No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
My BK7 is almost 3 years old.
I just accepted a new card, so currently i have
1 LOC, 1k CL
3 cc’s, 16k total CL,
AAoA is 2.5 years (30 months)
3 hard pulls from over a year ago
1 HP today for the new card
If I now open a SSL, my bank will not do a hard pull, but my 30 month AAoA will drop to 2 years exactly. Is adding an installment loan to my credit mix worth dinging my AAoA even further? I just read that having the “3 revolvers 1 builder loan” optimal mix is less effective when you have a bankruptcy.
(I understand that AAoA rounds down, so the 30 months I currently have and the 24 months I will have if I open a new account are both treated as 2 years. My concern is how long it will take to bounce back from lowering the AAoA, not the initial hit to my score.)
@yourRealName wrote:My BK7 is almost 3 years old.
I just accepted a new card, so currently i have
1 LOC, 1k CL
3 cc’s, 16k total CL,
AAoA is 2.5 years (30 months)
3 hard pulls from over a year ago
1 HP today for the new card
If I now open a SSL, my bank will not do a hard pull, but my 30 month AAoA will drop to 2 years exactly. Is adding an installment loan to my credit mix worth dinging my AAoA even further? I just read that having the “3 revolvers 1 builder loan” optimal mix is less effective when you have a bankruptcy.
(I understand that AAoA rounds down, so the 30 months I currently have and the 24 months I will have if I open a new account are both treated as 2 years. My concern is how long it will take to bounce back from lowering the AAoA, not the initial hit to my score.)
Your one year old LOC, is it reporting as a revolving account ? Or installment ?
Can't really predict what the score hit would be for lowered AAoA, but it is possible that it might be offset from improved credit mix.
The LOC is reported as revolving, not installment.
@yourRealName wrote:The LOC is reported as revolving, not installment.
Then an SSL can help your scores, however, keep in mind not all SSLs are created equal. As I understand it, there are at least two types of SSLs:
Maybe your bank offers Type 2 above, but if they do, they'd be the first I've heard offering such an SSL. Long story short, the point hit from another HP will pale in comparison to the benefit of having an SSL for multiple years into the future.
Chapter 13:
I categorically refuse to do AZEO!
This is really helpful, thank you. I'll ask my CU if they offer type 2, and try penfed if not.