how many accounts have you opened in the past year?

[Anonymous]

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nosxih wrote:

Thinking long term, wouldn't it be a good idea to open at least 2 per yr to keep account aging consistant?

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Nope!  You will keep the average age of accounts down which can lower your score.

Let's say you've have one card for 5 years.  If you get a new card, after a year your average age shrinks to 3.5 years (average of 6 years and 1 year). Every time you open a new account you are lowering the overall average of accounts.

[fishbjc]

Auto Loan

Gas Card ~ Really Necessary!!!!!!

Mc ~ Necessary for DH business

Visa ~ Used for my gas/etc only.

Macy's ~ Won't see much use!!

Target ~ Love it!!!!

WalMart ~ Love it!!!!

3 Jewelry

[nosxih]

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@Anonymous wrote:

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@nosxih wrote:

Thinking long term, wouldn't it be a good idea to open at least 2 per yr to keep account aging consistant?

---

Nope!  You will keep the average age of accounts down which can lower your score.

Let's say you've have one card for 5 years.  If you get a new card, after a year your average age shrinks to 3.5 years (average of 6 years and 1 year). Every time you open a new account you are lowering the overall average of accounts.

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I did not know that was the way it was calculated. Very informative. Now I know why my account age reports at 6.5 years when I have a chase card from 1996. Always wondered about that.

[Anonymous]

i opened one in jan.  my scores never change no matter what i do.  frustrating.

FICOS--TU  727

              EX 704

              EQ 698  (will not give me that 2 pts.)

Do you think 6 months on the new one will help?