@Anonymous wrote:
Back in November I opened up a PLOC with RBC Bank. I opened it primarily to use it as a safety net for my bill payments and stuff, so that nothing would ever bounce. After a month or two I called them and asked why I didn't see it on my bureaus -- I was hoping for an extra account in those days, to thicken my file. The CSR told me that they don't ever report PLOC's to the bureaus. Weird, but I didn't argue and subsequently forgot about it.
Well today it reported. Maybe they report twice a year? I don't know, but it showed on my report with 6 months of paid up history and bumped my score from 713 to 720 on Experian. Yay!
There seem to be a few effects here that would explain the bump up:
1- It lowered my utilization from 3% to 2%. Not sure that matters, but it added an extra $9k to my overall credit.
2- It pulled my AAoA up from 5 months to 6 months. I suspect this is the explanation--that 6 months is some magic number for AAoA calculations.
Had I known it would eventually report I might have skipped apping one of my other cards, since now I have more accounts than I was aiming for. I guess my FirstTech Visa is probably spurious and I don't really use it.
Anyway! Some data, and I'm happy about the 7 point bump.
AAOA has a minimum floor of 1 year, and since it rounds down, anything short of 2 years = 1 year.
Not certain why it in and of itself would trigger a point increase other than wandering over a number of revolvers with balances line potentially. Could be other things in your report as well.
Anyway I take every FICO score win that I can with open arms, no downside in this case, enjoy!
