@Thomas_Thumb wrote:
@tristanforks wrote:Howdy,
I am currently a 19 y/o college student trying to maximize my credit card use and build my score. My score currently sits at 755.
I have a Discover It student edition (5% cashback) that I have had for 1 yr 5 months (this is my longest open account). I use this card for most purchases and try to maximize my 5% back.
I also have the BofA customized cash rewards (3% cashback) that I have had for about 6 months.
These are my only 2 credit accounts (no installment loans), I have 0 inquiries in the last 12 months, my revolving utilization is always below 20%, and I have 0 missed payments.
All you need is the 2 cards for now. Just continue to pay on-time and allow the accounts to age.
My daughter started with Discover and Wells Fargo student cards in college - 1 month apart. Starting limits were $1.8k and $1.2k. Credit scores in the 720s when 1st reported.
Her Fico scores after 5 years card aging reached 800 and hover between 800-815 at 8 years. Still only those 2 cards. No loans or AU accounts.
Below is a graph of my daughter's Fico score over time. There are some step change increases relating to aging milestones. Her cards reached 12 months age in Dec 2016 and Jan 2017. The red horizontal lines should be ignored. They were an attempt to identify time periods of constant aging effect on score.
Typical AoYRA milestones where score boosts are anticipated include: 6 months, 12 months and 2 years. Three and five years are important for AAoA and AoOA. Longer age milestones likely exist for AoOA as well.
The large initial drop and subsequent spike down shown below are likely due to elevated reported utilization or the "all zero" penalty.
