topic Re: Open another AMEX to increase my AAoA ?? help pls in Credit Cards

Open another AMEX to increase my AAoA ?? help pls

Anonymous — Sun, 31 Oct 2010 00:41:02 GMT

Hello folks,

First of all, thank you myfico.com because i learned so much about credit to increase my credit scores. I have plan to buy a house in next 3 years and i want my loan with the best interest. So here is my credit cards/CL and scores.

Oldest Acct Age - 2.5 Years

AAoA - 1 year(myfico.com) / 1.6 years (Experian.com)

5 credit cards, from oldest to newest .. (I don't have any auto or whatsoever loan)

1. AMEX true earning - $2000 CL (oldest account)

2. BoA rewards master - $2000 CL

3. Chase student master- $1100 CL (starting from $500)

4. Wells Fargo visa student - $1000 CL

5. Chase Amazon visa - $2200 CL (starting from 1700)

Total CL is $8300 (

Wells fargo account was an accident. I was just trying to open free checking account, but they sent me a credit card and i just found out that i had a well fargo account 2 months ago when i pulled my MyFico scores. I'm not sure it's a good or bad thing since it has been opened since July 2009.

***Anyway, since my credit history length is short and less than 3 years, i'm thinking to open another AMEX revolving account with backdating advantage. That will increase my AAoA and should increase my credit score.

Should i call them first to make sure they would backdate my new revolving credit card?

Or what do i have to do to increase my credit score? Last time i opened a credit card was Jan 2010. Shall i wait more time to open another credit card??

Here is my credit scores:

myfico TU - 747

myfico EQ - 737

Experian EX - 727

Thank you for reading my long post. Any feedback would be appreciated. Have a good day!!

Re: Open another AMEX to increase my AAoA ?? help pls

Anonymous — Sun, 31 Oct 2010 00:27:38 GMT

Re: Open another AMEX to increase my AAoA ?? help pls

MarineVietVet — Sun, 31 Oct 2010 00:53:30 GMT

What does your utilization look like? Both overall and for each card.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

Re: Open another AMEX to increase my AAoA ?? help pls

Anonymous — Sun, 31 Oct 2010 01:06:19 GMT

Right now i don't use Well fargos and BoA. I have 650 balance on Chase Amazon, but the rest are zero balance.

Re: Open another AMEX to increase my AAoA ?? help pls

MarineVietVet — Sun, 31 Oct 2010 04:13:02 GMT

@Anonymous wrote:
Right now i don't use Well fargos and BoA. I have 650 balance on Chase Amazon, but the rest are zero balance.

Overall utilization is 8% which is excellent. Utilization on the Chase Amazon card is right at 30%. That's not terribly high but you might get a few points if you can get it to report <9% each month. FICO scores both overall and individual uitlization.

Your strategy of only having one CC report a small balance every month is the right thing to do and you should continue to do that whenever possible.

I'll let others discuss Amex and backdating because I know very little about that and don't want to give you a wrong answer.

Re: Open another AMEX to increase my AAoA ?? help pls

Anonymous — Sun, 31 Oct 2010 01:37:20 GMT

Honestly, the effect of adding another 2.5 year old card to your portfolio will be small. If you were adding a 10 year old card, I'd say great. However, the effect will be similar to just waiting a year and paying all of your bills on time. I wouldn't get a second Amex unless you really need it/have use for it. Average age of your accounts is one feature of your credit score that requires patience. You cannot create it quickly.

Re: Open another AMEX to increase my AAoA ?? help plsnks

Anonymous — Sun, 31 Oct 2010 09:13:04 GMT

thanks. it makes sense.

Re: Open another AMEX to increase my AAoA ?? help pls

joestay — Mon, 15 Nov 2010 02:54:10 GMT

You should ask for a cli for that amex trueearning card. it can help with utlization.

Re: Open another AMEX to increase my AAoA ?? help pls

haulingthescoreup — Mon, 15 Nov 2010 03:28:08 GMT

Although increasing AAoA is always nice, I don't think that it will bump you up enough to see an immediate score increase.

Yes, X number of years on down the road, you'll benefit, but not right away.

Re: Open another AMEX to increase my AAoA ?? help pls

larinoriani — Mon, 15 Nov 2010 03:41:45 GMT

@Anonymous wrote:

Here is my credit scores:
myfico TU - 747
myfico EQ - 737
Experian EX - 727

Thank you for reading my long post. Any feedback would be appreciated. Have a good day!!

With those scores you already qualify for a tier 1 rate! In three years, your AAoA will be much better, and if you keep doing what you are doing, I wouldn't be surpised seeing those numbers closer to 800.

Having an installment account would help a little more on your account mix, but if your planning to get a car, you might to do it now or until after your house.

Re: Open another AMEX to increase my AAoA ?? help pls

Anonymous — Mon, 15 Nov 2010 07:47:27 GMT

Yes i did ask them for CLI back in september. It jumped from 800 to 2000. I didn't know i needed to ask for CLI till i started reating myfico forum. Now i know that i can ask 2.5-3 times of my CL every 6 months.

Re: Open another AMEX to increase my AAoA ?? help pls

Anonymous — Mon, 15 Nov 2010 07:51:10 GMT

Ya applying another AMEX with backdate is for the future. Last time i applied credit card was Jan 2010 but chase pull 2 hard inquries on my EX when i asked them CLI .. i am stil so mad on what they did.

Now i'm thinking of 3 options.

1. Apply another AMEX and backdate to increase AAoA and ask for CLI every 6months.

2. Apply w/e bank which would give me 10k CL so my ulti would decrease.

3. Don't apply anything and let my 5 cc age.

Re: Open another AMEX to increase my AAoA ?? help pls

Anonymous — Mon, 15 Nov 2010 07:55:31 GMT

I don't have a plan to get another car cuz i like my current car a lot. But probably try to get another car in next 1-2 years cuz i don't wanna drive a car with over 140k-150k milages.I applied loan when i bought this car back in winter 09 but they said my credit score was 600 ish and not qualified.

Re: Open another AMEX to increase my AAoA ?? help pls

Anonymous — Mon, 15 Nov 2010 07:57:29 GMT

opps sorry..i forgot to quote and reply ..