How long does "New Credit" continue to be a bad thing to the credit bureaus?

[tavalon]

The only reason Experian gave for giving me a 628 (compared to Equifax 754) was too much new credit. Oh, and not enough credit overall. Mixed messages, anyone? Anyone know how long I get put in the penalty box for adding 4 cards this year (making a total of 6)?

[09Lexie]

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@tavalon wrote:

The only reason Experian gave for giving me a 628 (compared to Equifax 754) was too much new credit. Oh, and not enough credit overall. Mixed messages, anyone? Anyone know how long I get put in the penalty box for adding 4 cards this year (making a total of 6)?

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That would depend on your AAOA.  Did the app spree drop your AAOA -2 years?

[lg8302ch]

For Fico all accounts of less than 2 years are still considered "new"     .. I have a ton of these "new" accounts. The inq associated with these new accounts stopped hurting after 1 year.  I am curious to see if I notice something if my 9 "new" accounts hit the 2 year mark. I can't wait for this to happen ..lol

[tavalon]

2 years. That's very helpful.

[tavalon]

I apologize. I've learned most of the abbreviations but I don't know AAoA. Could you tell me what that means? thx.

[notfancy]

Average Age of Accounts

[tavalon]

Thank you. I could have looked that up or figured it out in context but I'm multitasking right now and well, anyway, thanks. I appreciate it. And I see the problem. My seedlings are young, though, I have a history of 24 years on a couple of accounts. Basically, I should either suck it up and spree (2 more cards) or garden. I think I'm going to garden. 800s do not grow without time and attention.

[Knk8188]

Thank you for that answer. My app spree is coming to a close and I haven't had any previous new credit accounts for about 2 years so I didn't know the answer to that question either. Yup, I will be definitely gardening for 2 consecutive years starting July 2014!

[coldnmn]

Hope this helps

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@tavalon wrote:

I apologize. I've learned most of the abbreviations but I don't know AAoA. Could you tell me what that means? thx.

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http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458

[EW800]

I agree that it may depend on AAoA and other factors.  I just added a Barclay CC.  I took a hit of one point to TU for the INQ, however no points for any of the three bureaus for adding an account.  This was the first account that I added in roughly 4 to 5 years, therefore that could be a factor as well?