I have found 2 or 3 cards that I’d really like to have in my arsenal, but I’m not sure what approach to take. I have my mortgage, which is 17 years old, but all my other credit accounts are no more than 2 years, which has my AAoA at 3 yrs 10 mos. I’m on pace to have my house paid off early in about 3.5/4.0 years from now at the latest (Lord willing and the creek don’t rise). When that falls off, my credit profile will be perpetually new for a while it would seem.
So I guess my question is should do a mini spree now, take the hit, and let them age the 3.5/4 years before my mortgage is paid off, or acquire them over time?
If it matters, we both have low mileage newer cars, and we typically drive a car/truck for 10 years or so, so there is plan for an auto loan or anything foreseen that we plan on buying before the house is paid off. In fact, if possible, I’m going to try to pay it sooner than 3.5 years, but 3.5 is very realistic, achievable goal.
The 2 or 3 cards I’ve decided I’d like to have is AMEX BCP (for grocery CB and growth), The Sync 2% Mastercard (for everyday purchases and growth), and MAYBE the BB&T Cash Rewards cards because it’s a SP approval and the additional 10% CB when depositing in a BB&T works because we bank at BB&T.
So I guess my question is should do a mini spree now, take the hit, and let them age the 3.5/4 years before my mortgage is paid off, or acquire them over time?
If it matters, we both have low mileage newer cars, and we typically drive a car/truck for 10 years or so, so there is plan for an auto loan or anything foreseen that we plan on buying before the house is paid off. In fact, if possible, I’m going to try to pay it sooner than 3.5 years, but 3.5 is very realistic, achievable goal.
The 2 or 3 cards I’ve decided I’d like to have is AMEX BCP (for grocery CB and growth), The Sync 2% Mastercard (for everyday purchases and growth), and MAYBE the BB&T Cash Rewards cards because it’s a SP approval and the additional 10% CB when depositing in a BB&T works because we bank at BB&T.
Once closed, an installment loan (mortgage) can stay up to 10 years on your credit report. Same for auto loans. Thus, counting towards your AAoA until removed.
How old are your current cards?
How old are your current cards?
16 months and 10 months on my current cards.
I wasn’t aware that closed accounts counted towards AAoA. I didn’t have anything but my mortgage on my credit report for almost 15 years. We paid for everything with cash for many years.
I wasn’t aware that closed accounts counted towards AAoA. I didn’t have anything but my mortgage on my credit report for almost 15 years. We paid for everything with cash for many years.
With a Credit One card, and a mortgage, I would suggest, over the course of several months:
Get the BCP if the grocery category works at the stores you shop. It won't code at most WalMart, Target, and for me Fred Meyer is not grocery. Regardless of starting limit, this can grow to a high CL.
The Sync Mastercard may be fine. I don't know the card but 2% everything is useful.
Close the Credit One soon after that, to reduce fees.
The BB&T may be a good card, though I would stretch the timing out to be the last of them.
The Credit One card is actually not mine, it is my wife’s card and I am a authorized user, but I’m going to take myself off of it. We got it just to build her credit since she had no past credit at all.
