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Real effect of Low AAoA

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taxi818
Super Contributor

Re: Real effect of Low AAoA


@jamie123 wrote:

Like the other posters mentioned, you will get a small bump once you are over one year in AAoA.

 

You really do need to quit apping for new credit for a while. You will gain nothing point wise or otherwise with more credit cards. Once you get to 2 years AAoA you will be golden and your scores will rise dramatically.

 

Then when you app for new CCs you will be getting large starting CLs!


Not sure about getting small bump. But it will be nice to see it detailed in years as opposed to months. Since my Tu is so clean. im hoping to get the car loan with just 1 or 2 pulls after that. i may as well get a couple more cards. since im gonna lose my AAoA anyway. which will be over 1 year in a couple of weeks. Only thing im going for is the Lowes. high limit and Venture. high limit. car is priority,not credit cards. big trip planned for holidays. after i will have years of no applying so i know it can only go up.

Message 11 of 13
NRB525
Super Contributor

Re: Real effect of Low AAoA


@taxi818 wrote:

@jamie123 wrote:

Like the other posters mentioned, you will get a small bump once you are over one year in AAoA.

 

You really do need to quit apping for new credit for a while. You will gain nothing point wise or otherwise with more credit cards. Once you get to 2 years AAoA you will be golden and your scores will rise dramatically.

 

Then when you app for new CCs you will be getting large starting CLs!


Not sure about getting small bump. But it will be nice to see it detailed in years as opposed to months. Since my Tu is so clean. im hoping to get the car loan with just 1 or 2 pulls after that. i may as well get a couple more cards. since im gonna lose my AAoA anyway. which will be over 1 year in a couple of weeks. Only thing im going for is the Lowes. high limit and Venture. high limit. car is priority,not credit cards. big trip planned for holidays. after i will have years of no applying so i know it can only go up.


I would suggest ignoring the "installment loan too high", as others have also recommended.

I would also suggest AAoA is not your scoring issue. INQ that have not fallen off yet, that is going to be an issue.

 

What is your reason for wanting a Lowes card?

And another Venture. Is your priority a car or the Venture? Because the word "priority" means only one Smiley Happy

 

I'm not clear on what you mean by "I'm gonna lose my AAoA anyway". With 16 or so cards over the past two years, the existing installment loan and the closed installment loan, the new car loan is going to provide a little bit of influence on your AAoA, but that AAoA is already aged pretty well. it's not going to be influenced very much at all by the one auto loan. Now, if you throw two or three other Credit Cards at it, at the same time, now you are talking about enough new accounts to bend that AAoA to a lower number. The Auto loan by itself, however, will not significantly change your AAoA.

 

You need to decide; do you want to let your scores rise, or do you want the Lowes and the Venture and whatever shiny new card turns up in the next few months (because there will be something or several new offerings). There's no right answer, but there are trade offs that you need to decide on.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 12 of 13
taxi818
Super Contributor

Re: Real effect of Low AAoA

It's two part. Need a car. Not credit card. But im also traveling for 6 weeks to Asia in December. So I will get the car in October. After Asian trip I'm sure I will have a hell of a lot of balances. Wanted a couple cards to offset the high util. Expecting to be around 25 percent unless I get a couple of cards. But I really don't even mind that. As I have paydown plan. But car is must. I was going to let it sit. And set aside a few months of payments. After car. My AAoA can really grow. As I don't need anything else. Cards are not an essential. Just a thought.
Message 13 of 13
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