Account turned 1 year old

[Red1Blue]

Since last year I opened a string of new accounts ( about 11) . One of the account turned 12 months old today. Another 2 accounts should turn 12 months old next month and soon others should start turning 12 months old in every few months. Hopefully my scores should get a boost as all these new accounts turn 12 months old by next April.

[Anonymous]

You could easily see a 10-15 point jump when the youngest hits a year of age. I've seen sporadic 1-3 point gains when individual non-youngest cards have hit a year, but I did not try to isolate those birthdays against anything else that could've been going on at the same time. It's possible that you may pick up a point or two here and there when others age past 12 months but that may be profile-dependent also.

Regardless with 11 new accounts, you absolutely need to not app for anything for at least a year.

[Red1Blue]

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@Anonymous wrote:

Regardless with 11 new accounts, you absolutely need to not app for anything for at least a year.

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Hi @Anonymous, Thank you very much for your post. First thing, I am not going to app any more in the foreseable future. Of the 11 cards I have 7 are secured and well funded. When I was opening the secured cards I did not know different cards and features available. I know 4 out of 7 secured cards will graduate in the next 6-9 months and I am looking forward to that. I'll be glad if I can bring my scores into high 600s. I don't think I'll see much score gains due to COs and how they are hurting the scores with 90-120 day lates and Util. I got 6 out of 7 collections off the reports and I am settling the last one now and hopefully it should come off soon. Next I have to start working on some of the COs by settlements. I have about 12 COs that I am hoping to settle and get their balances show $0. When these are holding the scores, I am not much optimistic about large score increases. I am glad once my secured cards start graduating I can take out the deposit and move it other secured cards and beef them up. I have no more desire or interest to secure new credit. We will see.

[Remedios]

You wont experience any gains because an account turned a year old.

If you want to see gains, you need to stop applying, which you said you would 9 cards ago. 

[SouthJamaica]

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@Red1Blue wrote:

Since last year I opened a string of new accounts ( about 11) . One of the account turned 12 months old today. Another 2 accounts should turn 12 months old next month and soon others should start turning 12 months old in every few months. Hopefully my scores should get a boost as all these new accounts turn 12 months old by next April.

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No I don't think you should expect anything like that at all. You will probably get a boost once you have gone 12 months without any new accounts.

[Red1Blue]

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@Remedios wrote:

You wont experience any gains because an account turned a year old.

If you want to see gains, you need to stop applying, which you said you would 9 cards ago. 

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Hi @Remedios, I have been in the FICO world since 2006 and once built scores from very low up to high 700s. I fell off the wagon in 2015/2016 due to pursuing higher education and family medical issues. I am building up ground up again. There is a reason why I opened different secured accounts since each offered a different feature like no foreign transaction fees, possible graudation. I have no regrets in opening those new accounts. The new account ding is lot less compared to the COs, CAs and 90-120 lates that are holding my scores.  I am cleaning COs and CAs and eventually I should get a boost in my scores. The new account score ding, it is what it is. I am not looking back.

[Revelate]

If you have CA's on your file don't expect any points.

AOYRA / new accounts aren't a factor there in my experience on that scorecard, you won't even see reason codes for it.  AAOA only and those are few and far between.  No such thing as mini AAOA on my data and being on the CA/BK/tax lien scorecard for as long as I was I am pretty sure it is accurate.

[Red1Blue]

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@Revelate wrote:

If you have CA's on your file don't expect any points.

AOYRA / new accounts aren't a factor there in my experience on that scorecard, you won't even see reason codes for it.  AAOA only and those are few and far between.  No such thing as mini AAOA on my data and being on the CA/BK/tax lien scorecard for as long as I was I am pretty sure it is accurate.

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Hi @Revelate, I did not quite understand your message about AAOA and other things. What am I looking for here in my Report ? I do have one last collection that should come off soon. May be in next 6 weeks I think. After that I am working on COs. I have about 14 COs that should come down to $0 in the next 3-6 months. Not sure what score gains I would see. Also all the new accounts should turn 1 year old bu that time. What is your comment on AAOA ?

[Revelate]

Paying down 14 CO's is a lot of changes.

What I was trying to convey was someone upthread talking about micro AAOA changes: no such thing, and the smaller apparently AAOYRA changes aren't in your scorecard at all.

[Anonymous]

to piggy back on this.... Do installment loans aging to 1 year give you a score increase or only revolvers?