How much score increase by adding a 12 year aged tradeline with 5K limit?

[Red1Blue]

My median fico is 650. How much boost will I get if I were to add a 12 year old tradeline with 5K limit?

I got an offer from Optima Oasis. My first account was opened around 94 or 95.

I can I can get the card back add that tradeline from 1994 to my CR how much boost will I gain in my score?

[haulingthescoreup]

What are your current length of credit history and average credit history? (back on screen two of the EQ and TU FICO reports.)

[Red1Blue]

Is this what you are looking for from FICO Reports ?

TU / Your oldest account was opened 9 years ago / Average age of your accounts 4 years

EQ / Your oldest account was opened 9 years ago / Average age of your accounts 3 years

Let me know if you need more details.

[fused]

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concorduser wrote:

Is this what you are looking for from FICO Reports ?

TU / Your oldest account was opened 9 years ago / Average age of your accounts 4 years

EQ / Your oldest account was opened 9 years ago / Average age of your accounts 3 years

Let me know if you need more details.

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Can you list all of the open dates by the month/year or just year (inculde all accounts on your reports)and the CLs and balances on all CCs and revolving accounts?  

[Red1Blue]

Hi fused, here is the info you asked. Let me know if you need more information on this.

Card Opened CL Bal Status

Speigel  11/07 500 0 Open
JCP 10/07 800 110 Open
ONavy 10/07 200 47 Open
Macy 10/07 100 35 Open
Dillards 10/07 200 117 Open
HSBC 10/07 750 0 Open
BOA 09/07 500 0 Open
Hooters 08/07 1000 0 Open
FNB 07/07 3000 0 Open
SVCU 07/07 1000 0 Open
HSBC 03/07 400 0 Open
HSBC 03/07 400 0 Open
IMG 03/07 350 0 Closed
NMB 10/06 2000 0 Open
NMB 10/06 1000 0 Closed
CONE 04/06 600 0 Open
HSBC 11/01 0 0 Closed
APB 11/01 1000 0 Closed
WAMU 10/01 1100 0 Closed
Plains 07/01 1000 0 Closed
Plains 05/01 2000 0 Closed
UBM 7/01 2000 0 Closed
HSBC 5/01 5000 0 Closed
CAP1 1/01 0 0 Closed
FPB 1/00 400 0 Closed
FPB 1/00 400 0 Closed
Sterling 1/00 5200 0 Closed
Prov 10/00 2000 0 Closed
CAP1 6/00 0 0 Closed
FPB 6/00 0 0 Closed
HSBC 7/98 0 0 Closed

[smallfry]

I don't imagine you would get much boost on average age since you have a fair number of tradelines on your reports. It couldn't hurt though. anyway to combine some of those cards? I might suggest you try for a credit card from a credit union next inquiry. Might get you a somewhat higher limit. You must have to do a lot of juggling to stay under 10% per account.

[Red1Blue]

Hi SmalFry, Thanks for your input.

As for the CLI, I was told most of the stores like macys and others would CLI after 3 months. Now that Xmas is coming hopefully stores will increase the limits in time to shop in their stores. That might help from the CL side.

Also tradelines FNB/SVCU/NMB are secured credit cards. I can easily add funds to the deposit and increase my CL by another 10K. If you think more CL helps the score, I can boost the limits on these 3 accounts easily bu another 10K. Should I do it?

I am also trying to get some of the negative information also removed. One judgment from TU should come out next week. There are also 90 lates reported and 3 Paid Collections reported. I am trying to get them out too. Might take couple of months for some of them to come out.

If all this happens what kind of boost will I see on my score. Also adding the 12 year old Amex back to my CR what kind of score increase would I see?

[haulingthescoreup]

Hi, concorduser, I don't know enough to predict the score change, but I did want to comment that although your average might not change much, your oldest revolving account will move from 9 years (the closed HBSC) to 12 years (the restored Amex.) That is one of the factors looked at, although certainly not a huge one.

Do you have any non-revolving TL's older than 1998? If not, then your overall length of credit history will change to 12 years. I apologize for dragging in the bucket thing (my current obsession!), but I was reassigned to a tougher bucket when I added an AU account and my longest history went from 12 years to 18 years. I lost 15 pts with EQ, and 7 or 8 each with EX and TU. It's been about 3 weeks, and my scores have started creeping back up. No one knows where the various "break points" are that trigger reassignment, but just be aware that going from 9 to 12 years might be one of them. The promise is that the bucket change allows for greater score growth in the future, but it's pretty painful when it first hits.

That's an amazing list of CC's! I hope you have one heck of a money management program to stay on top of all that. BTW, I'm sure you know this, but don't let very many of those report in any given month --that would temporarily whump your scores.

[Red1Blue]

Hi Hauling, thanks for the input. I am keeping balances on only 3-4 cards very small balance. Other cards I use them but PIF even before the statment date so on the statement it will show $0 balance. I use BOA BillPay and Portfolio software. It is very nice and very handy. It tells me in a quick glance upto date information as to what are the balances on my account and with one quick I can pay the bill or schedule a payment date so it would automatically delivers the payment on the due date. It is very handy to use. I also pay off all the balances once every Friday, so there is always a payment made on the account every week so there is no chance of getting late. It is hard work keeping tracking of the credit.  I want to reach the scores of 700-750 hopefully soon in the near future. I have go get few more baddies out of CR and hopefully the new accounts would age in time to boost my score. Thank you very much for your help and input.

[fused]

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concorduser wrote:

Hi fused, here is the info you asked. Let me know if you need more information on this.

Card Opened CL Bal Status

Speigel  11/07 500 0 Open
JCP 10/07 800 110 Open
ONavy 10/07 200 47 Open
Macy 10/07 100 35 Open
Dillards 10/07 200 117 Open
HSBC 10/07 750 0 Open
BOA 09/07 500 0 Open
Hooters 08/07 1000 0 Open
FNB 07/07 3000 0 Open
SVCU 07/07 1000 0 Open
HSBC 03/07 400 0 Open
HSBC 03/07 400 0 Open
IMG 03/07 350 0 Closed
NMB 10/06 2000 0 Open
NMB 10/06 1000 0 Closed
CONE 04/06 600 0 Open
HSBC 11/01 0 0 Closed
APB 11/01 1000 0 Closed
WAMU 10/01 1100 0 Closed
Plains 07/01 1000 0 Closed
Plains 05/01 2000 0 Closed
UBM 7/01 2000 0 Closed
HSBC 5/01 5000 0 Closed
CAP1 1/01 0 0 Closed
FPB 1/00 400 0 Closed
FPB 1/00 400 0 Closed
Sterling 1/00 5200 0 Closed
Prov 10/00 2000 0 Closed
CAP1 6/00 0 0 Closed
FPB 6/00 0 0 Closed
HSBC 7/98 0 0 Closed

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I think you should pay down some of the open CCs with balances especially the Dillards, O Navy, Macy's and JCP cards. Your overall util is very good though. Do you have any negative stuff on your reports? COs, collections, public records, BK, lates, anything whatsoever? This is important to know. My gut feeling is your scores could go either way until we know the answers to this.

Message Edited by fused on 11-11-2007 08:27 AM