Should I apply for a CC to reduce utilization even if it dings the age of MY credit history?

[SouthJamaica]

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@Anonymous wrote:

I was just turned down for a CLI on my Cap1 Quicksilver card [$7500 limit}. I use this card to pay most of my monthy bills and pay off every month. They used an old FICO score from December [651] while my current FICO 8 score is 700. I understand they use a different FICO score [4/5] for this purpose. I just requested / given a $500 increase on my Synchrony card.

My current utiliization is 16.5%. My other Cap1 card has a balance of $1300 [72% utilization]. I have another card at 43%. The goal is to get it under 30% and then focus on the other Cap1 card while paying the minimum on my other cards [between 2-16% utilization].

I plan on requesting another CLI on the Quicksilver in 2 months. Question, my oldest credit line is 17 years BUT the average age of all of my accounts is only 3.3 years. I was thinking of applying for a Discover card to reduce my utilization which would in turn reduce the average age of my credit history. What should I do? Also what does FICO consider "heavy usage" - anything over 10%?!      

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I don't think it's a good idea to submit credit card applications while your utilization is high like that.

I think it's best to just bite the bullet and pay things down.

[Anonymous]

I agree with SJ.  Approvals with high utilization aren't usually all that great (relative to if you had low utilization) so really how much is that additional credit line if it's not very high going to help with your aggregate utilization?

[Anonymous]

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@Anonymous wrote:

I agree with SJ.  Approvals with high utilization aren't usually all that great (relative to if you had low utilization) so really how much is that additional credit line if it's not very high going to help with your aggregate utilization?

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I'm just trying to do both - pay down my current 16.5 ultilization AND increase my CLs. Based on my calculations I should be below 10% in three months.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I agree with SJ.  Approvals with high utilization aren't usually all that great (relative to if you had low utilization) so really how much is that additional credit line if it's not very high going to help with your aggregate utilization?

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I'm just trying to do both - pay down my current 16.5 ultilization AND increase my CLs. Based on my calculations I should be below 10% in three months.

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So you really have no need to open up another card then.  I would try for some CLIs on the cards that you have now.  Your combined CLIs could exceed what a new line of credit could provide you in terms of your aggregate utilization denominator. 

[Anonymous]

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@Anonymous wrote:

I wouldn't... how many cards do you have now? While 17 years is nice, my first thought is "Ok, AAoA is 3 years... what, can they not keep an account long term?"

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Just pulled my EX credit report. The AAoA is 6.1 years. The 3.3 years is what was reporting on my FACO report for credit cards only.

[wa3more]

i would leave alone- i agree with brutal, spr and south.

[grillandwinemaster]

Best way to lower utilization: PAY IT DOWN! Doesn't matter if your AAofA is 1 year or 10 years. PAY IT DOWN! 

Remember, you asked for advice, and you certainly received it.  It's up to you what you're going to do with said advice.

Best credit wishes to you!

[Anonymous]

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@Anonymous wrote:

I'm no expert, but that seems like a lot. You know, inquires stay on your report for 2 years, right? DO NOT open a new card now. If you want to fix your utilization, pay some cards down.

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4 cards in 2 years is nothing. And stop over rating inquiries. They have no affect after 12 months. 

[Anonymous]

Your AAOA is pretty good.

[Anonymous]

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@Anonymous wrote:

Once again, I apologize for my poor word choice. I was actuaaly told I have a weird way of asking things... don't worry! from now on I'll leave it to people who can convey what they mean more!

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Understandable. We all do it.