@Anonymous wrote:
CK says that having only 9 credit cards is POOR?? and age of credit report (4 yrs, 1 mo.) is POOR?
Always consider your sources. As stated above, CK makes money on credit card referrals so it's in their interest to push people to apply. They also operate under the assumtion that there is a correlation between those with more accounts and higher scores. While many with high scores do have a large number of accounts there are also many with high scores that do not have a high number of accounts. General advice is for scoring purposes that one should have at least 2-3 cards. Any number above that is up to the individual's specific needs/wants.
As for AAoA, CK does not calculate AAoA as they only consider open accounts. CK acutally provides AAoOA. FICO uses AAoA.
That said, CK does indicate the impact of the factors and they're roughly correct. AAoA (Length of Credit below) isn't among the most significant factors. Number of accounts has low, if any impact. Keep in mind that CK is not Fair Isaac and the VantageScore provided by CK is not a FICO.
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
@Anonymous wrote:
What credit cards should I apply for and will the review of my application see the new scores or is there a lag time.
As with any request for card recommendations you need to give us what you're specifically looking for. Selecting cards is always about finding what best suits the individual. Give us as much info as possible to narrow down the options. If this was a universal matter we wouldn't need the discussions and could just refer to a list.
A score is generated based on whatever is the current data in the report used to generate the score. It's not really the scores that update but the data in your reports. If your report has updated then the score pulled will reflect the updated data.
