topic How important is AAoA when Apping? in Credit Cards

How important is AAoA when Apping?

Anonymous — Sun, 24 Feb 2013 23:21:38 GMT

I've been reestablishing credit after being off the grid for awhile. Trying to wait and not rush things adding too many new accts. I noticed today that several old accts which seem to be propping up my score and AAoA are due to age off in the next 2-4 months. Want very much to add a new card with higher limit or perhaps an auto loan, BUT I wonder if I should go ahead and try say for Chase or similar NOW before the old accts fall off OR are creditors more concerned with recent history than AAoA.?

EQ 733

TU 727

EX Fako from their site 766

Oldest pos. acct 9-13 yrs depending on CRA

AAoA 5 yrs or so

Income 56000

BTW got a recent PreApproval from Chase for slate -- afraid to bite. Might be a small limit?

Discover-2500

CU Visa. 2500

Sam's. 1000

Cap One. 500

None of above more than 6 mos.

My apologies if this is the wrong place to post.

Re: How important is AAoA when Apping?

Swapmeet — Sun, 24 Feb 2013 23:26:46 GMT

This is a fine place to post it bro. Also, a good question since I have just opened three accounts that are about to report for the first time. I would imagine that it doesn't matter much as long as it's more than a couple years -- but I do not know.

Re: How important is AAoA when Apping?

LS2982 — Sun, 24 Feb 2013 23:26:54 GMT

@Anonymous wrote:
I've been reestablishing credit after being off the grid for awhile. Trying to wait and not rush things adding too many new accts. I noticed today that several old accts which seem to be propping up my score and AAoA are due to age off in the next 2-4 months. Want very much to add a new card with higher limit or perhaps an auto loan, BUT I wonder if I should go ahead and try say for Chase or similar NOW before the old accts fall off OR are creditors more concerned with recent history than AAoA.?

EQ 733
TU 727
EX Fako from their site 766
Oldest pos. acct 9-13 yrs depending on CRA
AAoA 5 yrs or so

Income 56000

BTW got a recent PreApproval from Chase for slate -- afraid to bite. Might be a small limit?

Discover-2500
CU Visa. 2500
Sam's. 1000
Cap One. 500

None of above more than 6 mos.

My apologies if this is the wrong place to post.

I would stay away from Chase with just the 6 months of history. Give it at least 6 more months then try them.

Re: How important is AAoA when Apping?

Cdnewmanpac — Sun, 24 Feb 2013 23:27:58 GMT

You need to calculate your AAoA after those accounts drop off and then compare. if your new AAoA will be 4 years instead of 5, not a big deal. If ALL of your old accounts are about to age off and your new AAoA will be <1 year, you should app before they drop off. AAoA isn't a linear progression. There are distinct "bumps" and 1 year is definitely the biggest. My score jumped considerably when I passed 8 years, but has gone from 8 to 9y 4mos without any change in score.

By the same token, if your AAoA won't change much (maybe 6 months or so), you are better waiting until all of your cards are a year old (or at least some are) and then apping. So you really need to do the math.

Re: How important is AAoA when Apping?

Anonymous — Sun, 24 Feb 2013 23:39:21 GMT

@Cdnewmanpac wrote:
You need to calculate your AAoA after those accounts drop off and then compare. if your new AAoA will be 4 years instead of 5, not a big deal. If ALL of your old accounts are about to age off and your new AAoA will be <1 year, you should app before they drop off. AAoA isn't a linear progression. There are distinct "bumps" and 1 year is definitely the biggest. My score jumped considerably when I passed 8 years, but has gone from 8 to 9y 4mos without any change in score.

By the same token, if your AAoA won't change much (maybe 6 months or so), you are better waiting until all of your cards are a year old (or at least some are) and then apping. So you really need to do the math.

AAoA is one of the biggest things holding me back right now. My credit profile has grown astronomically since I started building 3 years ago. A big side effect of that is the hit to my AAoA due to all the new accounts I've added.

Re: How important is AAoA when Apping?

Anonymous — Sun, 24 Feb 2013 23:39:47 GMT

Thanks for the replies. Cdnewmanpac, I saw post somewhere on this site about calculating AAoA. Gonna find it and do as you suggest. I have accts that will drop off between April, July, and November. So I don't think I'll get a big hit at one time. Losing one of four ten year plus accts in April but in May I get to the 6 month mark with the newer ones.

Funny thing --one CRA has till has positive accts back to 1989! that's a good thing I guess but it could fall off the cliff any day.

Re: How important is AAoA when Apping?

Anonymous — Sun, 24 Feb 2013 23:42:29 GMT

Fico rounds down for AAoA not up right?