I think I've asked this before but can't find the post so maybe I didn't 
Anyway, I've got two revolvers, Cap1 QS1 and Cap1 Venture1. My FICO scores are in the 680-690 range and I have a few baddies from the past few years, most recent about 18 months ago. Oldest card is my QS1 at 18 mos. and I also have an Amex Gold and Amex BBP. Depending on where you look my AAoA ranges from 1.4 years to 11.1 years (have lots of closed old accounts). I've also recently been declined for CSP because of score and baddies as well as thin file. I want to get my 3rd revolver to get that score boost that should come with it. Any recommendations? Nothing on any prequal sites besides Discover, which I understand means nothing.
I have a NFCU account that I just opened but don't use but they are an option for a card (would a NFCU Amex be a soft pull given my current relationship with Amex?). Where should I turn for what might be an easy approval of a revolver for me? I prefer travel rewards but happy with cash back or even nothing as long as I can get that magical 3rd revolver on my CR.
Besides the inquiry, scores can decrease because of:
- A decrease in AoYA (age of youngest account)
- A decrease in AAoA (average age of accounts)
- Percentage/number of accounts that are "new"
These decreases don't all occur with every new account. For instance, if your youngest account is less than a year old, there isn't much AoYA to lose. AAoA would need to cross a threshold for a decrease to occur. I don't think a lot is known about the third bullet point except that it exists in the reason codes.
What happens is that with one's first card or two, the mere presence of the card is likely to offset anything that might cause a decrease and result in an immediate gain. That often misleads people into applying for several cards… and surprising them when scores take a dive.
One new card is likely to cause a ding rather than a dive, though. If your current AoYA is over a year, expect to lose about 20 points, which is somewhere between a ding and a dive.
Scores do recover, though. And they often improve in the long run. The point is that improving one's score usually isn't a great reason to add a card. Finding the card to be useful would be.
@HeavenOhio wrote:Besides the inquiry, scores can decrease because of:
- A decrease in AoYA (age of youngest account)
- A decrease in AAoA (average age of accounts)
- Percentage/number of accounts that are "new"
These decreases don't all occur with every new account. For instance, if your youngest account is less than a year old, there isn't much AoYA to lose. AAoA would need to cross a threshold for a decrease to occur. I don't think a lot is known about the third bullet point except that it exists in the reason codes.
What happens is that with one's first card or two, the mere presence of the card is likely to offset anything that might cause a decrease and result in an immediate gain. That often misleads people into applying for several cards… and surprising them when scores take a dive.
One new card is likely to cause a ding rather than a dive, though. If your current AoYA is over a year, expect to lose about 20 points, which is somewhere between a ding and a dive.
Scores do recover, though. And they often improve in the long run. The point is that improving one's score usually isn't a great reason to add a card. Finding the card to be useful would be.
Thanks. All makes perfect sense and food for thought about right card for right reasons at right time vs. anything right this second to hlep my score to do what...eventually get the right card for the right reasons!
@Anonymous wrote:I think I've asked this before but can't find the post so maybe I didn't
Anyway, I've got two revolvers, Cap1 QS1 and Cap1 Venture1. My FICO scores are in the 680-690 range and I have a few baddies from the past few years, most recent about 18 months ago. Oldest card is my QS1 at 18 mos. and I also have an Amex Gold and Amex BBP. Depending on where you look my AAoA ranges from 1.4 years to 11.1 years (have lots of closed old accounts). I've also recently been declined for CSP because of score and baddies as well as thin file. I want to get my 3rd revolver to get that score boost that should come with it. Any recommendations? Nothing on any prequal sites besides Discover, which I understand means nothing.
Why, doesn't it report as a revolver to credit bureaus just like other cards ?
I have a NFCU account that I just opened but don't use but they are an option for a card (would a NFCU Amex be a soft pull given my current relationship with Amex?). Where should I turn for what might be an easy approval of a revolver for me? I prefer travel rewards but happy with cash back or even nothing as long as I can get that magical 3rd revolver on my CR.