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Something to keep in mind — when your file is clean, you will be affected by age of youngest account, something that doesn’t currently affect you. Adding a card at that point will actually drop your credit while right now it would help it because AoYA isn’t a credit factor for dirty files. You’ll also lose the FICO penalty for 1/2 cards with a balance by adding a third card.
Just food for thought.
@Anonymous wrote:Adding a card at that point will actually drop your credit while right now it would help it because AoYA isn’t a credit factor for dirty files.
@Saeren, can you point to empirical or anecdotal data on this? I actually asked this a couple weeks ago and not sure that my mind was changed. Seems a statement was made that it doesn't show up as a reason code on dirty files ... but I am not sure it doens't have scoring implications.
I confess that I used this justification to add a couple new credit lines I otherwise wouldn't have .....
@BallBounces wrote:
@Anonymous wrote:Adding a card at that point will actually drop your credit while right now it would help it because AoYA isn’t a credit factor for dirty files.
@Saeren, can you point to empirical or anecdotal data on this? I actually asked this a couple weeks ago and not sure that my mind was changed. Seems a statement was made that it doesn't show up as a reason code on dirty files ... but I am not sure it doens't have scoring implications.
I confess that I used this justification to add a couple new credit lines I otherwise wouldn't have .....
I actually was told this when I pointed out that I hit 3 months and had no score improvement from AoYA >3 months. Went back and looked at my credit reports and confirmed that I indeed have not suffered from AoYA drops nor realized any gains from it. Somehow I missed that correlation.
Its not wise to speak in absolutes though I guess so there’s always a chance it’s profile dependent.
When I received pre-approval I was about one yr post DC and they approved me for $300 and I did heavy usage, after about 6-7 months they increase to $2500. Its been well over one year with low usage(about 100 montly) and no cli. I called them and they put a note on my acc for cli review.
Good luck
@Anonymous wrote:
@BallBounces wrote:
@Anonymous wrote:Adding a card at that point will actually drop your credit while right now it would help it because AoYA isn’t a credit factor for dirty files.
@Saeren, can you point to empirical or anecdotal data on this? I actually asked this a couple weeks ago and not sure that my mind was changed. Seems a statement was made that it doesn't show up as a reason code on dirty files ... but I am not sure it doens't have scoring implications.
I confess that I used this justification to add a couple new credit lines I otherwise wouldn't have .....
I actually was told this when I pointed out that I hit 3 months and had no score improvement from AoYA >3 months. Went back and looked at my credit reports and confirmed that I indeed have not suffered from AoYA drops nor realized any gains from it. Somehow I missed that correlation.
Its not wise to speak in absolutes though I guess so there’s always a chance it’s profile dependent.
Thanks, I wish we had better data on this. I find it plausible, but not convincing. I also wonder if aspects we don't consider play in to it as well. eg, Does a thick and dirty file treat AoYA thresholds differnt from a thin and dirty file? And how thick is thick, and how dirty is dirty?
@BallBounces wrote:
@Anonymous wrote:
@BallBounces wrote:
@Anonymous wrote:Adding a card at that point will actually drop your credit while right now it would help it because AoYA isn’t a credit factor for dirty files.
@Saeren, can you point to empirical or anecdotal data on this? I actually asked this a couple weeks ago and not sure that my mind was changed. Seems a statement was made that it doesn't show up as a reason code on dirty files ... but I am not sure it doens't have scoring implications.
I confess that I used this justification to add a couple new credit lines I otherwise wouldn't have .....
I actually was told this when I pointed out that I hit 3 months and had no score improvement from AoYA >3 months. Went back and looked at my credit reports and confirmed that I indeed have not suffered from AoYA drops nor realized any gains from it. Somehow I missed that correlation.
Its not wise to speak in absolutes though I guess so there’s always a chance it’s profile dependent.
Thanks, I wish we had better data on this. I find it plausible, but not convincing. I also wonder if aspects we don't consider play in to it as well. eg, Does a thick and dirty file treat AoYA thresholds differnt from a thin and dirty file? And how thick is thick, and how dirty is dirty?
I mean my file would definitely count for thick (AoOA > 9 years, AAoA > 3 years) and dirty (BK) but I don’t obsess over point gains and losses as much as others here and in fact only pull my scores once a month.