Question about Average of Credit History

[Anonymous]

Hi,

The reason of this post if because i think i might have made a bad move for my credit... Last year I got diferent credit cards at the same time wich caused my average of time to drop from 5 to 1.4 years wich cause my credit score to drop... ive always wanted to belong to the AMEX family and and red about the everyday card and people that had gotten approved and stuff.. i also read that people got approved and right away applied for the golde charge one... i decided to give it a go and got instantly approved for the everyday wich is awsome, but right after that i did what those people did and applied for the gold charge and was instantly approved for thatn as well... now after i slept on it i feel that thi is going to cause my credit to drop again since is 2 instead of one... my questions is, if i cancel it right now without even using it... will it be more beneficial for my average of credit or just keep it?

[Revelate]

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@Anonymous wrote:

Hi,

The reason of this post if because i think i might have made a bad move for my credit... Last year I got diferent credit cards at the same time wich caused my average of time to drop from 5 to 1.4 years wich cause my credit score to drop... ive always wanted to belong to the AMEX family and and red about the everyday card and people that had gotten approved and stuff.. i also read that people got approved and right away applied for the golde charge one... i decided to give it a go and got instantly approved for the everyday wich is awsome, but right after that i did what those people did and applied for the gold charge and was instantly approved for thatn as well... now after i slept on it i feel that thi is going to cause my credit to drop again since is 2 instead of one... my questions is, if i cancel it right now without even using it... will it be more beneficial for my average of credit or just keep it?

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Even if you were to cancel now it would still likely report.  How'd you get from 5 to 1.4 years on 2 new accounts?  If you had a single account previously (which seems a little off for most people) you'd be at 1.25... or were you rounding down to 5 years?

New accounts short term are a drop, long term pretty irrelevant, but I'd double-check your math as you may not be as badly off as you suggest.

[TheConductor]

As Revelate confirmed, there is nothing you can do now to undo the impact of applications you have already made.

Ultimately, you are likely going to see a short-term score dip but in the mid-term you've done yourself a favor by getting 2 accounts on only one inquiry. Your score will likely recover a little faster than if you had generated 2 inquiries to establish the accounts.

Also, in the long term you are better off having more accounts open sooner, since (assuming your numbers are correct) a mere year and a half from now those accounts will be older than your current AAoA.

So to sum up, there's little to worry about here. Whatever score drop you see should be brief, and time will quickly correct that.

[Anonymous]

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@Revelate wrote:

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@Anonymous wrote:

Hi,

The reason of this post if because i think i might have made a bad move for my credit... Last year I got diferent credit cards at the same time wich caused my average of time to drop from 5 to 1.4 years wich cause my credit score to drop... ive always wanted to belong to the AMEX family and and red about the everyday card and people that had gotten approved and stuff.. i also read that people got approved and right away applied for the golde charge one... i decided to give it a go and got instantly approved for the everyday wich is awsome, but right after that i did what those people did and applied for the gold charge and was instantly approved for thatn as well... now after i slept on it i feel that thi is going to cause my credit to drop again since is 2 instead of one... my questions is, if i cancel it right now without even using it... will it be more beneficial for my average of credit or just keep it?

---

Even if you were to cancel now it would still likely report.  How'd you get from 5 to 1.4 years on 2 new accounts?  If you had a single account previously (which seems a little off for most people) you'd be at 1.25... or were you rounding down to 5 years?

New accounts short term are a drop, long term pretty irrelevant, but I'd double-check your math as you may not be as badly off as you suggest.

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It was 4 accounts i opened new...  2009/2013/2014/2014/2014/2014... Yesterday was that i opened 2 and i have no idea what will be now