EQ FICO 20 points increase!! Maybe not for long though :(

[SwiftTone]

Just pulled my EQ FICO and it went from 709(2/28/12) to 729 today!

2 things have changed:

1: Capital One removed 1 30 day late from 01/2010

2: AAoA went from 3 years 11 months to 4 years.

Apparently AAoA is scored in full year increments.

2 things that will change again soon.

1. I was added as a AU on a Cap1 account, and it will lower my AAoA to 3 years 9 months. Effectly scoring my AAoA as 3 years instead of 4. Also, Last month's statement balance cut at a balance that will increase my utilization from my current 1% to 14%

2. My student loan of $4500 will report soon.

How will these changes effect my overall profile?

thanks!

[pizzadude]

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@SwiftTone wrote:

Just pulled my EQ FICO and it went from 709(2/28/12) to 729 today!

2 things have changed:

1: Capital One removed 1 30 day late from 01/2010

2: AAoA went from 3 years 11 months to 4 years.

Apparently AAoA is scored in full year increments.

2 things that will change again soon.

1. I was added as a AU on a Cap1 account, and it will lower my AAoA to 3 years 9 months. Effectly scoring my AAoA as 3 years instead of 4. Also, Last month's statement balance cut at a balance that will increase my utilization from my current 1% to 14%

2. My student loan of $4500 will report soon.

How will these changes effect my overall profile?

thanks!

---

You are correct that AAoA is scored in whole years, and it rounds down as well, so 3 years 1 month and 3 years 11 months are both considered 3 years.

It looks like your AAoA will decrease again, when the Cap1 account shows up and also once your student loan appears, which will possibly lower your FICO score.   Also your increased utilization won't help, this also would probably ding you a few points.   

[MarineVietVet]

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@SwiftTone wrote:

Just pulled my EQ FICO and it went from 709(2/28/12) to 729 today!

2 things have changed:

1: Capital One removed 1 30 day late from 01/2010

2: AAoA went from 3 years 11 months to 4 years.

Apparently AAoA is scored in full year increments. This is true. Scoring rounds down AAoA.

2 things that will change again soon.

1. I was added as a AU on a Cap1 account, and it will lower my AAoA to 3 years 9 months. Effectly scoring my AAoA as 3 years instead of 4. This will probably hurt some but it's hard to say exactly how much. Why did you become an AU on an account that would lower your AAoA? Will this account help your utilization? I'm just trying to figure out why you did this. I'm not saying it was wrong though; just curious.

Also, Last month's statement balance cut at a balance that will increase my utilization from my current 1% to 14%. This will likely cost a few points but you'll get them back as soon as the utilization goes back down.

2. My student loan of $4500 will report soon.

How will these changes effect my overall profile?

thanks!

---

[SwiftTone]

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@MarineVietVet wrote:

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@SwiftTone wrote:

Just pulled my EQ FICO and it went from 709(2/28/12) to 729 today!

2 things have changed:

1: Capital One removed 1 30 day late from 01/2010

2: AAoA went from 3 years 11 months to 4 years.

Apparently AAoA is scored in full year increments. This is true. Scoring rounds down AAoA.

2 things that will change again soon.

1. I was added as a AU on a Cap1 account, and it will lower my AAoA to 3 years 9 months. Effectly scoring my AAoA as 3 years instead of 4. This will probably hurt some but it's hard to say exactly how much. Why did you become an AU on an account that would lower your AAoA? Will this account help your utilization? I'm just trying to figure out why you did this. I'm not saying it was wrong though; just curious.

Also, Last month's statement balance cut at a balance that will increase my utilization from my current 1% to 14%. This will likely cost a few points but you'll get them back as soon as the utilization goes back down.

2. My student loan of $4500 will report soon.

How will these changes effect my overall profile?

thanks!

---

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I was added because I thought his high CL of $9500 would help me with approvals for high CL cards. My highest card has a CL of $1250. Reducing my AAoA by 3 months isn't that big of a deal, right?

He said he PIF every month. But I think what he did was he PIF for the due date, but then between the due date and statement cut date he charged it up again not know that balance on the statement cut date is balance that's reported. I only found out about this when I called in to get his balance.

I'm kind of thinking I made the wrong move here...arggg...

Should I apply for something before his Cap1 reports on my CR? Which bank is known to give high initial CLs?

I'm going crazy

[MarineVietVet]

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@SwiftTone wrote:

 

I was added because I thought his high CL of $9500 would help me with approvals for high CL cards. My highest card has a CL of $1250. Reducing my AAoA by 3 months isn't that big of a deal, right? Actually your AAoA will go from 4 years to 3 years since AAoA is rounded down for scoring. That could be a somewhat significant change.

He said he PIF every month. But I think what he did was he PIF for the due date, but then between the due date and statement cut date he charged it up again not know that balance on the statement cut date is balance that's reported. I only found out about this when I called in to get his balance. You need to find out what utilization is being reported each month. He might not understand how important proper utilization is. Explain to him about paying down the balance before the statement posts.

I'm kind of thinking I made the wrong move here...arggg... You can always have yourself be removed from this account.

Should I apply for something before his Cap1 reports on my CR? Which bank is known to give high initial CLs? I will defer an answer on this. My youngest card is 5 years old so I don't keep up on the latest CC offers.

I'm going crazy

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[SwiftTone]

What I meant was, it'll only take another 3 months until my AAoA is 4 years again.

With his and my current balance, my util will be 14%. Not as bad as I thought, but not great.

Does anyone know how long it takes Capital One to report me as an AU to the CRAs? The rep on chat says it will be when the next statement gets reported to the CRA but I thought it would be faster than that. I am hoping i'd have another month  

[Revelate]

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@SwiftTone wrote:

What I meant was, it'll only take another 3 months until my AAoA is 4 years again.

<snip> 

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This is the right way to look at it.  Short-term maximization is a poor choice of goals when it comes to credit building unless you need something RIGHT NOW.

MVV was absolutely correct, if it turns out it's not working as well for you as you thought, you can airstrike it easily enough unlike a tradeline you're primary account holder on.  As for the AU reporting, I know Cap One does generally report AU's but I have no clue how long that takes... probably just with a new card it'll take a statement cycle at least.

I don't think you've done yourself a great disservice with getting added as an AU; however, wait for a few months and if it's not what you want, kick it to the curb.  I don't know how AU account limits tend to factor into extension of new limits honestly, more and more lenders would prefer to disregard them entirely if possible.

[frogfan12]

Wow, I had no clue about that! My oldest cards turn 6 next month, so I'm certain that will affect my AAoA as well. Over a year on this forum and I'm still learning new things.