Reply
Established Contributor
Posts: 569
Registered: ‎11-10-2012
0

AAoA question

I just started rebuilding my credit and opened some credit accounts this year. My goal is to purchase a home next year, but I don't know if that's possible, especially with my AAoA. What's an acceptable AAoA for a mortgage for someone like me?

 

Auto loan                           3/2011

Capital One secured      5/2012

Secured personal loan  8/2012

Fingerhut                           8/2012

SDFCU secured Visa    10/2012

Target                                11/2012

Walmart                             11/2012

Amazon                              11/2012

JC Penney                         11/2012

ACFCU Visa                      11/2012

 

Kinda went a little app crazy when I got approved for the Target Card. According to Credit Karma, my AAoA is 4 months. I'm not sure which accounts are included in the calculation. This list just includes my current open accounts. I do have old, closed accounts and collections.

 

Btw, no more apps for me until I apply for a mortgage!!


Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Mortgage Scores:(7/24/13 lender pull) TU 663 | EX 635 | EQ 649
Current Score (11/7/14): TU 664 | EX 605 (no update) | EQ 661
Goals: Removing a $30 30-day late mark on my CR in November 2014 because I was too nice to a friend. Last app 7/16/14 (auto loan)
*** Homeowner 9/27/13*** All but 2 CCs are in the sock drawer!***
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: AAoA question

CK and their FAKOs calculates AAoA differently from FICO. Per FICO scoring, AAoA includes ALL OC accounts, whether opened or closed, good or bad.

 

If I had that, I'd wait at least a year. Those new accounts, especially lumped together like that, will be a significant score drain and most of those points will return in year provided you don't app for anything else. I'd use that time to get util in check and rid yourself of those baddies.

 

 

 

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.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

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.