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Understanding how First Premier works...

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Regular Contributor

Re: Understanding how First Premier works...

Did I mention to you I received an email with a cc offer from USAA? It has an expiration date at the bottom of the email too
Message 21 of 41
Valued Contributor

Re: Understanding how First Premier works...

yes, it's unsecured. 2 pts for the inquiry, 0 for account opening.  My aaoa is low, but kinda solid.  None of my new cards dropped my score, only the inquiries.  AAoA went from 2.10 years to 2.7 years  after adding 4 cards- I did not pass any aging thresholds that would cause a score drop.   If I were to open a new card now tho, it would dop my aaoa to about 2.5 years and i'd likely lose a few points for going below 2.6 years.   So I can't say whether opening a new account will hurt you or not -- but you will recover the lost points in 6mos to a year. 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 07/01/2019: EX 741 ✦ EQ 727 ✦ TU 733
Current FICO 9s | 06/01/2019: EX 753 ✦ EQ 751 ✦ TU 732
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 780s


My AAOA: 2.7 years not incl. AU / 2.10 years incl. AU
My AoOA: 6.5 years not incl. AU / 8.5 years incl. AU
Report Status: Clean

Tending my Garden til 2/2021


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 22 of 41
Regular Contributor

Re: Understanding how First Premier works...

Oh... Ok, very cool, 2 points is low. It looks like on my end that TU has not been updated yet, so maybe I'll get a boost from the FP pay off as well.

Message 23 of 41
Valued Contributor

Re: Understanding how First Premier works...

Yea TU and EQ are both always slow to update for me... always 2-3 days behind EX.  Wait for all 3 bureaus to update before you app.  Just because they pulled EX for me, doesn't mean they won't pull a different one for you.  They have been known to know to pull EQ sometimes too...

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 07/01/2019: EX 741 ✦ EQ 727 ✦ TU 733
Current FICO 9s | 06/01/2019: EX 753 ✦ EQ 751 ✦ TU 732
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 780s


My AAOA: 2.7 years not incl. AU / 2.10 years incl. AU
My AoOA: 6.5 years not incl. AU / 8.5 years incl. AU
Report Status: Clean

Tending my Garden til 2/2021


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 24 of 41
Regular Contributor

Re: Understanding how First Premier works...

ya, makes sense. for me, it's equifax that's late on an update. i'm waiting for everything to be updated, and also waiting for the date so i can pull the updated myfico c report. here's some info on the account i have:

average account age: 5yrs, 1 mnths

oldest account: 10yrs, 11 mnths

  
  
Message 25 of 41
Regular Contributor

Re: Understanding how First Premier works...

accounts*

Message 26 of 41
Valued Contributor

Re: Understanding how First Premier works...

*FICO calculates your account open dates as the first of the month in which they were opened.  So -if you opened an account on January 5th, FICO sees that as January 1st and calculates your AAoA based on that date and its age would be 0 months. 

 

So... you would need to:

 

(1) List all of your accounts (closed accounts, CC's, and loans)  and their open dates.  

(2) Determine how many months each has been open. 

(3) Then add one new account with an open date of January 2019 - 0 months -  (this is assuming you open a USAA account sometime this month). 

(4) Get your average  after including this new account. 

If it falls below 5 years (60 months) -- then you may not want to open a new account yet because you'll lose several FICO points for falling below the 5 year mark.    You may have to wait a couple of months.   

 

You can calculate what an open date in the future will do to your AAoA -- just remember to age your other accounts by however many months based on your new account open date so your calculation will be accurate  (if you try March 2019, you have to add 3 months to each of your other accounts).   --  so if January 2019 drops you below 5 years,  try Feb / March / April 2019  and so on to figure out when you can open a new account without dropping below 5 years.    

 

The easiest way to do this is to maintain an excel sheet.  I keep an excel sheet of all of my accounts -- it calculates my aa0a and I can add / remove accounts to see how the action will affect my aaoa.   How are you with excel?  I can send you a template later tonight if you need one.  Just PM me your email address (promise I will not spam you Smiley Wink). 

 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 07/01/2019: EX 741 ✦ EQ 727 ✦ TU 733
Current FICO 9s | 06/01/2019: EX 753 ✦ EQ 751 ✦ TU 732
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 780s


My AAOA: 2.7 years not incl. AU / 2.10 years incl. AU
My AoOA: 6.5 years not incl. AU / 8.5 years incl. AU
Report Status: Clean

Tending my Garden til 2/2021


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 27 of 41
Regular Contributor

Re: Understanding how First Premier works...

Excel does not work for me, tried it before, I'm horrible at it.

Gathered this info for you:

bofa nov 10 2017
macys mar 3 2018
cap one may 13 2017
credit one aug 30 2018
chyrsler cap auto loan aug 17 2018
cap one auto loan closed aug 27 2018
fedloan servicing loan closed oct 16 2017
netcredit financial jan 16th 2018
navy federal closed aug 10 2009
portfolio recovery (collections) jun 25 2015
midland funding (collections) aug 27 2014

Message 28 of 41
Valued Contributor

Re: Understanding how First Premier works...

cap one auto loan closed aug 27 2018
fedloan servicing loan closed oct 16 2017

navy federal closed aug 10 2009

 

Are those their open dates or closing dates (need open dates)?   

 

 

 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 07/01/2019: EX 741 ✦ EQ 727 ✦ TU 733
Current FICO 9s | 06/01/2019: EX 753 ✦ EQ 751 ✦ TU 732
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 780s


My AAOA: 2.7 years not incl. AU / 2.10 years incl. AU
My AoOA: 6.5 years not incl. AU / 8.5 years incl. AU
Report Status: Clean

Tending my Garden til 2/2021


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 29 of 41
Valued Contributor

Re: Understanding how First Premier works...

And where is the First Premier account?  Charge-offs are factored in as well... 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 07/01/2019: EX 741 ✦ EQ 727 ✦ TU 733
Current FICO 9s | 06/01/2019: EX 753 ✦ EQ 751 ✦ TU 732
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 780s


My AAOA: 2.7 years not incl. AU / 2.10 years incl. AU
My AoOA: 6.5 years not incl. AU / 8.5 years incl. AU
Report Status: Clean

Tending my Garden til 2/2021


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 30 of 41