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Hi! My name is Jon and this is my first post on myFICO.
When I was much younger, I blew my credit to smithereens. I mean... bad! Well, fast forward a little over seven years and all the baddies have fallen off my credit reports except two unpaid medical bills from an ER stay while uninsured. I started building my credit back up, with two secured credit cards and a Walmart card... then a Speedway card... then an Amazon.com store card... then finally a Discover It card. I used each card sparingly, keeping a balance on only one secured card and Discover, to keep my utilization low.
Well, I went on a binge of applying for credit cards (mostly store cards from GE and Commity with small limits) and a few unsecured cards that I was approved for with $2k limits.
Then it hits me, after I've added at least ten or fifteen new cards that, once they arrive, I lock in my custommade locking shoebox... what about my AAoA?!?
Am I going to be royally screwed when all these new cards hit my credit report at he same time? I was thinking about utilization and available credit, not my AAoA!
Your AAoA will take a hit, but it should be easily offset by all the good you have done with the new approvals. Gaining new accounts is a necessary evil at some point if you really want to progress your credit worthiness in the eyes of lenders for the long haul. If you're trying to really maximize your score/worthiness for a big loan or mortgage in the near future it might've been advisable to hold off on the app spree (only someone much more knowledgable in the game can say for sure) for a couple more months.
The credit game is a marathon, not a sprint...keep that in mind.
Thanks!
@dn0774 wrote:Your AAoA will take a hit, but it should be easily offset by all the good you have done with the new approvals. Gaining new accounts is a necessary evil at some point if you really want to progress your credit worthiness in the eyes of lenders for the long haul. If you're trying to really maximize your score/worthiness for a big loan or mortgage in the near future it might've been advisable to hold off on the app spree (only someone much more knowledgable in the game can say for sure) for a couple more months.
The credit game is a marathon, not a sprint...keep that in mind.
Welcome to the forum, John!