08-28-2010 09:42 AM
Over the past few years Ive dug myself out of credit hell. I opened a boat loan in 3/10, applied and approved for $5K Amex Blue 6 months ago and $6K Discover More 4 months ago and $600 Kohls a few months ago also. I have been pulling my report daily to make sure that somethings that shouldnt be on there are removed and noticed that USAA who I read gives generous credit lines used EQ for their pull. I also noticed that I did not have any inquiries from EQ and couldnt resist the urge of the perfect storm. So I applied and was approved for $10K USAA MC wooohoooooo. So while I was looking at the credit pull database I saw that they use one HP for 30 days.
My credit history is 12 years, with 2 cards starting in 2000. I know my average age of accounts is going to drop with the 3 cards I just opened is it worth applying for their AMEX now?
My only plans as of right now in the future is to refinance my mortgage soon and to buy a car in the spring (probably 15-20K). So is it smart to open 1 more account. Right now my fico is "good" for amount of new credit. Will this push me over the edge into not good? and if so how long will that last?
My average age of account is 4.9 to 5.5 years using usaa and that is without the usaa and discover card reporting. my own calculations put it around 3 years. I would like to think that the USAA card would increase the credit line fairly quick compared to my other cards..
08-28-2010 10:03 AM - edited 08-28-2010 10:04 AM
Have you crunched the numbers to see what your AAoA will be with the three new cards, and then with a fourth?
I can see the idea of getting another now, in the spirit of WTH, it can't get much worse, and they apparently use the same pull and report.
But you might want to ask yourself why you want a second USAA card, or a
fourth sixth? seventh? (I lost track) card from anywhere. Three clean cards are all you need for optimal scoring, unless you have high util and want to increase your total CL. But it's more important to just knock down the balances.
I love USAA to death, and I have both their cards, but I'm probably going to close the AmEx and move the CL over to the MC. The MC is now a World card and has the same consumer protections as the AmEX, and they both have the same rewards (real USAA rewards are excellent customer service, not their piddly points), so the AmEx is redundant.
So maybe go ahead and get it, but I'd closely examine the reasons for doing so first.