topic Re: Whats considered a thick file? in General Credit Topics

Whats considered a thick file?

djc1puno — Thu, 18 Jul 2013 01:15:00 GMT

Fellas,

Since im still new to all this, what is considered as having a thick file? Obviously people who has thick files are better in absorbing certain negative criterias, ie inqs. Thanks in advance!

Re: Whats considered a thick file?

GatorGuy — Thu, 18 Jul 2013 01:18:07 GMT

It is all relative. For instance, I have 24 accounts however the majority of them could be old and would absorb a number of new accounts with ease. Or the majority could be new which means new accounts would have a larger effect. Or some combination. I just had a recent spree where I added 5 new TL's and my AAoA went from 4.5 to 3.5.

Re: Whats considered a thick file?

09Lexie — Thu, 18 Jul 2013 01:18:10 GMT

IMO, 6+ years

Re: Whats considered a thick file?

youngandcreditwrthy — Thu, 18 Jul 2013 01:19:00 GMT

Re: Whats considered a thick file?

GatorGuy — Thu, 18 Jul 2013 01:19:39 GMT

@09Lexie wrote:
IMO, 6+ years

However, if you only have 2 accounts and an AAoA of 6 years, it would be devasted even by adding one account.

Re: Whats considered a thick file?

09Lexie — Thu, 18 Jul 2013 01:24:18 GMT

Yes, that's true. The key is keeping your apps down ( or add backdate Amex cards). Also, keeping a few more than 2 TLs on your report.

Re: Whats considered a thick file?

Repo-ed — Thu, 18 Jul 2013 01:23:45 GMT

giggidy

Re: Whats considered a thick file?

LS2982 — Thu, 18 Jul 2013 01:23:58 GMT

@09Lexie wrote:
Yes, that's true. The key is keeping your apps down ( or add backdate Amex cards).

2015 will be an AMEX spree!

Re: Whats considered a thick file?

djc1puno — Thu, 18 Jul 2013 01:24:29 GMT

Now are you guys just talking about cc aaoa's? Ive had students appear back in 97 and a few cards after that in early 2000 but have since been closed as paid...still appearing un my crs. Now my oldest open cc is a little over 3 years...but my aaoa on ck is 10 months but other free sites such as credit.com it takes my history as a whole when showing aaoa. Just a bit confused...heh

Re: Whats considered a thick file?

Anonymous — Thu, 18 Jul 2013 01:26:02 GMT

@GatorGuy wrote:
@09Lexie wrote:
IMO, 6+ years
However, if you only have 2 accounts and an AAoA of 6 years, it would be devasted even by adding one account.

So maybe just consider the total years. Say we choose 60. So that could be 5 accounts of 12 years, adding one reduces the AAoA to 10 years, still ok. 12 accounts of 5 years, adding one has a fairly small impact. And even if we somehow had one account of 60 years, even though adding one causes a massive reduction to 30 years, 30 is still OK.

Re: Whats considered a thick file?

djc1puno — Thu, 18 Jul 2013 01:26:15 GMT

Speaking of backdating...i was an au on amex green back in 97...if i open an amex now would i get the backdating even if i was only an au?

Re: Whats considered a thick file?

GatorGuy — Thu, 18 Jul 2013 01:26:32 GMT

@09Lexie wrote:
Yes, that's true. The key is keeping your apps down ( or add backdate Amex cards). Also, keeping a few more than 2 TLs on your report.

Funny how gardening is the answer to everything.

Re: Whats considered a thick file?

09Lexie — Thu, 18 Jul 2013 01:27:33 GMT

@djc1puno

Yes, if you were an AU, your card should be backdated to '97

Re: Whats considered a thick file?

djc1puno — Thu, 18 Jul 2013 01:48:20 GMT

Thanks lexie!

Re: Whats considered a thick file?

Anonymous — Thu, 18 Jul 2013 03:20:42 GMT

@djc1puno wrote:
Now are you guys just talking about cc aaoa's? Ive had students appear back in 97 and a few cards after that in early 2000 but have since been closed as paid...still appearing un my crs. Now my oldest open cc is a little over 3 years...but my aaoa on ck is 10 months but other free sites such as credit.com it takes my history as a whole when showing aaoa. Just a bit confused...heh

Curious if anyone knows the answer to this one (if you're talking about student loans from 97) as far as helping your file. I have student loans dated back to 98 so my aaoa on CMS sites is 9-10 yrs. Just don't know whether it matters for FICO. I've seen this stated both ways. My balances are pretty small at this point and I could pay them off more quickly, but due to the number of accounts and aaoa, they appear to be helping. The rate is only 2.1% so I'm not losing much by paying as scheduled.

Re: Whats considered a thick file?

09Lexie — Thu, 18 Jul 2013 03:29:52 GMT

@dta

I have SL on my bureaus from forever! My paid mtg fell off of EQ and TU last year and my SL are keeping my AAOA over 6 yrs. I owe less than $3000 now and my rate is low too. I'm going to pay them off this year but I held on to them as long as I could.

Re: Whats considered a thick file?

Anonymous — Thu, 18 Jul 2013 03:48:26 GMT

@09Lexie wrote:
@Anonymous

I have SL on my bureaus from forever! My paid mtg fell off of EQ and TU last year and my SL are keeping my AAOA over 6 yrs. I owe less than $3000 now and my rate is low too. I'm going to pay them off this year but I held on to them as long as I could.

Thanks for the info. I guess I'll take advantage of them as long as I can. Kinda weird to not want to be debt-free even though I could be.

Re: Whats considered a thick file?

Anonymous — Thu, 18 Jul 2013 03:48:34 GMT

I have 15 accounts, credit history of 4 years 6 months, AAoA 2 yrs 6 months. I just went on an app spree and will have 4 new accounts reporting month...My question is, although I know my AAoA will go down, will these 4 new accounts raise red flags if I try to app for cc in january? Or do creditors just look at the AAoA value rather than if there are any recently opened ones?

Also will 6 months be enough time to begin applying for cards again with regard to inquiries? I have had 5 inquiries in the last 2 weeks and 14 in the last two years.

Re: Whats considered a thick file?

09Lexie — Thu, 18 Jul 2013 04:26:21 GMT

@Buckeye07

They will look at both on manual review. New accts are a big issue for some lenders (Chase, Barclays) and some are not so sensitive. Inq's stop counting against your FICO after 1 yr. IMO, I'd would look at the CL's being approved as a indication it's time to give your reports a breather. Toy limits aren't really with HP's

Re: Whats considered a thick file?

Anonymous — Thu, 18 Jul 2013 05:44:22 GMT

@09Lexie wrote:
IMO, 6+ years

+1 According to my recent FICO CR, I read somewhere that AAoA 6+ years is a positive factor.