Re: 11 month or 1 year, does it really make a difference
[ Edited ]
06-21-2012 12:11 PM - edited 06-21-2012 12:14 PM
Okay, so I currently have a CC that is 11 months ago (shows opened 7/1/2011), and my biling period closes on the 19th, so my balance is reported to the CRAs on the 20th (usually). My question is, does having a card open for 11 months versus 1 year make a significant difference in FICO scoring? I heard FICO rounds down, so my AAoA would actually show 0, instead of the .9 years, is this true?
I'm going to be applying for 2 new CCs (only have 1 at the moment, and it's my only line of credit), and I'm wondering if I should give it another month so it shows up as 1 year on all my reports before applying for anything. Will waiting the extra month give my FICO scores a boost?
Here is where I currently sit:
EQ - one revolving account (never late, 11 mo. old), and 1 inquiry (6/5/11) Score: unknown
TU - one revolving account (never late, 11 mo. old), and 1 inquiry (6/28/11) Score: 698 (6/7/12 from myFICO.com)
EX - one revolving account (never late, 11 mo. old), and 1 inquiry (6/5/11) Score: unknown
Util is showing 8% for all 3 as well for my CC.
I suppose waiting an extra month would also make it so I wouldn't have any inquiries in the past year, which would probably also boost my score some.
Any insight or advice would be greatly appreciated.
Believe it or not, yes that one month can make a pretty big difference. I'd wait that month. Keep in mind that once your new accounts are no longer considered 'new' in addition to the inquiries no longer factoring into your score, you just might see a pretty nice jump in score. Not only will that aid in your approval(s), but will also impact the credit line(s) you may be given. IMHO, wait for it..... Also, see if you can get your util to <5% just to give yourself that extra cushion. My score rises when I'm under 5%.
Starting Score: April 2011- EX FAKO 639, EQ FAKO 645, TU98 FICO 665
Current Score: Jan 2013- EQ FICO 746, EX FICO is the best kept secret in the world, I guess, TU FICO ???, Vantage 790
Goal Score: 760 by years' end. I didn't make the 760 club in 2013 but I'm pounding down the door in 2014.
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