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Regular Contributor
scmami
Posts: 195
Registered: ‎01-05-2012

AU and AAofA

So, I thought it'd be a good idea to add myself as an AU on my hubby's CC account. We're both rebuilding, so the CC is only 23 months old and $500 limit, but I thought having 2 CCs would look better than one. However, I am concerned about my average age of accounts. I am currently at 6 years. (5. 895 to be exact but FICO says 6). Being added to this account would lower my AAofA to 5.66 or 5 years. I'm not sure if I'll see much of a decrease by losing a year or if having 2 open CCs matters. Which is more important?
Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.
Moderator
pizzadude
Posts: 8,743
Registered: ‎01-28-2010

Re: AU and AAofA


scmami wrote:
So, I thought it'd be a good idea to add myself as an AU on my hubby's CC account. We're both rebuilding, so the CC is only 23 months old and $500 limit, but I thought having 2 CCs would look better than one. However, I am concerned about my average age of accounts. I am currently at 6 years. (5. 895 to be exact but FICO says 6). Being added to this account would lower my AAofA to 5.66 or 5 years. I'm not sure if I'll see much of a decrease by losing a year or if having 2 open CCs matters. Which is more important?

If you only have one CC right now then I'd go ahead and get added as an AU.   FICO scoring usually likes to see 2 or 3 open revolving accounts.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Regular Contributor
scmami
Posts: 195
Registered: ‎01-05-2012

Re: AU and AAofA

I did get added. Hopefully it'll report on the 15th when it usually reports. I just paid the balance to $0 so ultimately as the accounts age, I hope it will help, not hurt. I'm still giddy from the 33 point increase I got today. I'll be crushed if the new account drops my score. But I guess I can always be removed right? . Thanks pizzadude!
Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.
Moderator
pizzadude
Posts: 8,743
Registered: ‎01-28-2010

Re: AU and AAofA

 

 

Yep you can always get removed.    My guess ( and this is just speculation ) is that it will help your FICO score.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Regular Contributor
scmami
Posts: 195
Registered: ‎01-05-2012

Re: AU and AAofA

I will report back as soon as I find out :-)
Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.
Regular Contributor
scmami
Posts: 195
Registered: ‎01-05-2012

Re: AU and AAofA

Well, the new card is reporting on all 3 credit reports as of today according to USAA. I haven't gotten an alert from Scorewatch yet so maybe no change? My Transunion FICO went from 572 to 591 but I suspect that is due to paying my other CC down to zero and also paying 70% of the CapOne charge off that's affecting my utilization. 19 points is nice, but Transunion is BRUTAL when it comes to utilization I'm learning. I think I may just pay CapOne in full since they won't report $0 until I do. I could dispute/call/write whatever but I'm not up for it. I want my $640 mid-NOW lol! Thanks pizzadude for your help!
Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.

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