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New Credit Card Score Activity

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Super Contributor

Re: New Credit Card Score Activity

If you currently had an Age of Youngest Account (AoYA) of > 12 months, then it would be 100% clear not to add a new card.

 

As it is, if you feel like adding one more card will give you a lot of pleasure, it won't be hurting your AoYA so you could certainly do it if you wanted to.

 

But given that you have four cards now I would just lean toward adding no new cards.

Message 11 of 14
New Contributor

Re: New Credit Card Score Activity

thanks for all the responses and advice. and sorry to OP for hijacking your post. hopefully some of the info was valuable to you.

FICO 8:
EQ-835
TU-836
EX-833
Discover IT - 23.5k @18.24%
Macys Amex - 7.5k @26.99%
Chase Amazon - 2k @21.49%
Chase Sapphire Preferred - 14.7k @17.24%
Amex Gold (NPSL)
Message 12 of 14
Frequent Contributor

Re: New Credit Card Score Activity


@CreditGuyInDixie wrote:

Nice response by NRB and TMR.

 

Opening a number of new cards was a mistake given that you plan to buy a house soon.  There is no changing that, however, so the best thing to do is get all cards reporting zero except one (AZEO) with the remaining card reporting a small positive balance (e.g. $20).

 

Once the new AZEO balances have appeared on all three reports (you can use some free tools to monitor that) then you should sign up for the myFICO Ultimate and take a look at your mortgage scores.  These are different from your FICO 8 scores.

 

PS.  Do be sure to make one purchase on each of the new cards -- although it's fine if the card still reports $0.  When a new card remains unused for a while it sharply increases the chance that it will be closed due to inactivity.

 


Wow, I agree great responses NRB and TMR, and you also CGD. That was a real eye opener, I feel like I may still have some luck on that 6 month window. It may be a little smaller for me to around 5 months, but I have ceased applying for any new credit since november 1st.  My truck note is listed at 8 months left.  I am hoping to fall right into that 6 month window with all cards at 0, except 1, No recent credit seeking, and 1 installment loan stil intact

 

I really do appreciate all of that advice guys, it put a lot of things into perspective for me. I also have a paid sub with myfico, but I consider joining these forums to have been the best financial investment i've made. Thank you all again

FICOs: EQ - 731 / TU - 737 / EX - 727
Garden: 6/1/19 / U 6%
Profile: Aaoa - 4.6y / Aooa - 13y / Aoya - 1m
Wallet:
"An investment in knowledge pays the best interest." - BF
Message 13 of 14
Frequent Contributor

Re: New Credit Card Score Activity


@Rickd21 wrote:

thanks for all the responses and advice. and sorry to OP for hijacking your post. hopefully some of the info was valuable to you.


Quite alright, If I could've helped you I would've responded as well. 

FICOs: EQ - 731 / TU - 737 / EX - 727
Garden: 6/1/19 / U 6%
Profile: Aaoa - 4.6y / Aooa - 13y / Aoya - 1m
Wallet:
"An investment in knowledge pays the best interest." - BF
Message 14 of 14
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