11-20-2012 06:59 PM
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
SDFCU secured Visa 10/2012
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!!
11-20-2012 07:52 PM
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.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO