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Your thoughts on when adding tradelines: what is too much too fast

dpg1234
New Member

Re: Your thoughts on when adding tradelines: what is too much too fast

Hi and thanks for commenting!

 

To give you some more insight; 

  1. Only have 1 inquiry on my report
  2. my average account age is 7 years 9 months
  3. AoYA is 1 month as i just added the Milestone account in August

Right I hear ya that adding newer accounts will drive down my AAoA further impacting my score. Which is originally what prompted me to ask this question since I was considering adding all of those accounts. 

 

My ultimate goal is to pick up a Cap1 Venture account and Citi AA rewards cards then purchase a house - spread across the next 12 to 24 mos. 


@AllZero wrote:
Cleaner profile, higher FICO -> better approval odds, higher starting credit limit, better APR.

Roger that, makes sense. So when I went in to look for my age of account data I realized that one of my charge off acounts is actually still reporting monthly "failure to pay". 

The account was charged off Mar 2018 - anyone know if they can still report to my credit like that?  (it's an AmEx)

 

My other two accounts that went down at the same time stopped reporting Dec 2018. (these two were both Chase).

 

Again, appreciate all comments, tips and suggestions!


Don

 

 

 

Message 11 of 12
AllZero
Super Contributor

Re: Your thoughts on when adding tradelines: what is too much too fast

You have a good AAoA and low inquiry.

With the house goal in mind, you'll need to take action soon to clean up your reports.

It's recommended no new accounts, credit seeking, 1 year prior to home application.

The charge off "failure to pay", is going to keep on hurting you until it stops monthly updates.

Depending on the amount owed, ability to repay, it's something you should look into with AmEx, Chase or the collection agency.
Message 12 of 12
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