topic Re: How long is an account considered "recently opened" in Credit Cards

How long is an account considered "recently opened"

Anonymous — Thu, 02 Oct 2014 16:56:32 GMT

I'm using KC's terms here. I says I have 5 recently opened accounts. Do major banks use a simalar standard? Eventually I'll be applying for the Cash+ card and I know they are sensitive to inquiries and "new" accounts so I'd like to know what is meant by that.

Re: How long is an account considered "recently opened"

jamesdwi — Thu, 02 Oct 2014 17:03:22 GMT

@Anonymous wrote:
I'm using KC's terms here. I says I have 5 recently opened accounts. Do major banks use a simalar standard? Eventually I'll be applying for the Cash+ card and I know they are sensitive to inquiries and "new" accounts so I'd like to know what is meant by that.

depending on the bank, its usually somewhere between 6 months and 2 years when they consider the card not new. The more conservative the bank the longer the time period is.

Re: How long is an account considered "recently opened"

Luscher — Thu, 02 Oct 2014 17:21:34 GMT

Normally under 2 years. but varies from lender to lender

Re: How long is an account considered "recently opened"

b_diddy — Thu, 02 Oct 2014 17:52:36 GMT

YMMV for sure ... was recently told by USAA Sr. Specialist that they considered any inquiry still showing on your report (which means 2 years) a "recently opened" account... sheesh!

Re: How long is an account considered "recently opened"

TRC_WA — Thu, 02 Oct 2014 17:56:42 GMT

Yeah that's why my TU score is so much lower than EQ.

I have a dozen "recently" opened accounts (all creditors pulled TU) and the INQ's associated with the new accounts... that were opened May-Dec 2013.

Supposedly once an INQ ages past a year it no longer affects your FICO... I guess we'll find out soon enough. My last "new" account will hit a year old in Dec.

Re: How long is an account considered "recently opened"

red259 — Thu, 02 Oct 2014 18:01:21 GMT

@TRC_WA wrote:
Yeah that's why my TU score is so much lower than EQ.

I have a dozen "recently" opened accounts (all creditors pulled TU) and the INQ's associated with the new accounts... that were opened May-Dec 2013.

Supposedly once an INQ ages past a year it no longer affects your FICO... I guess we'll find out soon enough. My last "new" account will hit a year old in Dec.

As far as I know this isn't something that is up for debate. Its established that after a year the INQs do not impact credit scores. I've never heard anyone claim their score was impacted by inqs over a year old. What I have heard is on manual review some creditors will look at all inqs on a profile even if they are over a year, but that is independent of the score.

Re: How long is an account considered "recently opened"

b_diddy — Thu, 02 Oct 2014 18:04:33 GMT

@red259 wrote:
@TRC_WA wrote:
Yeah that's why my TU score is so much lower than EQ.

I have a dozen "recently" opened accounts (all creditors pulled TU) and the INQ's associated with the new accounts... that were opened May-Dec 2013.

Supposedly once an INQ ages past a year it no longer affects your FICO... I guess we'll find out soon enough. My last "new" account will hit a year old in Dec.
As far as I know this isn't something that is up for debate. Its established that after a year the INQs do not impact credit scores. I've never heard anyone claim their score was impacted by inqs over a year old. What I have heard is on manual review some creditors will look at all inqs on a profile even if they are over a year, but that is independent of the score.

You are absolutely correct about FICO. However, I believe the OP's original concern was about what is considered a "recent account". That absolutely varies based on a lenders' internal sensitivities.

Re: How long is an account considered "recently opened"

red259 — Thu, 02 Oct 2014 18:07:43 GMT

@b_diddy wrote:
@red259 wrote:
@TRC_WA wrote:
Yeah that's why my TU score is so much lower than EQ.

I have a dozen "recently" opened accounts (all creditors pulled TU) and the INQ's associated with the new accounts... that were opened May-Dec 2013.

Supposedly once an INQ ages past a year it no longer affects your FICO... I guess we'll find out soon enough. My last "new" account will hit a year old in Dec.
As far as I know this isn't something that is up for debate. Its established that after a year the INQs do not impact credit scores. I've never heard anyone claim their score was impacted by inqs over a year old. What I have heard is on manual review some creditors will look at all inqs on a profile even if they are over a year, but that is independent of the score.
You are absolutely correct about FICO. However, I believe the OP's original concern was about what is considered a "recent account". That absolutely varies based on a lenders' internal sensitivities.

My response was a direct response to another poster's statement and not to the OP.

Re: How long is an account considered "recently opened"

TRC_WA — Thu, 02 Oct 2014 18:23:55 GMT

@red259 wrote:
@TRC_WA wrote:
Yeah that's why my TU score is so much lower than EQ.

I have a dozen "recently" opened accounts (all creditors pulled TU) and the INQ's associated with the new accounts... that were opened May-Dec 2013.

Supposedly once an INQ ages past a year it no longer affects your FICO... I guess we'll find out soon enough. My last "new" account will hit a year old in Dec.
As far as I know this isn't something that is up for debate. Its established that after a year the INQs do not impact credit scores. I've never heard anyone claim their score was impacted by inqs over a year old. What I have heard is on manual review some creditors will look at all inqs on a profile even if they are over a year, but that is independent of the score.

Good to know. My EQ and TU are identical... other than the INQ's so I can only assume they are the cause of the score differential.

At any rate, I wish I could say I was declined due to "recently opened" accounts but I haven't applied in a while.

IMO a lot of denials are just cookie cutter so it would be interesting to see the results of an app.

Re: How long is an account considered "recently opened"

red259 — Thu, 02 Oct 2014 18:46:36 GMT

@TRC_WA wrote:
@red259 wrote:
@TRC_WA wrote:
Yeah that's why my TU score is so much lower than EQ.

I have a dozen "recently" opened accounts (all creditors pulled TU) and the INQ's associated with the new accounts... that were opened May-Dec 2013.

Supposedly once an INQ ages past a year it no longer affects your FICO... I guess we'll find out soon enough. My last "new" account will hit a year old in Dec.
As far as I know this isn't something that is up for debate. Its established that after a year the INQs do not impact credit scores. I've never heard anyone claim their score was impacted by inqs over a year old. What I have heard is on manual review some creditors will look at all inqs on a profile even if they are over a year, but that is independent of the score.
Good to know. My EQ and TU are identical... other than the INQ's so I can only assume they are the cause of the score differential.

At any rate, I wish I could say I was declined due to "recently opened" accounts but I haven't applied in a while.

IMO a lot of denials are just cookie cutter so it would be interesting to see the results of an app.

Yes, you have to take denials with a grain of salt sometimes. Some lenders will quote every possible reason under the sun when denying you when in reality its only one or two items that is/are the deal breaker(s) and the other items listed in the letter would have been ok if that is all there was.

Re: How long is an account considered "recently opened"

Anonymous — Thu, 02 Oct 2014 19:59:57 GMT

When I was denied a month ago (cash+), I was told over the phone that my many new accounts were the problem. These were 0-2 months old accounts mind you. I hope I don't have to wait a couple years before they consider me ><

Re: How long is an account considered "recently opened"

Luscher — Thu, 02 Oct 2014 21:20:34 GMT

depends on the lender. I know people who have gotten 6+ cards within days