topic Re: card vs. aaoa vs. inquiries in Credit Cards

card vs. aaoa vs. inquiries

Anonymous — Fri, 23 Jan 2015 05:49:07 GMT

I finally have my report cleaned up and boosting my scores. My main issue with my scores is the low AAoA. My AAoA is highest on EX because they have one account from 1996 the others don't have. I think my AAoA was 5 yrs 10 mo (opened 2 accounts since November bringing it down some). The others have my oldest account being 11 yrs but AAoA is only 3 yrs. I only have 2 inquiries on TU and EXP, 3 on EQ. Out of curiosity, I went to Chase and DIscover to see if they had any "offers". Chase had the Freedom card and DIscover had IT. I think I can take one HP without much of a hit to my scores. Since my AAoA is low anyway, one more card won't hurt based on the seemly AAoA calculator. I would like one GOOD bank card to garden with. I don't anticipate getting much more than 1 or 2 cards ever if I get one good base bank card. I do want something with rewards. I pay balances as I go and keep utilization under 10%.

Is this the time to do it? If so, What card would you suggest?

Re: card vs. aaoa vs. inquiries

Anonymous — Fri, 23 Jan 2015 05:52:12 GMT

@Anonymous wrote:
I finally have my report cleaned up and boosting my scores. My main issue with my scores is the low AAoA. My AAoA is highest on EX because they have one account from 1996 the others don't have. I think my AAoA was 5 yrs 10 mo (opened 2 accounts since November bringing it down some). The others have my oldest account being 11 yrs but AAoA is only 3 yrs. I only have 2 inquiries on TU and EXP, 3 on EQ. Out of curiosity, I went to Chase and DIscover to see if they had any "offers". Chase had the Freedom card and DIscover had IT. I think I can take one HP without much of a hit to my scores. Since my AAoA is low anyway, one more card won't hurt based on the seemly AAoA calculator. I would like one GOOD bank card to garden with. I don't anticipate getting much more than 1 or 2 cards ever if I get one good base bank card. I do want something with rewards. I pay balances as I go and keep utilization under 10%.

Is this the time to do it? If so, What card would you suggest?

I'll just make one comment. Ignore the Discover 'preapproval'. It's completely worthless. The Chase one on the other hand usually is pretty good.

Re: card vs. aaoa vs. inquiries

Anonymous — Fri, 23 Jan 2015 06:05:03 GMT

That is good to know! I also would like to make sure whichever card I get will grow. It won't help to start with a $2k limit and a year or two from now still be at the $2k limit. I have the cap1 QS but I have read 2 bank cards are ideal and I agree. I have the store card and installment loan to round it out. I haven't been one to utilize credit. I tend to be a cash only kind of gal. That won't help me get a house so I would like to get things going with the ultimate goal being a mortage (preferably by the end of the year)

Re: card vs. aaoa vs. inquiries

Anonymous — Fri, 23 Jan 2015 06:11:46 GMT

Well if you're looking for higher limits you might want to consider an American Express card. Your Ex score of 682 (assuming that is a FICO score ) should get you an approval (you can check them for preapprovals as well). Even if you get a low limit to start you can than (usually) triple it in 3 months and then triple it again in 180 days so the CL can grow rather quickly. Your current CLs are fairly low so you need to break out of that low limit rut,

Re: card vs. aaoa vs. inquiries

Anonymous — Fri, 23 Jan 2015 07:07:42 GMT

Am Ex didn't give me a pre qual card My EX score was as of yesterday (just updated) straight from experian. It did update today on myfico as well. It gives me something to look at as I am building. I have low limits because of an old derog account and 1 small paid collection brought my score down. I was surpised that I was approved at all. Those came off this week from EX and TU and my scores jumped. EQ will update Feb 1st (hopefully) I have one very small medical collection and low AAoA's. My cap 1 card CL should go up in April. That is when I complete the steps program. My scores will be almost 100 pts higher when it is time for an increase.

Re: card vs. aaoa vs. inquiries

takeshi74 — Fri, 23 Jan 2015 15:02:56 GMT

@Anonymous wrote:
Is this the time to do it? If so, What card would you suggest?

You have to determine which is your biggest priority and act accordingly.

As for which card, you need to look at your spend to see which cards have rewards that would suit you best.

@Anonymous wrote:
Out of curiosity, I went to Chase and DIscover to see if they had any "offers". Chase had the Freedom card and DIscover had IT.

Ignore all preapprovals and offers. They are not guarantees. They are just marketing. Find cards that suit you and pursue them. Don't let marketing decide which cards you apply for.

@Anonymous wrote:
I also would like to make sure whichever card I get will grow.

All depends on your credit and income. Using the two creditors you've mentioned as examples: Many don't seem to see much in the way of CLI's from Chase but my wife has received several autoCLI's on her Chase card. Some don't see much from Discover, others do get CLI's. I had my CL doubled after 3 months. Again, growth isn't just a matter of the card. While the creditor's criteria do play a role it's just part of the equation.

Re: card vs. aaoa vs. inquiries

Dalanar — Fri, 23 Jan 2015 15:01:11 GMT

I'm not sure about that. Aren't the preapproval letters sent because they did a high level background check on you and that you passed the initial filters? Maybe the ones sent in the mail have a higher chance of approval than the ones sent via email.

Re: card vs. aaoa vs. inquiries

takeshi74 — Fri, 23 Jan 2015 15:06:02 GMT

They are based on an SP but credit isn't static and you have no idea when the SP was performed. One can certainly qualify for more than what is listed as qualified or on offer. One could also not qualify for anything listed. Again, start with your needs/wants and pursue cards that fit instead of relying on prequals and offers.

Re: card vs. aaoa vs. inquiries

Anonymous — Sat, 24 Jan 2015 14:58:58 GMT

@takeshi74 wrote:
They are based on an SP but credit isn't static and you have no idea when the SP was performed. One can certainly qualify for more than what is listed as qualified or on offer. One could also not qualify for anything listed. Again, start with your needs/wants and pursue cards that fit instead of relying on prequals and offers.

+1, particularly the last part! Even if a preapproval WAS 100% guaranteed, you shouldn't take it unless it makes sense for you. They are marketing in the sense that these are the cards that the CCC wants people to get (perhaps because they are underperforming, or they are new and the team wants to show good adoption etc). And they are nothing like 100%

Re: card vs. aaoa vs. inquiries

Anonymous — Sat, 24 Jan 2015 15:38:00 GMT

@takeshi74 wrote:
They are based on an SP but credit isn't static and you have no idea when the SP was performed. One can certainly qualify for more than what is listed as qualified or on offer. One could also not qualify for anything listed. Again, start with your needs/wants and pursue cards that fit instead of relying on prequals and offers.

Think about it like this. Most of the really good cards out there are not really heavily marketed. How many adds and pre-approvals have you seen for the Fidelity Amex or the Sallie Mae or the Amex Old Blue Cash?

Re: card vs. aaoa vs. inquiries

Anonymous — Sat, 24 Jan 2015 15:51:24 GMT

@Anonymous wrote:
I finally have my report cleaned up and boosting my scores. My main issue with my scores is the low AAoA.

Your problem isn't AAoA, it's your derogatories.

A 3 year AAoA is plenty to get 5k limit cards.

You're getting low limit cards because of your derogs, not your AAoA. Work on clearing up the derogs and you will see your score jump like 60 points. Then you'll start seeing high limit cards come in.

Is your last collection a paid chargeoff or still in active collections? If it's just dead weight waiting to fall off, many banks will let it slide if it's old. If it's active collections, you'll get some denials.

Re: card vs. aaoa vs. inquiries

Anonymous — Sat, 24 Jan 2015 21:25:22 GMT

I understand derogs and collections have resulted in a low starting limit with the cards I got in November. Since then, I cleaned up my 2 derogs - 1 was an account from 2008 and one was a $70 medical. Both were paid $0 balance collections but not deleted until earlier this week from TU and EX. EQ is scheduled to have them come off in Feb. It is my understanding they don't do early removals? My credit scores have updated. I have one old medical collection of $150 that I am disputing. It was the amount of my copay (for an MRI) which I always pay when I go to the dr. I called the OC to confirm it. The lady in billing did a thorough search and said I don't have any outstanding balances (even in archives). This one collection is from 2011. What she did find was a name almost identical to mine but the SSN didn't match. The clinic even confirmed my last date of service there was 2009. Fox Collections isn't an easy CA to deal with and getting a PFD with them is like pulling teeth.

I think I am just caught up in the excitement of seeing my scores go up. My first reaction is go get all the cards I can. In reality, I only want a couple of good cards. I am going to try REALLY hard to sit back and let what i have report for a while - or at least wait until April. That is when my Cap 1 QS account is due for an increase. I understand this takes time. I just didn't pass the Patience course lol

Re: card vs. aaoa vs. inquiries

Anonymous — Sat, 24 Jan 2015 22:49:43 GMT

@Anonymous wrote:
I called the OC to confirm it. The lady in billing did a thorough search and said I don't have any outstanding balances (even in archives). This one collection is from 2011. What she did find was a name almost identical to mine but the SSN didn't match. The clinic even confirmed my last date of service there was 2009. Fox Collections isn't an easy CA to deal with and getting a PFD with them is like pulling teeth.

If the debt is invalid, get a letter from the OC stating such. Then take that letter and send it with a debt validation request to Fox. Send it certified and keep copies. If you are unable to get the letter from the OC, send the debt validation request anyways.

If it is an invalid debt, you don't need to do a PFD, make those suckas remove it as it is invalid.

1 active collection is enough to keep your FICO hurting so the sooner the better.

Congrats for getting everything else in order; you're almost home!

Re: card vs. aaoa vs. inquiries

Anonymous — Sat, 24 Jan 2015 22:57:35 GMT

@Anonymous wrote:
Am Ex didn't give me a pre qual card My EX score was as of yesterday (just updated) straight from experian. It did update today on myfico as well. It gives me something to look at as I am building. I have low limits because of an old derog account and 1 small paid collection brought my score down. I was surpised that I was approved at all. Those came off this week from EX and TU and my scores jumped. EQ will update Feb 1st (hopefully) I have one very small medical collection and low AAoA's. My cap 1 card CL should go up in April. That is when I complete the steps program. My scores will be almost 100 pts higher when it is time for an increase.

I had no pre approval from Amex, and they approved me earlier this month.