cancel
Showing results for 
Search instead for 
Did you mean: 

15-year Credit History to 7+ year, just like that :-/

tag
Wavester64
Valued Contributor

Re: 15-year Credit History to 7+ year, just like that :-/


@Taurus22 wrote:

@Wavester64  That must have been one of your oldest accounts, obviously.  And clearly, you felt that during your build once you were "in the credit game", that account wasn't necessary for you.  I don't think that was a bad decision at all, and honestly I'm not sure that you can consider a 7+ year history weak.  Sure, it's not as lengthy as it was prior, but that's hardly weak.

 

Looking at your siggy, (assuming it's updated) you have 22 non-business revolving credit lines with a TCL $241,800. That's an average limit of $11,000 per card with FICO scores in the high 700's, approaching 800. That's a pretty strong profile.

 

In contrast, my oldest card is 8.2 yrs,  AAoA = 3.5 yrs, I have 10 relvolving credit lines totaling $102,500. That gives me an average of $10,250 per card with FICO scores 807, 809, 812.  Although my profile is relatively young compared to many here, I don't in any way feel that my profile is weak. And I'm honestly considering dropping my oldest card of 8.2 yrs, which will leave me with 2 cards @ 6 yrs each as my oldest. I feel like that starter card is holding me back and have no problem dropping a card which doesn't benefit me. In 7 years, when that actually drops from my scoring, my aggregate age would be 13 years, rather than 15.

 

You said you noticed this last month....Did you see a major drop in your scores this month? Do you feel like it's something you can't overcome?

 

 


Hey @Taurus22 thanks for the comments Smiley Happy. Nothing too major drop wise. I was lately around the 783-786 mark on EX, and after the drop from 15-years to 7, my score went to 780, so not too bad. My concern is the Lenders. It couldn't have come at a worse time. I wanted to try for the Citi Custom Cash after I was 0/6 in accounts and INQs and that will be in a few weeks, but now that my length of history has dropped, it woudln't surprise me that this will hurt my chances.






Potential Future Cards
Message 11 of 23
Wavester64
Valued Contributor

Re: 15-year Credit History to 7+ year, just like that :-/


@SoCalGardener wrote:

Vent away, @Wavester64! Smiley Happy

 

Even though I understand the logic, i.e., positive *or* negative, old entries eventually age off our reports, I also get being upset when a positive entry disappears!

 

As others have noted, you have a fine collection of accounts now. While this dip certainly hurts, you know you're going to see your AAoA go up (albeit slowly) as time goes by, so hang in there. And vent as needed!


Thanks @SoCalGardener Smiley Happy






Potential Future Cards
Message 12 of 23
Taurus22
Valued Contributor

Re: 15-year Credit History to 7+ year, just like that :-/

@Wavester64   Bah. I think Citi Custom Cash is more concerned about the INQ's and recent accounts, than account age. DP's seem to suggest that's the biggest factor. Although I'm going the PC route for the CustomCash, if I had to, I wouldn't hesitate to apply with the same age as you.  I think you're sweating it too much.

My Wallet
Sock Drawered

On Deck: No Plans Currently
Message 13 of 23
Horseshoez
Senior Contributor

Re: 15-year Credit History to 7+ year, just like that :-/

@Wavester64, I agree with @Taurus22, you're way overthinking this; relax and go get the card you want.  

Chapter 13:

  • Burned: AMEX, Chase, Citi, Wells Fargo, and South County Bank (now Bank of Southern California)
  • Filed: 26-Feb-2015
  • MoC: 01-Mar-2015
  • 1st Payment (posted): 23-Mar-2015
  • Last Payment (posted): 07-Feb-2020
  • Discharged: 04-Mar-2020
  • Closed: 23-Jun-2020

 

I categorically refuse to do AZEO!

In the proverbial sock drawer:
Message 14 of 23
SoCalGardener
Valued Contributor

Re: 15-year Credit History to 7+ year, just like that :-/


@Anonymous wrote:

 

If I really go back in time, I could have an American Express Cards with "Member Since 1972" but alas, closed and the history is gone ...


Same here--sort of. Mine would've said "Member Since 198?" (I can't recall if it was '87 or '88). But, like you, it's long closed and all that history gone. Oh well!

 

Amazon Prime Store CardAmerican Express Blue Cash Preferred CardAmerican Express Everyday CardBank of America Customized Cash VisaCapitalOne Quicksilver MastercardCapitalOne Quicksilver VisaCapitalOne Walmart Rewards MastercardChevron Texaco CardCiti Double Cash MastercardDiscover More CardJCPenney Gold MastercardOverstock.com CardSportsmans Guide Rewards VisaSynchrony Home Card
Message 15 of 23
Taurus22
Valued Contributor

Re: 15-year Credit History to 7+ year, just like that :-/


@SoCalGardener wrote:

@Anonymous wrote:

 

If I really go back in time, I could have an American Express Cards with "Member Since 1972" but alas, closed and the history is gone ...


Same here--sort of. Mine would've said "Member Since 198?" (I can't recall if it was '87 or '88). But, like you, it's long closed and all that history gone. Oh well!

 


And yet, @Anonymous 's scores are 850.....see, I think too much stock is put into aggregate age.  7yrs, 20yrs, 30yrs....I think each would have equal chance at the exact same application.

My Wallet
Sock Drawered

On Deck: No Plans Currently
Message 16 of 23
GatorGuy
Valued Contributor

Re: 15-year Credit History to 7+ year, just like that :-/

Good to know lenders view my profile as weak!

 

Haha, in all seriousness, I've added 6 new accounts this year and my AAOA stands at 7.6 years now. It'll drop a little more once my mortgage refi goes through in a week. All my scores are 815+. I've had no issues with approvals and I doubt you would. Atleast related to an AAOA.

 

The only effect it might have is preventing you from getting to 850 scores which is pretty meaning less. 

 

If you have any DPs on an AAOA of 7 years being considered weak though please share. 

Message 17 of 23
barca
Regular Contributor

Re: 15-year Credit History to 7+ year, just like that :-/

I think everyone on this forum including myself is obsessed over FICO score.

even a 2 point drop, and sometimes I get angry.

 

At the end of the day , I have decided not to obsess over it anymore.

The final objective is to get the best rate or best deals.

 

If I have 5 year of history with 800 score.

or 7 year of history with 800 score.

or 30 year of history with 800 score.

 

in the eyes of the lender you all get same rate.

Message 18 of 23
Horseshoez
Senior Contributor

Re: 15-year Credit History to 7+ year, just like that :-/


@barca wrote:

I think everyone on this forum including myself is obsessed over FICO score.

even a 2 point drop, and sometimes I get angry.

 

At the end of the day , I have decided not to obsess over it anymore.

The final objective is to get the best rate or best deals.

 

If I have 5 year of history with 800 score.

or 7 year of history with 800 score.

or 30 year of history with 800 score.

 

in the eyes of the lender you all get same rate.


I guess I'm definitely defective; all of my cc accounts this month happened to report a zero balance and I took a 19 point whack; my response?  "Oh well, it'll come back next month; who the heck cares?"

Chapter 13:

  • Burned: AMEX, Chase, Citi, Wells Fargo, and South County Bank (now Bank of Southern California)
  • Filed: 26-Feb-2015
  • MoC: 01-Mar-2015
  • 1st Payment (posted): 23-Mar-2015
  • Last Payment (posted): 07-Feb-2020
  • Discharged: 04-Mar-2020
  • Closed: 23-Jun-2020

 

I categorically refuse to do AZEO!

In the proverbial sock drawer:
Message 19 of 23
Wavester64
Valued Contributor

Re: 15-year Credit History to 7+ year, just like that :-/


@Horseshoez wrote:

@Wavester64, I agree with @Taurus22, you're way overthinking this; relax and go get the card you want.  


You're prob right. Come September 1, I'll be 0/6 in both NEW Accounts and INQs on EX.

 

Unless I chicken out, going to try for the Citi Custom Cash at that time Smiley Happy






Potential Future Cards
Message 20 of 23
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.