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How much at risk am of AA from economy uncertainty going forward?

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Frequent Contributor

How much at risk am of AA from economy uncertainty going forward?

So right now about a year into credit and you can see my signature for the cards and limits I have.

 

I could card less if the synchrony card is closed but I don't want that to turn into a domino effect of "closed by granter" and WF and/or TD pickup on that as a major risk. Should I close it now so it shows "Account closed by consumer" instead? It seems like right now that account is likely just to be closed tho I may be wrong. 

 

With that said I want to keep my REDcard and WF card without any sort of AA. I always pay them in full and have never carried a balance on them. I plan to continue to do the same as there is currently zero changes in my income. Should I start paying them off quickly and leaving the balance $0 as much as possible or continue on as normal? 

 

Typical credit util for me right now is 10%~20%

Message 1 of 10
9 REPLIES 9
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Valued Contributor

Re: How much at risk am of AA from economy uncertainty going forward?


@credit-user-19 wrote:

So right now about a year into credit and you can see my signature for the cards and limits I have.

 

I could card less if the synchrony card is closed but I don't want that to turn into a domino effect of "closed by granter" and WF and/or TD pickup on that as a major risk. Should I close it now so it shows "Account closed by consumer" instead? It seems like right now that account is likely just to be closed tho I may be wrong. 

 

With that said I want to keep my REDcard and WF card without any sort of AA. I always pay them in full and have never carried a balance on them. I plan to continue to do the same as there is currently zero changes in my income. Should I start paying them off quickly and leaving the balance $0 as much as possible or continue on as normal? 

 

Typical credit util for me right now is 10%~20%


I haven't seen anything about Target/TD Bank or Wells Fargo CLD's so far regarding the current eco-climate. As long as you're using your cards and paying in full I'd be willing to be you're going to be fine. Synch seems to be going after the people with multiple Synch cards and 5 digit CL's.

Amex PRG (NPSL), Amex Blue Cash ($24K), Amex Simply Cash+ ($4K), Amex Business Cash ($22.5K), Discover ($22.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), FCB/Elan Rewards Visa Sig($15K), Buckle ($1.3K), BofA AAA Rewards ($84.5K), Paypal credit ($10K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($10K), PenFed PCR ($3500), Bank of the West CB MC ($3K)
Message 2 of 10
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Super Contributor

Re: How much at risk am of AA from economy uncertainty going forward?

As mentioned above, if you've only got one Synch account, you are probably fine.

 

Synch is chasing folks like me with waaaaayyyyy too many accounts with them.  Smiley Indifferent



09/25/20 Mortgage scores: EX2 712, EQ5 710, TU4 no idea.
10/01/20 Fico 8: EX 709, EQ 722, TU 737.
10/03/20 Fico 9: EX 708, EQ 700, TU no idea...

Zero percent financing is where the devil lives...
Sitting in the garden behaving myself. #noinqs2020
Message 3 of 10
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Senior Contributor

Re: How much at risk am of AA from economy uncertainty going forward?

You should be fine.  With your young, thin file and Amazon being a new tl here's your time to shine.......showing you can handle 3 tl's, making on-time payments and not going over your credit limit(s).  These 3 tl's will build your cr and age it nicely.  Just do like you've been doing, keeping your balances low, pif or a good bit more than minimal pymt., autopay in place and being patient for the cli's to occur naturally......relax and enjoy them.

”MY TAKE HOME PAY DON’T TAKE ME HOME”
Message 4 of 10
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Established Contributor

Re: How much at risk am of AA from economy uncertainty going forward?


@ChargedUp wrote:

@credit-user-19 wrote:

So right now about a year into credit and you can see my signature for the cards and limits I have.

 

I could card less if the synchrony card is closed but I don't want that to turn into a domino effect of "closed by granter" and WF and/or TD pickup on that as a major risk. Should I close it now so it shows "Account closed by consumer" instead? It seems like right now that account is likely just to be closed tho I may be wrong. 

 

With that said I want to keep my REDcard and WF card without any sort of AA. I always pay them in full and have never carried a balance on them. I plan to continue to do the same as there is currently zero changes in my income. Should I start paying them off quickly and leaving the balance $0 as much as possible or continue on as normal? 

 

Typical credit util for me right now is 10%~20%


I haven't seen anything about Target/TD Bank or Wells Fargo CLD's so far regarding the current eco-climate. As long as you're using your cards and paying in full I'd be willing to be you're going to be fine. Synch seems to be going after the people with multiple Synch cards and 5 digit CL's.


With Target, don't you have to worry about CLD. Any lower of a limit and you'd have a negative CL with the lines they hand out to folks 😂

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 747 , EX FICO 760, TU 758 FICO scores>
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Message 5 of 10
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Valued Contributor

Re: How much at risk am of AA from economy uncertainty going forward?

I don't think you have to worry, they are chasing people with like 80k in open lines, and only spend like 30 bucks a month on one of the lines. Too much exposure. 

Message 6 of 10
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Community Leader
Mega Contributor

Re: How much at risk am of AA from economy uncertainty going forward?

Just be normal. 

Message 7 of 10
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Valued Contributor

Re: How much at risk am of AA from economy uncertainty going forward?

1. Your personal risk of closure is likely low as long as you are not displaying risky credit behavior (high/increasing balances, etc.). As you are not over exposed 

 

2. The comment "close by credit grantor" has ZERO impact on your score. Even though some people claim that it might "look bad" on manual review I have not heard of any one that has actually been denied for that reason. IMO it is purely cosmetic 

3. Lenders are not going to do mass AA unless your profile is displaying risky behavior. 

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 8 of 10
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Senior Contributor

Re: How much at risk am of AA from economy uncertainty going forward?

I don't think that you have enough cards or high enough limits for them to be worried. Now, if you maxed them all out and only made bare minimums, then you might be at risk. 

 

But I think that they're more concerned with bigger fish when it comes to risk.






Message 9 of 10
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Regular Contributor

Re: How much at risk am of AA from economy uncertainty going forward?

Synch seems to be cutting limits so that people who have high limits with them that are largely not utilized don't end up in a bad economic situation and charging tons to their cards that won't get paid back. If your profile doesn't put them at risk for that, AA is very doubtful. 

Scores: (9/2/20) EQ: 765, EX: 774, TU: 755
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