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Posts: 88
Registered: ‎03-05-2007
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What effects on FICO if added on AMEX opened on '95

I am planning on purchasing a new vehicle but still hesitant as to my score had a hit on my CC apps this past months.. Fico currently around 660-670, no negative or whatsoever, just short history (3yrs), Average account is just 1-2 yrs, oldest account opened 2006, I asked my aunt to add me on her AMEX account opened on 1995 and hopefully I could piggyback on her history, I know Fico '08 is coming up but I know it hasn't started yet..
 
What do you think I can get on this move FICO wise?
 
Currently:
5 Credit cards
1 Auto loan
3 Store Cards
1 Gas Card
1 Personal LOC
 
Utilization: 30%
 
All these are in good standing, no lates or any negative..
 
Thanks in advance.. 
Current Fico Score
EX: 660 EQ: 680 TR: 690
Frequent Contributor
Posts: 440
Registered: ‎08-08-2007
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Re: What effects on FICO if added on AMEX opened on '95

I recently added an AMEX from 1989 to my history. I already had a fairly established history, but the AMEX history changed my average age from 6 to 7 years and it changed my oldest account status from 15 years to 19 years.
 
I saw an increase of 6, 8 and 10 points on my reports...
Rust never sleeps and neither does my fico score...
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Posts: 11,562
Registered: ‎08-29-2007
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Re: What effects on FICO if added on AMEX opened on '95



jp_dlp wrote:
I am planning on purchasing a new vehicle but still hesitant as to my score had a hit on my CC apps this past months.. Fico currently around 660-670, no negative or whatsoever, just short history (3yrs), Average account is just 1-2 yrs, oldest account opened 2006, I asked my aunt to add me on her AMEX account opened on 1995 and hopefully I could piggyback on her history, I know Fico '08 is coming up but I know it hasn't started yet..
 
What do you think I can get on this move FICO wise?
 
Currently:
5 Credit cards
1 Auto loan
3 Store Cards
1 Gas Card
1 Personal LOC
 
Utilization: 30%
 
All these are in good standing, no lates or any negative..
 
Thanks in advance.. 


Not an answer your original question......but is the utilization you stated above, total util or your revolving util? If revolving, if you can get that down below 9%, then that would be good. If total util, what is your revolving util?
 
 
To answer your original question.....figure out your average age of accounts without this card and with this card. I use Excel to do this. What will the change be?
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Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: What effects on FICO if added on AMEX opened on '95



jp_dlp wrote:
I am planning on purchasing a new vehicle but still hesitant as to my score had a hit on my CC apps this past months.. Fico currently around 660-670, no negative or whatsoever, just short history (3yrs), Average account is just 1-2 yrs, oldest account opened 2006, I asked my aunt to add me on her AMEX account opened on 1995 and hopefully I could piggyback on her history, I know Fico '08 is coming up but I know it hasn't started yet..
 
What do you think I can get on this move FICO wise?
 
Currently:
5 Credit cards
1 Auto loan
3 Store Cards
1 Gas Card
1 Personal LOC
 
Utilization: 30%
 
All these are in good standing, no lates or any negative..
 
Thanks in advance.. 


I bet 30-40 points or more for you depending on how Amex is reporting in relation to your other accounts (utilization & reporting a CL). You may not want to do this if the Amex isn't reporting a CL or if the utilization or history is bad on the card.
 
I read that FICO 08 has backtracked on the AU by counting them once implemented. However, somehow they will try to target some AUs.
 

 
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