someone explain the latter?
AmEx BCE - 2K, Clear from AmEx - 2K, Bank of America Travel Rewards - 10K, Chase Freedom - 4.3K, U.S. Bank College Visa - $600, Discover More Card - 7K, Citi Dividend Card for Students - 2.1K, Barclay Rewards MC-2.5K, Macys Red Card-1.8K, Bank of America AmEx-15K, Banana Republic Visa-2.5K, Chase CSP-10K, Chase Saphire-5K,
Message 25 of 34
Established Contributor

Re: There IS Hope for 21 and Younger CC Applicants

Closed cards continue to report for like 10 years after closing... So it has little effect on AAoA. It may hurt your utilization if you're carrying any balances.
Photobucket
Message 26 of 34
Established Contributor

Re: There IS Hope for 21 and Younger CC Applicants

Actually it may only be 7 years lol. I'm not sure, but I do know they continue to be on your report for years after closing.
Photobucket
Message 27 of 34
Valued Contributor

Re: There IS Hope for 21 and Younger CC Applicants


FloridaState12 wrote:
Actually it may only be 7 years lol. I'm not sure, but I do know they continue to be on your report for years after closing.

Credit agencies "should" automatically remove closed cards from your file 10 years after the date of closure.    Doesn't always happen for whatever reason, so some people have reported cards still showing 12 years after closure.   (The "after closure" part is important, I have a card that I opened in 1989 that will drop off this year because I closed it in 2003, but currently is a 24 year old TL).

 

The other exception is that any lender can just purge a closed account from *their* records, and then the account is no longer reported. This can be just a few years after closure.

 

But in any case, there is no immediate impact to AAoA by closing a card, the bad thing that can happen is to utilization as you now have less available credit.

 

I believe in closing cards whenever you want, but some here argue somewhat convincingly that that MAY look bad when an underwriter is reviewing your file, and on the basis of "Don't do things that raise questions unnecessarily" keeping it for a year and canceling to avoid AF may be more prudent.

Message 28 of 34
Valued Member

Re: There IS Hope for 21 and Younger CC Applicants

OP, you have a thin credit history! It's great to see you got approved for an Amex revolver, you think I would have success and get approved for a revolver my AAoA is 1yr. 4 months no baddies or missed payments. Ex close to 700.

 

Please reply! Thanks

Message 29 of 34
New Contributor

Re: There IS Hope for 21 and Younger CC Applicants

Hi there! How does your current credit file look? Please list all Accts. open.
AmEx BCE - 2K, Clear from AmEx - 2K, Bank of America Travel Rewards - 10K, Chase Freedom - 4.3K, U.S. Bank College Visa - $600, Discover More Card - 7K, Citi Dividend Card for Students - 2.1K, Barclay Rewards MC-2.5K, Macys Red Card-1.8K, Bank of America AmEx-15K, Banana Republic Visa-2.5K, Chase CSP-10K, Chase Saphire-5K,
Message 30 of 34