cancel
Showing results for 
Search instead for 
Did you mean: 

AAoA, opening new accounts, CLI?

tag
DubbaYou
Valued Member

AAoA, opening new accounts, CLI?

So I am rebuilding my credit and have removed a couple COs I had on credit cards that were open from 2002 and 2003.  I only have one other card, which has never had a late payment, but is only a couple years old so now my AAoA is worse.  How much does this effect my credit score?  I have a loan, paid and closed, and a car loan, paid and closed, both with no lates on them, but my revolving credit is just the one card now. I am debating opening a 2nd card to increase my CL.  I don't carry any balance on my current card, but just charge my normal bills on the card and clear it twice a month.  If I am looking to up my score in 6 months to prep for a mortgage, what is the best way to do this?

Message 1 of 2
1 REPLY 1
rckstrscott
Valued Contributor

Re: AAoA, opening new accounts, CLI?


@DubbaYou wrote:

So I am rebuilding my credit and have removed a couple COs I had on credit cards that were open from 2002 and 2003.  I only have one other card, which has never had a late payment, but is only a couple years old so now my AAoA is worse.  How much does this effect my credit score?  I have a loan, paid and closed, and a car loan, paid and closed, both with no lates on them, but my revolving credit is just the one card now. I am debating opening a 2nd card to increase my CL.  I don't carry any balance on my current card, but just charge my normal bills on the card and clear it twice a month.  If I am looking to up my score in 6 months to prep for a mortgage, what is the best way to do this?



Well -- couple things.

 

First, you likely will need 2 active tradelines in order to even qualify for a mortgage.

 

The CLI won't help you much, if at all. You have no util, so it isn't like you util percentage will go down. So scoring wise, this isn't really going to help. You should consider opening up another account for the mortgage purpose.

 

Length of credit history does account for 15 percent of FICO score, so it is signifigant enough.

 

What are your current scores, and do you still have any derogs on there?

 

-scott

Starting FICO Score: October 2010: TU 498 | EQ: 502
Current FICO Scores:: May 2022: TU: 784 | EQ: 770 | EX: 790
Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.