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i just recently got approved for allot of new credit after i closed on my mortgage, how long will it take for my scores to bounce back because my average age of accounts is horrible, is there anything i can do to speed up the process to a great credit score
Wells Fargo Dealer service May 2012
Hd finanical services March 2014
Credit one August 2015
Continental FInance September 2015
Mortgage 2016 April 2016
Capital oneRetail Services April 2016
Wells Fargo Retail Services April 2016
Citi Card (SEars) April 2016
Amex April 2016
Amex (Macys) April 2016
What was your AAOA before and what's it now? Only time can restore AAOA loss but if you were low before which the Credit One account somewhat suggests, you didn't do really any significant damage, couple of months off the clock, no biggy even mid-term.
The inquiries will be gone in a year, ain't a big deal you'll be fine.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
@housejunkie81 wrote:how long will it take for my scores to bounce back because my average age of accounts is horrible, is there anything i can do to speed up the process to a great credit score
Don't expect quick fixes. Your AAoA will only recover with time. However, it's not just AAoA but having new accounts on your reports, inquiries, etc. Why are you worried abotu your score? If you just got a mortgage and a number of new accounts you won't be applying for new credit any time soon anyway.
I feel like two countering arguments can be made for those opening up new accounts with a young AAoA verses an old AAoA, and neither is really "right" or "wrong" de[ending on the individual perspective and/or what their goals and outlook are with respect to their profile.
@housejunkie, the only way to speed up getting a good credit score is to dispute negative information on your credit reports and/or ask for such negative info to be removed. If your score is low mainly because you started a bunch of new accounts, it will recover as those accounts age. After 2 years, your score will probably be better than it was when you started.
@Anonymous wrote:@housejunkie, the only way to speed up getting a good credit score is to dispute negative information on your credit reports and/or ask for such negative info to be removed. If your score is low mainly because you started a bunch of new accounts, it will recover as those accounts age. After 2 years, your score will probably be better than it was when you started.
Nay nay, disputes of inaccurate information fine, but use other methods for addressing legit debts as typically they'll just come back on disputes and they will do strange things with one's score too.