I understand about wanting lots of keeper cards (no annual fee or the annual fee is worth it,) to build a strong base, card base, but your AOA is very young, and this can be a reason lenders give you for application rejections. I'd garden until March at least, (a year from your first account opening), May would be better, to age the accounts a little more, then apply for a few more cards.
I get what you're saying and it has some truth, but I'll agree with the first poster and recommend not doing anything for awhile.
You can do what you're talking about and get a bunch of cards while your AAoA is so low because more cards now won't really hurt your AAoA. In the future if you get a new card then it won't effect your AAoA as much.
To be honest I think you've done just that though. You have a bunch of credit from a bunch of different banks and tanked your AAoA to under a year. Your scores are impacted to the point where you will start to get denials for some conservative banks. You've done really well so far and set yourself up well. Now is the time to go on autopilot, pay in full every month, and watch your scores keep climbing. You are setup well for the future already.
You can do what you're talking about and get a bunch of cards while your AAoA is so low because more cards now won't really hurt your AAoA. In the future if you get a new card then it won't effect your AAoA as much.
To be honest I think you've done just that though. You have a bunch of credit from a bunch of different banks and tanked your AAoA to under a year. Your scores are impacted to the point where you will start to get denials for some conservative banks. You've done really well so far and set yourself up well. Now is the time to go on autopilot, pay in full every month, and watch your scores keep climbing. You are setup well for the future already.
Vizion wrote:
Forgot to add in my example:
Person A and B both app’d for their cards at the same time and 5 years later they both have NO inq.
I do want to reach a 1 year AoA but I first want to diversify my credit profile with different lenders. If I ever have AA I do not want it to damage my profile. The same with new accounts: I do not want a huge drop in score if in the future I app for another Mortgage/LOC/card.
I totally undersatnd what you're trying to do. You need to stagger those future apps out a little. First pull your FICO 8 scores and see where your at on all CBs. www.creditchecktotal.com spend a $1. My AAoA never got quite as low as yours though close at 1.2 years this time last year. I've hammered it this year. It hasn't changed much because of all the accounts I opened and some I closed over the last 2 years that still report.
Have you requested a CLI on your Citi card or Capital One yet? A BOFA CLI should be coming up. That one will be a HP on TU though. You have one fresh pull on TU..right?.. from NFCU. A Penfed CLI request is coming up. That one is nearing six months. That would be another EQ pull.
How many CCs are you after? Or is it actually CLs? Allowing the accounts you have now to age a bit isn't a bad idea either. Pull your reports and see where you're first, before going any further.
Forgot to add in my example:
Person A and B both app’d for their cards at the same time and 5 years later they both have NO inq.
I do want to reach a 1 year AoA but I first want to diversify my credit profile with different lenders. If I ever have AA I do not want it to damage my profile. The same with new accounts: I do not want a huge drop in score if in the future I app for another Mortgage/LOC/card.
I totally undersatnd what you're trying to do. You need to stagger those future apps out a little. First pull your FICO 8 scores and see where your at on all CBs. www.creditchecktotal.com spend a $1. My AAoA never got quite as low as yours though close at 1.2 years this time last year. I've hammered it this year. It hasn't changed much because of all the accounts I opened and some I closed over the last 2 years that still report.
Have you requested a CLI on your Citi card or Capital One yet? A BOFA CLI should be coming up. That one will be a HP on TU though. You have one fresh pull on TU..right?.. from NFCU. A Penfed CLI request is coming up. That one is nearing six months. That would be another EQ pull.
How many CCs are you after? Or is it actually CLs? Allowing the accounts you have now to age a bit isn't a bad idea either. Pull your reports and see where you're first, before going any further.
@Anonymous wrote:
From CCT -
EX: 764
TU: 697
EQ: 763
AoA: 1.2 years
Oldest: 2.8 years
I need to stay above 1 year, right?
I was under the impression AoA only factored in active accounts.
Nope. My Experian is my highest score because it has a card from 1998 on it. My oldest account there is 19, youngest is one month. The other two CRAs don't have the account (it's closed, and due to fall off mid 2018).