Reply
Regular Contributor
Posts: 237
Registered: ‎06-27-2011
0

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: 753 (Walmart TU 11/12) | Goal: 800 | Garden since: 01/15/2013

Valued Contributor
Posts: 1,959
Registered: ‎01-24-2012
0

Re: There IS Hope for 21 and Younger CC Applicants


FabulousDtheBruin wrote:
The first year is waived. :smileyhappy:

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.

Established Contributor
Posts: 614
Registered: ‎08-24-2011
0

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
Frequent Contributor
Posts: 269
Registered: ‎03-15-2012
0

Re: There IS Hope for 21 and Younger CC Applicants

[ Edited ]

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

Fico Scores: 763 EQ(12/11/12) 801 TU(02/06/15) 776 EX(02/14/2015)
AMEX BCE 18K AMEX Blue Sky 13.6K AMEX BCE 13.5K AMEX Zync
NPSL(AU) Citi Double Cash 10K PenFed Plat Rewards 8.5K Citi Forward $7.1K Discover it 6.5K Wells Fargo Cash Back $4.4K BankAmericard Better Balance $700 Chase Freedom $500 Capital One Quicksilver $6K Capital One Platinum (AU) $500 Capital One Secured Card (AU) $251(Closed)
New Contributor
Posts: 110
Registered: ‎10-19-2012
0

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,
Established Contributor
Posts: 614
Registered: ‎08-24-2011
0

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
Established Contributor
Posts: 614
Registered: ‎08-24-2011
0

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
Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
0

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.

Valued Member
Posts: 85
Registered: ‎11-13-2012
0

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

New Contributor
Posts: 110
Registered: ‎10-19-2012
0

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,
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.