USBank app question

[Anonymous]

On August 6th, I will be exactly 1/12. When is it OK to app with them? Some say to wait til Sept 1st. Thanks for all help

[Ficoproblems247]

September 1st would be correct. Good luck!

[TampaBAY86]

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@Ficoproblems247 wrote:

September 1st would be correct. Good luck!

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+1

[Anonymous]

Thanks for the heads up

[MrDFinance]

Why exactly will it be good to wait til September 1st? Because he will be 1/12 the month before or is it something special with citi? 

[TampaBAY86]

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@MrDFinance wrote:

Why exactly will it be good to wait til September 1st? Because he will be 1/12 the month before or is it something special with citi? 

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Not Citi, but US Bank.  US Bank will count new accounts until the 1st of the month after they hit 1 year.  Typically you want to be no more than 1/12 with US Bank to be safe, but as always that is always profile dependant.

In OP's case, 1 or more new account will be aging to 1 year on August 5th making them 2+/12 throughout August.  US Bank will still count the account(s) until September 1st at which point they will be 1/12.

[Remedios]

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@MrDFinance wrote:

Why exactly will it be good to wait til September 1st? Because he will be 1/12 the month before or is it something special with citi? 

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Most if not all lenders require you to wait till the following month when calculating age since an account reaching a year is still included in 12 month period. 

If you are approved in January, the clock on aging starts the following month, so account is one month old in February, month in which it was open is not included in calculations. 

That's why it takes 13 months to officially clear the year as far as new accounts are considered.