04-18-2013 09:25 AM
Is this red card your only card? If it is and the credit scores and reports aren't that great, I'd look at a secured card from a bank - WF, Citi, Chase. This way you'd have two TLs reporting. I still wouldn't close it; that's my 2 cents.
04-18-2013 09:35 AM
04-18-2013 09:39 AM
I have 2 Cap Ones, 1 Orchard (now also Cap One), 1 Amazon/Chase Visa, 1 Walmart store card, 1 Target store card. Walmart card opened Nov 2012, Target card opened Feb of this year. All other cards 1 - 3 years old. I don't use the Walmart at all, I just get the freebie FAKO from the site. Target card I've used a bit.
I wonder if I should close both the store cards? It probably makes me look neurotic and unstable to close a 5 month old card and a 2 month old card, especially since I alreayd have taken the hits from the inquiries, but they're the two lowest limits I have, by 50% or more, and the two youngest accounts. Hmm.
04-18-2013 09:42 AM - edited 04-18-2013 09:43 AM
Everything I've read is that AAoA is only calculated from open/active accounts, and does not include closed accounts- hence people being discouraged from closing their oldest credit cards. As that's seemingly the case, why wouldn't the AAoA recalculate along with all other algorhythms the next time some creditor pulls my FICO or credit report?
RE: Util, I am carrying about $75 in debt across about $2500 combined CL between store cards/CCs, so I don't believe it would be much of a factor (and in fact, $40 of the $75 is on the Target card).
04-18-2013 09:54 AM
04-18-2013 09:59 AM - edited 04-18-2013 10:00 AM
Oh, I wasn't assuming I'd get a CLI on the card any time soon, or complaining that I hadn't- those were others explaining in tangentally-related fashion that Target is quite stingy with CLIs. This thread was simply asking if anyone knew when my actual CL for the Target card would show up on my credit report, as presently, it shows my $35 balance, but not the actual CL.
I don't understand- my AAoA matches exactly the total cumulative months of all open lines of credit, divided by the total number of all open lines of credit. When the Walmart card showed up on my reports, my AAoA dropped, and kept in perfect sync with this formula. When the Target card showed up yesterday, it again kept in perfect step with this formula.
Why does it say everywhere that closing your oldest card hurts your AAoA if a closed account is still calculated into your AAoA? Why doesn't my HSBC account (closed 2009) or my car loan (final payment Aug 2011) calculate into my AAoA? Those are the only closed items on my credit report, and those are the only two items that are clearly not calculated into my AAoA.
04-18-2013 10:06 AM
04-18-2013 10:08 AM
04-18-2013 10:10 AM - edited 04-18-2013 10:12 AM
Posted while you were linking me =)
Well, this makes zero sense to me whatsoever, but I will trust the concensus here.
Still...so confusing...it fits perfectly into the calculations, and my car loan was a 4 year or so...HSBC card was a couple of years...AAoA should be higher than it is.
04-18-2013 10:11 AM