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Moderator Emeritus
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Registered: ‎08-04-2007
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Re: How high can I score with low AAOA?

Looking back from the beginning until now, I wish I had lower limits than higher limits. Why? Easier to manage and if you make the mistake and don't PIF, then you'd feel it more on your FICO due to the lower limits.

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Re: How high can I score with low AAOA?


smallfry wrote:

p- wrote:

smallfry wrote:

Over 800 no doubt as long as your utilization is very low. I am low to mid 790's with lower AAofA on Equifax than yours will be. Stop applying unless you need the credit.


Nice.  That's good to hear.  I am done appplying for now; I have almost 10k in available credit and never use more than 2 to 3k at any time, so I'm fine.  I'll use CLI requests to get that up if I need it.  Now that my score is finally getting good, I don't really need the credit any more, hahaha.


Only 10K? You might want to think about getting a high limit credit union credit card. 


 

Uh, what's wrong with "only 10k" available credit?  Correct me if I'm wrong, but the only thing that matters is how you manage your credit (e.g util), not how much total credit you have available to you. 

In My Wallet:
AMEX BCE, Citi Forward, Chase Freedom

In My Sockdrawer:
AMEX Clear, Citi Platinum Select, US Bank Platinum, J.Crew
Valued Contributor
Posts: 2,665
Registered: ‎06-05-2008
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Re: How high can I score with low AAOA?


smallfry wrote:

Only 10K? You might want to think about getting a high limit credit union credit card. 




 

Do credit unions typically offer higher limits?  I am a member of one and have a car loan with them.  I don't really need more credit than that anyway, I doublt if I will spend that amount all at once.

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

Moderator Emeritus
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Re: How high can I score with low AAOA?

If you don't carry balances, then high CLs won't matter per FICO. But CUs tend to be generous with their CLs (YMMV based on the CU).

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Re: How high can I score with low AAOA?

[ Edited ]

llecs wrote:

If you don't carry balances, then high CLs won't matter per FICO. But CUs tend to be generous with their CLs (YMMV based on the CU).


That's a tough call...  I think I might wait a year before applying at my CU, as I have a high number of inquiries right now.  I really don't need a super high limit; if I ever need to borrow more than 10k I have other options.  I have a company credit card, so my business needs are covered.  

 

I just am having trouble coming up with a scenario where I will want to borrow that much money from a credit card issuer.  For those of you with high limits, what do you use it for?

 

For example - I might buy a 3,000 dollar TV, or spend the same on a vacation, but I wouldn't ever do it unless I had the cash to pay it off immediately.  At 10k of available credit I can spend my entire pay and pay it off each month, and never limit out.  I would have to net more than 120k a year (or 300k before taxes here in sunny cali) before I had a monthly income high enough to spend more than that.

 

If it's not used for business expenses, what do you need a high limit card for?

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

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Re: How high can I score with low AAOA?


p- wrote:

llecs wrote:

If you don't carry balances, then high CLs won't matter per FICO. But CUs tend to be generous with their CLs (YMMV based on the CU).


That's a tough call...  I think I might wait a year before applying at my CU, as I have a high number of inquiries right now.  I really don't need a super high limit; if I ever need to borrow more than 10k I have other options.  I have a company credit card, so my business needs are covered.  

 

I just am having trouble coming up with a scenario where I will want to borrow that much money from a credit card issuer.  For those of you with high limits, what do you use it for?

 

For example - I might buy a 3,000 dollar TV, or spend the same on a vacation, but I wouldn't ever do it unless I had the cash to pay it off immediately.  At 10k of available credit I can spend my entire pay and pay it off each month, and never limit out.  I would have to net more than 120k a year (or 300k before taxes here in sunny cali) before I had a monthly income high enough to spend more than that.

 

If it's not used for business expenses, what do you need a high limit card for?


I can only give my opinion and reasoning for wanting to at least have high CL's available. About 2 years ago BoA closed a LOC I had that was my highest CL ($26,500), They said I had enough credit. And although my score was hurt some because my utilization on other accounts went up losing that much CL could have been a disaster if I hadn't had a buffer or safety net of available credit still working for me.

 

So I see having high CL's as a security blanket in case of the kind of AA that happened to me. Just my view of things.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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Posts: 1,486
Registered: ‎08-14-2011
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Re: How high can I score with low AAOA?


p- wrote:

llecs wrote:

If you don't carry balances, then high CLs won't matter per FICO. But CUs tend to be generous with their CLs (YMMV based on the CU).


That's a tough call...  I think I might wait a year before applying at my CU, as I have a high number of inquiries right now.  I really don't need a super high limit; if I ever need to borrow more than 10k I have other options.  I have a company credit card, so my business needs are covered.  

 

I just am having trouble coming up with a scenario where I will want to borrow that much money from a credit card issuer.  For those of you with high limits, what do you use it for?

 

For example - I might buy a 3,000 dollar TV, or spend the same on a vacation, but I wouldn't ever do it unless I had the cash to pay it off immediately.  At 10k of available credit I can spend my entire pay and pay it off each month, and never limit out.  I would have to net more than 120k a year (or 300k before taxes here in sunny cali) before I had a monthly income high enough to spend more than that.

 

If it's not used for business expenses, what do you need a high limit card for?


 

I consider it an emergency fund/personal loan that I always have access to should I need it.  Sadly my highest limit card is only $4k.

In My Wallet:
AMEX BCE, Citi Forward, Chase Freedom

In My Sockdrawer:
AMEX Clear, Citi Platinum Select, US Bank Platinum, J.Crew
Moderator Emeritus
Posts: 16,379
Registered: ‎03-12-2007
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Re: How high can I score with low AAOA?

In December 2007, my reports were clean and I had the following on my EQ report:

 

14 accounts, all in good standing, no lates

 

11 were open, three were closed

 

Of the open 11 accounts, 9 were revolving, 1 was an "open" account (Amex charge card), 1 was an installment

 

I had balances on 6 accounts: 4 credit cards, 1 open account and 1 installment

 

Revolving util was 4%, credit history length 28 years (thanks to an old Amex AU account), AAoA 4 years and no inqs.

 

The result: my EQ FICO score was 765

 

Here is what put me in the 800+ club:

 

The AU account fell off of my EQ report, so I became joint on an old CC with my DW. It didn't give the 28 year credit history back, but it helped me a lot.

 

I had two Amex cards backdated to 1988. It helped credit history length and really helped my AAoA.

 

I paid down all balances except on one account, I let that one report a very small balance.

 

If these things are not available to you, its likely only time will help you.

Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Valued Contributor
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Registered: ‎08-14-2011
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Re: How high can I score with low AAOA?

Oh how I wish I could be added as an AU on a really old, in good standing, account.

In My Wallet:
AMEX BCE, Citi Forward, Chase Freedom

In My Sockdrawer:
AMEX Clear, Citi Platinum Select, US Bank Platinum, J.Crew
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Valued Contributor
Posts: 2,665
Registered: ‎06-05-2008
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Re: How high can I score with low AAOA?


ptr2593 wrote:

Oh how I wish I could be added as an AU on a really old, in good standing, account.


... don't we all? 

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

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