Good time to apply to Chase+Amex? AAoA important?

[Anonymous]

Hi everyone,

I'm just looking for some advice. I want to apply for a Chase card and an Amex.

I have heard good things about Chase with regards to travel points and stuff. Some of the Amex cards look great as an everyday card.

My issue is, my AAoA is just over 1 year old, and in 18 months - 2 years or so I want to buy a house (mortgage).

I imagine it's important to have a good AAoA for the mortgage application, so maybe it's a bad idea to apply for more cards and bring my AAoA down. Is this concern about AAoA valid?

Maybe the best idea is it to wait until after I have a house to apply for more cards?

Scores: As of March 19, TU - 765, EQ - 785.

No bad records, everything has been paid on time, balance is usually at 1% or less.
Lines of credit:
  1. Card with NFCU, for 1 year 3 months, limit is $6900. - my first and oldest credit line.

  2. Card with Discover, 1 year 1 month, limit is $3000.

  3. NFCU SSL to build credit history, using the 'trick' of paying it down to 9%, this is 8 months old.

I have read Chase are strict, do you think I have a good chance of getting accepted? I haven't checked any prequalified offers yet.

Thanks for any input!

Just an idea: it might be a good idea to open many (secured/easy/soft pull etc) cards as soon as you can in your life, so that you will have a heavy anchor of old cards to weigh down your AAoA, so when you open a new card 5 years later, it will not impact your AAoA very much. Compared to if you only start with one card, then 5 years later open a 2nd, that halves your AAoA making it 2.5 years.

[AverageJoesCredit]

With those your only reporting cc's, you should be fine apping for Amex or Chase. Go Chase first due to 5/24, remember they often double pull, and dont get app happy around Chase. Getting a Chase and Amex should be ok though. Good luck

[CramEiko]

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@Anonymous wrote:

Hi everyone,

I'm just looking for some advice. I want to apply for a Chase card and an Amex.

I have heard good things about Chase with regards to travel points and stuff. Some of the Amex cards look great as an everyday card.

My issue is, my AAoA is just over 1 year old, and in 18 months - 2 years or so I want to buy a house (mortgage).

I imagine it's important to have a good AAoA for the mortgage application, so maybe it's a bad idea to apply for more cards and bring my AAoA down. Is this concern about AAoA valid?

Maybe the best idea is it to wait until after I have a house to apply for more cards?

Scores: As of March 19, TU - 765, EQ - 785.

No bad records, everything has been paid on time, balance is usually at 1% or less.
Lines of credit:
  1. Card with NFCU, for 1 year 3 months, limit is $6900. - my first and oldest credit line.

  2. Card with Discover, 1 year 1 month, limit is $3000.

  3. NFCU SSL to build credit history, using the 'trick' of paying it down to 9%, this is 8 months old.

I have read Chase are strict, do you think I have a good chance of getting accepted? I haven't checked any prequalified offers yet.

Thanks for any input!

Just an idea: it might be a good idea to open many (secured/easy/soft pull etc) cards as soon as you can in your life, so that you will have a heavy anchor of old cards to weigh down your AAoA, so when you open a new card 5 years later, it will not impact your AAoA very much. Compared to if you only start with one card, then 5 years later open a 2nd, that halves your AAoA making it 2.5 years.

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IMHO, be careful with this theory. If you are trying to start early and really don't have the concept of credit/debt management. This may potentially bury yourself in debt way too fast.

[Remedios]

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@Anonymous wrote:

Hi everyone,

I'm just looking for some advice. I want to apply for a Chase card and an Amex.

I have heard good things about Chase with regards to travel points and stuff. Some of the Amex cards look great as an everyday card.

My issue is, my AAoA is just over 1 year old, and in 18 months - 2 years or so I want to buy a house (mortgage).

I imagine it's important to have a good AAoA for the mortgage application, so maybe it's a bad idea to apply for more cards and bring my AAoA down. Is this concern about AAoA valid?

Maybe the best idea is it to wait until after I have a house to apply for more cards?

Scores: As of March 19, TU - 765, EQ - 785.

No bad records, everything has been paid on time, balance is usually at 1% or less.
Lines of credit:
  1. Card with NFCU, for 1 year 3 months, limit is $6900. - my first and oldest credit line.

  2. Card with Discover, 1 year 1 month, limit is $3000.

  3. NFCU SSL to build credit history, using the 'trick' of paying it down to 9%, this is 8 months old.

I have read Chase are strict, do you think I have a good chance of getting accepted? I haven't checked any prequalified offers yet.

Thanks for any input!

Just an idea: it might be a good idea to open many (secured/easy/soft pull etc) cards as soon as you can in your life, so that you will have a heavy anchor of old cards to weigh down your AAoA, so when you open a new card 5 years later, it will not impact your AAoA very much. Compared to if you only start with one card, then 5 years later open a 2nd, that halves your AAoA making it 2.5 years.

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As far as your first question, do the prequal. You're more likely to get one from Amex than Chase (only talking about prequals). Hopefully, it will be both.  Not having a prequal does not mean you would not get approved should you cold app, nor does having a prequal means you will get approved. 

The part in blue...I'd sum that up under Please, don't. It's a terrible idea. While useless cards can "anchor" your AAoA, accruing "many" will ensure you get denied for the actual useful cards with "too many new accounts" or some other reason indicating excessive credit seeking, and in no time you'll be asking which ones to close. 

The best way to protect your AAoA, if it's that important to you, is to only apply for the cards you actually need when you need them. 

[Anonymous]

Ok thank you for the advice everyone.

I still have the question of, is AAoA important with regards to applying for a mortgage.

Because, a mortgage is more important to me than having another 2 cards!

Thanks

[joltdude]

Im going to drop my .02cents...

Yes having multiple accounts might be a good thing BUTTTT... theres quality vs quantity...

Also have you tried for any CLI love from Discover lately?

You dont want a handful of "easy" cards... the SCT is DEAD and it will cost you HPs you dont want on garbage you probably dont need....

Id work on getting a CLI out of Miss Disco and let it report......

Chase likes a year of experience but they dont like to usually be the first with higher limits, which if you want their higher tier products is a problem.....

Would you like an Amex revolver? As far as thinner/clean files go,  its an option for growth...... but even too.. it might pay off if you get a CLI on Discover first, then app for an Amex (if youd find it useful),  then wait a few months and grab the Chase.... What you see is what you get with them unless you want an HP that sometimes does not pay off... but do be aware of 5/24 rules and such.... another reason not to load up on easy cards....

Got one card.. let it ride, then went after chase and discover... that chase card still hasnt grown and its just barely over 5k.... Discover started out lower and look what happened... youll still have time to let them marinate ..... credit is a marathon not a sprint..... or like a crock pot vs an Instapot =)

-J

[SecretAzure]

If it really is about 2 years out I think you're fine. I app'd 2 card approximately 2 years before applying for my mortgage and it did lower my scores for some Time, ultimately my scores bounced back by the time my mortgage came. Mind you, my AAOA was probably 2.5-3 years at the time of closing and my scores in the 760 range across the board. If you have low utilization and are consistent in making on time payments, your scores that far away should be fine. I would not got past 2 cards though as this would tank your AAOA for a long time. Don't wait too long!