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NickJames
Posts: 3
Registered: ‎09-25-2012
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Best way to apply and build score?

Well I paid off all my cards to 1% utilization (from 100+%) and haven't touched applying for a card in over a year.

 

I applied and got approved for 10K with Chase and 1.5K with BoA today.

 

I was wondering is the best way to apply and build score? Should I apply for more cards now or wait? I remember seeing a post saying if you get all of it now, the average age of account goes up. Is that true?

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llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Best way to apply and build score?


NickJames wrote:

Well I paid off all my cards to 1% utilization (from 100+%) and haven't touched applying for a card in over a year.

 

I applied and got approved for 10K with Chase and 1.5K with BoA today.

 

I was wondering is the best way to apply and build score? Should I apply for more cards now or wait? I remember seeing a post saying if you get all of it now, the average age of account goes up. Is that true?


Why do you want more CCs? Sounds like your mix is fine.

 

For max results per util, pay all CCs to $0 but one and get the one to report under 9% of the limit. Carrying balances on most of your accounts will result in a score ding.

 

You'll probably lose points from the new accounts, but over time that will disappear. I wouldn't recommend applying for any new credit. Only apply for credit you need.

 

Getting all new cards now will lower your AAoA faster. It's an average, and adding new accounts lowers that average.


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