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should i app for more cards?

Member

should i app for more cards?

Ive just recently started to make good progress on my credit. right now my equifax is at 724 last i checked transunion was 694.AAoa is at 6 years. i just got a nfcu for 10k about 5 months ago. and a amazon visa for 3.5k. i have 10 inq's in past 2 years on my equifax 5 of them are from rental car agencies about 1.9 years ago from when i only had 1 card and it was maxed out. so to u se a debit card they wanted a credit report. do i have too many inq's?

right now my utilization on about 18k is 10% i want to be able to a few things without driving my utilization through the roof.. Especially airfare for when i travel overseas quite often. I get reimbursed for it but a 5-8k plane ticket would drive my util up pretty high right now. I also just refinanced my car to get my rate down. Should i wait or should i try and get a new card?

Message 1 of 20
19 REPLIES
Senior Contributor

Re: should i app for more cards?

 


sufur wrote:

Ive just recently started to make good progress on my credit. right now my equifax is at 724 last i checked transunion was 694.AAoa is at 6 years. i just got a nfcu for 10k about 5 months ago. and a amazon visa for 3.5k. i have 10 inq's in past 2 years on my equifax 5 of them are from rental car agencies about 1.9 years ago from when i only had 1 card and it was maxed out. so to u se a debit card they wanted a credit report. do i have too many inq's?

right now my utilization on about 18k is 10% i want to be able to a few things without driving my utilization through the roof.. Especially airfare for when i travel overseas quite often. I get reimbursed for it but a 5-8k plane ticket would drive my util up pretty high right now. I also just refinanced my car to get my rate down. Should i wait or should i try and get a new card?


 

What inq's do you have on TU?  Or even EX, for that matter

 

 

For my own personal knowledge....

When you got the NFCU card, did you have the savings & checking only?  Direct deposit?  Do you recall your EX FICO?



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 04/2017 TU 754 - EQ 757 - EX 747
Goal Score: 850

Bury me in the garden...last app 08.09.15

Message 2 of 20
Epic Contributor

Re: should i app for more cards?

If you get reimbursed within 30 days with work I would suggest an American Express Charge card because the util would not hurt you with that card.

Message 3 of 20
Moderator Emerita

Re: should i app for more cards?

 


sufur wrote:

Ive just recently started to make good progress on my credit. right now my equifax is at 724 last i checked transunion was 694.AAoa is at 6 years. i just got a nfcu for 10k about 5 months ago. and a amazon visa for 3.5k. i have 10 inq's in past 2 years on my equifax 5 of them are from rental car agencies about 1.9 years ago from when i only had 1 card and it was maxed out. so to u se a debit card they wanted a credit report. do i have too many inq's?

right now my utilization on about 18k is 10% i want to be able to a few things without driving my utilization through the roof.. Especially airfare for when i travel overseas quite often. I get reimbursed for it but a 5-8k plane ticket would drive my util up pretty high right now. I also just refinanced my car to get my rate down. Should i wait or should i try and get a new card?


 

One thing to do first is to calculate your exact AAoA (average age of accounts) on all three reports. Kind of a pain, but it's worth calculating.

 

Take all the accounts on each report, one report at a time, whether open or closed, of whatever type. Starting from the opening month and year until today (not until the closed date for closed cards; everything is figured to the current month and year.) Add up all the months, divide by the number of accounts, and then divide by 12 to go back into years.

 

If adding a new account would drop your AAoA down one year, hold off until a new account would keep you at 6 years.

 

Those of us who dropped our AAoA's by a year or more know the pain.

 

This is in addition to whatever other advice you get. Smiley Happy

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 4 of 20
Valued Contributor

Re: should i app for more cards?

Because I'm so lazy, this AppleScript does it for me. Smiley Happy


property revolving : {{8, 2007}, {8, 2008}, {8, 2009}}
property mymonth : {{8, 2010}}

on GetMonths(mylist, k)
    return (item 1 of item k of mylist) + ((item 2 of item k of mylist) * 12)
end GetMonths

set m to GetMonths(mymonth, 1)
set k to count of revolving
set j to 0

repeat with i from 1 to k
    set j to j + m - GetMonths(revolving, i)
end repeat

set i to ((j / k) mod 12) div 1
set j to j / k div 12

"Your AAoA is " & j & " years " & i & " months"

Message 5 of 20
Senior Contributor

Re: should i app for more cards?

 


my-own-fico wrote:

Because I'm so lazy, this AppleScript does it for me. Smiley Happy


property revolving : {{8, 2007}, {8, 2008}, {8, 2009}}
property mymonth : {{8, 2010}}

on GetMonths(mylist, k)
    return (item 1 of item k of mylist) + ((item 2 of item k of mylist) * 12)
end GetMonths

set m to GetMonths(mymonth, 1)
set k to count of revolving
set j to 0

repeat with i from 1 to k
    set j to j + m - GetMonths(revolving, i)
end repeat

set i to ((j / k) mod 12) div 1
set j to j / k div 12

"Your AAoA is " & j & " years " & i & " months"


Wow...I can't understand that at all.....is it just me??? Smiley Indifferent

 



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 04/2017 TU 754 - EQ 757 - EX 747
Goal Score: 850

Bury me in the garden...last app 08.09.15

Message 6 of 20
Member

Re: should i app for more cards?

when i got the nfcu account i only had the share savings. and my equifax fico was  710 dont know experian
Average Account Age Equifax 6 Years, 3 Months Transunion 5 Years, 10 Months Experian 6 Years, 4 Months

inquiries Equifax 11 Transunion 4 Experian 2

 

my company is random on reimbursments...i might get it in 30 days i might not get it for 6 months. depends on the alignment of the stars.

Message 7 of 20
Moderator Emeritus

Re: should i app for more cards?

 


BungalowMo wrote:

 


Wow...I can't understand that at all.....is it just me??? Smiley Indifferent

 


It's greek to me.  Smiley Happy

 

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


Message 8 of 20
Moderator Emeritus

Re: should i app for more cards?

Greek to me, too.  However it  may be useful to savvy Apple script users.

 

I keep mine in a simple Excel spreadsheet - it's easier than redoing the math whenever I need to check it out. 

 

Do whatever works best for you.

Just puttin' syrup on something, don't make it pancakes.
Message 9 of 20
Valued Contributor

Re: should i app for more cards?

 


beamMEup wrote:

Greek to me, too.  However it  may be useful to savvy Apple script users.

 

I keep mine in a simple Excel spreadsheet - it's easier than redoing the math whenever I need to check it out. 

 

Do whatever works best for you.


 

+1.

 

You don't have to AppleScript savvy to use the above code though. Just paste it into a Mac's Script Editor window and press Command-R to run it. You can change the input values at the top of the script code to fit your needs.

 

If you do an average in Excel, I don't know if it can calculate the number of non-blank cells only. Because if you change the number of cards, you may not want to bother with updating the formula of the cell with the result.

 

Message 10 of 20