Sept 2006 - Last time I applied for a credit card!

[DI]

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@creditwherecreditisdue wrote:

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@DI wrote:

Ok.  I 'm still waiting for the PenFed and GM card to appear.  So I guess my AAoA will decrease 2 months for two cards opened the same month, or is it just 1 month?

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It's not that simple. It is most likely going to be more than a two month decrease. The two new, yet to show up TL's will be adding two more zeroes to the top part of your fraction and adding 2 two the bottom part. If you know how many open and closed TL's were included in that 2y 9m it can be figured out. (That would be the total number of all open and closed TL's of all types reporting on your CBR.) Hopefully it stays above 2y for you!

(According to my back of the envelope calculation the AAoA of accounts would only go down by 2 m if it is currently based on 31 reporting TL's!)

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I have 32 accounts reporting.  My oldest tradeline is 8 years 11 months.  When Target updates my account this month it be 9 years old.  

Message Edited by DI on 10-08-2009 09:22 AM

Message Edited by DI on 10-08-2009 09:22 AM

[creditwherecreditisdue]

If you have that many TL's reporting it will cost you about 2 m.

(With my portfolio two new account would cost me ten months!)

[DI]

Thanks!  So this time next year  will I  be back near 4 year AAoA?  I wonder how this affects my FICO.  I won't purchase to find out.

Message Edited by DI on 10-08-2009 09:33 AM

[armymom]

Prior to opening a Sam's account last month, my last account opened was 10/01.  Opening my Sam's account  knocked my AAofA from 7 yrs to 6yrs.

[creditwherecreditisdue]

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@DI wrote:
Thanks!  So this time next year  will I  be back near 4 year AAoA?  I wonder how this affects my FICO.  I won't purchase to find out.

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Reducing your AAoA from > 4 to < 3 should result in a FICO decrease. UTIL improvement could partially offset this if you carry any balances or have installment accounts.

[DI]

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@creditwherecreditisdue wrote:

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@DI wrote:
Thanks!  So this time next year  will I  be back near 4 year AAoA?  I wonder how this affects my FICO.  I won't purchase to find out.

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Reducing your AAoA from > 4 to < 3 should result in a FICO decrease. UTIL improvement could partially offset this if you carry any balances or have installment accounts.

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I have 2 installment accounts.  Student and Car loans 

[bakalao2k]

I haven't applied for a card since 2005, but I have an itchy finger right now.

[DI]

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@bakalao2k wrote:
I haven't applied for a card since 2005, but I have an itchy finger right now.

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Go for it!  An itchy finger means good luck.  Some one is waiting to give a new card

[Want2BDebtFreeNow]

I fell off the band wagon, I applied for a new car loan in July of this year (got approved for 3.9%) and an Ikea Credit card (which I havent used )

[Anonymous]

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@Anonymous wrote:

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@Want2BDebtFreeNow wrote:

3 years of "sobriety". The cool part about it is that I don't have any desire to apply for one.  Every once in a while I get the itch, but with the current credit market I know it would be a waste of an INQ.  Plus I do want to get to the 2 year mark with NO inq period on my credit report.  All the ones on there now are from trading veh's, another bad habit that I am trying to break.  In July of 2010 I will have had my car for 2 years! yay! 

Anybody else care to share their "sobriety" story? :-)

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I have not applied for Credit since Feb 2001. That was not even a credit card, but was actually an application to join a Country Club and they wanted to do a credit check.

We are very happy with our CC's (we have just 4) and I have turned down all CLI's offers as we have no need for it.

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Being as this thread has reappeared, I thought I would comment again. STILL HAVEN'T APPLIED since Feb 2001. This may seem strange to some, but really, there is nothing we need to apply for. We are blessed that we own our home, rental properties , cars, etc so no need to do it. We still have our 4 Credit cards and are very pleased with our Credit limits. We use each of them for about $500 plus per month, which we pay off when I get the bill.

We have not had any adverse reactions to Credit cards since all the changes have happened. The only thing that has changed is BOA actually doubled our CL when they issued our new card (This was not done at our request, they did it themselves).

Still get a slew of offers in the mail, but none that are needed.

I MAY be tempted later this year though, as the wife is looking at a new car. We could pay for it but the Ford dealer keeps telling me he can get us 36 Months at 0% INTEREST, so honestly, the intelligent thing to do would be to finance it under those terms and keep our money earning interest those three years.  Guess it will just depend on what is offered at that time.

Best to luck to everyone and I hope you all reach your credit goals.