EX Fico8 : Short account history, Authorized Users

[Anonymous]

OK one thing that will help you is to have a few more accounts. That will probably cross you over to a thick scorecard instead of a thin scorecard. There are advantages to a thick card, including it’s more stable and not as magnified.

You also asked kind of what you’re aiming for on ages. The answer is you want to get to an aged scorecard which will require your oldest account to be somewhere between 12 and 17 years is the common consensus, I think. For average age, I don’t think you see much of a benefit beyond 7 years.

You don’t have very many inquiries and your utilization is great. Ideally you want aggregate utilization under 8.9% and individual utilizations under 28.9%. You failed to mention if you have any delinquencies or derogatory’s on your record? I’m kind of doubting that you do. Did you ever tell us what your scores are currently?

It’s a darn shame those AU accounts are not joint accounts. If they were, they would count for sure on all versions.

Here’s my advice to you: do the SSLT and get 3 more cards and then garden. There are few reasons not to do the SSLT and it could help you to the tune of 20 to 35 points. The added cards will help as well, but remember, you will then have to wait 12 months to realize the full effect.

[Anonymous]

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@Anonymous wrote:
OK one thing that will help you is to have a few more accounts. That will probably cross you over to a thick scorecard instead of a thin scorecard. There are advantages to a thick card, including it’s more stable and not as magnified.

You also asked kind of what you’re aiming for on ages. The answer is you want to get to an aged scorecard which will require your oldest account to be somewhere between 12 and 17 years is the common consensus, I think. For average age, I don’t think you see much of a benefit beyond 7 years.

You don’t have very many inquiries and your utilization is great. Ideally you want aggregate utilization under 8.9% and individual utilizations under 28.9%. You failed to mention if you have any delinquencies or derogatory’s on your record? I’m kind of doubting that you do. Did you ever tell us what your scores are currently?

It’s a darn shame those AU accounts are not joint accounts. If they were, they would count for sure on all versions.

Here’s my advice to you: do the SSLT and get 3 more cards and then garden. There are few reasons not to do the SSLT and it could help you to the tune of 20 to 35 points. The added cards will help as well, but remember, you will then have to wait 12 months to realize the full effect.

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Super helpful again. And ahh, I'd answered some of those questions in the original post, but I should have just posted again: 0 derogatories, 796 credit score (EX Fico 8). 

You think it's a good time for me to open 3 more cards now, considering I just opened 2 in February? Was low-key looking to see the boost I got from AoYA going to 12 months (which I hear is a breakpoint). But maybe it's worth delaying that gratification and getting the cards earlier now to age. I'm guessing you'd recommend to open cards that aren't Chase, since they probs won't be happy with me opening so many with them in a year? Do you include charge cards like the AmEx platinum? I have a huge offer from them, but just didn't know whether it was worth it at this time.

[Anonymous]

I apologize if you answered the questions earlier I confess I didn’t go back and re-read the entire post.

12 months is not so much a breakpoint as a “rebucketing” or in other words a scorecard change we believe. Yes you would most likely receive points then. There’s a good chance you received points on May 1st and will on August 1, (3 and 6 months AoYA).

Yes considering you’re already excellent credit score, I would delay the gratification and get the cards now for the benefit of aging. But I would wait for my possible six month award August 1 first. There’s nothing wrong with the Amex charge card, if it makes financial sense for you otherwise; it counts as an account.

If you’re under 5/24, you could probably get away with a third Chase card, however it may be more beneficial to diversify among lenders. You need to determine which three cards best meet your financial needs in my opinion. Then go get them, and because your score is high enough, you’re already going to get the best rates. Wait till after August 1, get three cards and implement the SSLT and sit on your hands for two years!