AAOA and CC app's - How Many is Too Many ???

Anonymous — Wed, 27 May 2015 21:29:19 GMT

I'm in the process of rebuilding my credit and I've opened about 6 new CC accounts and a personal loan within the last 4 month's. I'm 45, my oldest active account (AMEX) is from 1990. My current AAOA is showing around 12 year's. How does opening up alot of new accounts recently affect my AAOA and therefore my FICO scores ??? I've stayed away from opening up any store CC's which usually have small CL's and will affect your average age of accounts I assume. So where would one want to stop when it comes to adding new accounts ??? My CR's shows between 4 - 6 new inquiries, all from this year. I'm hesitant to open anymore accounts as I'm afraid my AAOA will suffer significantly, but I'm planning on going mortgage shopping in 10 - 12 month's and want to get any and all new accounts now ASAP. Thanks !!!

Re: AAOA and CC app's - How Many is Too Many ???

myjourney — Thu, 28 May 2015 04:02:07 GMT

drewg350 wrote:
I'm in the process of rebuilding my credit and I've opened about 6 new CC accounts and a personal loan within the last 4 month's. I'm 45, my oldest active account (AMEX) is from 1990. My current AAOA is showing around 12 year's. How does opening up alot of new accounts recently affect my AAOA and therefore my FICO scores ???

I've stayed away from opening up any store CC's which usually have small CL's and will affect your average age of accounts I assume. Any new account regradless of limit or type (store, Loan, CC) will affect AAoA

So where would one want to stop when it comes to adding new accounts ??? Purely up to you but I always ask myself ...Do I currently have everything I need covered as far as being rewarded for normal spend that I'll pay anyway each month? If the answer is yes time to stop applying

My CR's shows between 4 - 6 new inquiries, all from this year. If you have a thick file 4-6 is not a lot during the course of a year however if you have a thin file your scores and AAoA will suffer

I'm hesitant to open anymore accounts as I'm afraid my AAOA will suffer significantly, but I'm planning on going mortgage shopping in 10 - 12 month's and want to get any and all new accounts now ASAP. Thanks !!! If seeking mortgage then this answers your entire question .....Time to stop now!!!!!!!

Plug in your number then for comparison add new accounts and watch how AAoA can be affected

http://seemly.com/aaoa-calculator/

Edit .... Grammer sucks tonight

topic Re: AAOA and CC app's - How Many is Too Many ??? in Understanding FICO® Scoring

AAOA and CC app's - How Many is Too Many ???

Re: AAOA and CC app's - How Many is Too Many ???