topic Re: AaoA and 5/24 in Credit Cards

AaoA and 5/24

TheBoondocks — Fri, 14 Sep 2018 05:38:43 GMT

Hey guys, just a quick question I know opening up a lot of cards could bring your age down but let's say you don't apply for the next 2 or 3 years, just so that you could be under the 5/24 to get the Chase cards, if you do it that way, would it be bad for the credit score cause it took you 2-3 years to open up another card rather than sooner? Thanks!

Re: AaoA and 5/24

MrDFinance — Fri, 14 Sep 2018 05:42:36 GMT

No it will actually help you.... The longer you go without seeking credit the better your score is....
Inquires Fall off and your credit file matures....

You have a better chance of approval if you haven't applied for anything in years.....

Re: AaoA and 5/24

Anonymous — Fri, 14 Sep 2018 13:37:51 GMT

@MrDFinance wrote:
No it will actually help you.... The longer you go without seeking credit the better your score is....
Inquires Fall off and your credit file matures....

You have a better chance of approval if you haven't applied for anything in years.....

Right, and remember this is "normal" behavior: outside of credit card forums, most people have very few cards and might have 10-20 or more years between applications.

Re: AaoA and 5/24

AverageJoesCredit — Fri, 14 Sep 2018 14:58:27 GMT

@Anonymous wrote:
@MrDFinance wrote:
No it will actually help you.... The longer you go without seeking credit the better your score is....
Inquires Fall off and your credit file matures....

You have a better chance of approval if you haven't applied for anything in years.....
Right, and remember this is "normal" behavior: outside of credit card forums, most people have very few cards and might have 10-20 or more years between applications.

And those same normal people find ways to default. Having 3 credit cards or 20 , if you arent responsible with them can both end in disaster...or good credit. Going years without apping is a great goal though

Re: AaoA and 5/24

HeavenOhio — Fri, 14 Sep 2018 19:24:51 GMT

By waiting, you'll take a significant hit (20 points, maybe?) because you've brought your AoYa (age of youngest account) to zero. But if you didn't wait, you wouldn't have earned those points to begin with. As mentioned, lenders like an AoYA that's greater than zero.

AAoA (average age of accounts) is harder to pinpoint, but if you drop below a threshold, you probably won't be hit by much.

Re: AaoA and 5/24

SouthJamaica — Fri, 14 Sep 2018 19:58:35 GMT

@TheBoondocks wrote:
Hey guys, just a quick question I know opening up a lot of cards could bring your age down but let's say you don't apply for the next 2 or 3 years, just so that you could be under the 5/24 to get the Chase cards, if you do it that way, would it be bad for the credit score cause it took you 2-3 years to open up another card rather than sooner? Thanks!

No. The opposite. That's the best thing you could do for your credit.

Re: AaoA and 5/24

SouthJamaica — Fri, 14 Sep 2018 20:04:05 GMT

@HeavenOhio wrote:
By waiting, you'll ~~take~~ receive a significant ~~hit~~ gain (20 points, maybe?) because you've brought your AoYa (age of youngest account) to ~~zero~~ 24 months and increased your AAoA by 24 months. ~~But if you didn't wait, you wouldn't have earned those points to begin with.~~ As mentioned, lenders like an AoYA that's greater than zero.

~~AAoA (average age of accounts) is harder to pinpoint, but if you drop below a threshold, you probably won't be hit by much.~~

@There @HeavenOhio I fixed that for you.

Re: AaoA and 5/24

HeavenOhio — Fri, 14 Sep 2018 20:27:27 GMT

@SouthJamaica, it looks like you could read my post two ways, and you read it the opposite of what I had intended. I meant to imply that a new account would have brought the OP's AoYA to zero after not having applied for anything recently.

Re: AaoA and 5/24

SouthJamaica — Fri, 14 Sep 2018 20:28:50 GMT

@HeavenOhio wrote:
@SouthJamaica, it looks like you could read my post two ways, and you read it the opposite of what I had intended. I meant to imply that a new account would have brought the OP's AoYA to zero after not having applied for anything recently.

No you wrote it the opposite of what you had intended

Re: AaoA and 5/24

Anonymous — Sat, 15 Sep 2018 16:19:38 GMT

@SouthJamaica wrote:
@HeavenOhio wrote:
@SouthJamaica, it looks like you could read my post two ways, and you read it the opposite of what I had intended. I meant to imply that a new account would have brought the OP's AoYA to zero after not having applied for anything recently.
No you wrote it the opposite of what you had intended

Her post really confused me, glad its clarified.