My Summit cards turns 2 next month and TU HP to acquire it falls off as well. Will/should this be a positive bump? I wasn’t sure if aging to 2 would be a milestone or not. As I understand it, the 2 yr HP shouldn’t make much of different because FICO does not count them on you score after 12 month? Is this correct?
Congrats on turning 2!
Nice little run of 7 cards in 2 years? You've got some good limits there considering age
Nice little run of 7 cards in 2 years? You've got some good limits there considering age
@JNA1 wrote:
My Summit cards turns 2 next month and TU HP to acquire it falls off as well. Will/should this be a positive bump? I wasn’t sure if aging to 2 would be a milestone or not. As I understand it, the 2 yr HP shouldn’t make much of different because FICO does not count them on you score after 12 month? Is this correct?
Your inquiry dropping off at its 2 year mark, unfortunately, will not bring any points back as any points for that inquiry would have already been given when it hit its 1 year mark.
As for your oldest reaching 2 years... hard to say because - from what we know of FICO - AoOA is not a scoring factor, it is a scorecard assignment segmenter. If an increase in AoOA places you on a different scorecard your score may change due to a shift in weighting of the factors used in scoring and the assigned min/max scores associated with the scorecard -- and a score change due to scorecard reassignment could go either way, increase or decrease, depending on how those weighed factors measure up.
It would be really great if you could report back once the account ticks over 2 years and let us know what, if anything, changed. Also pay attention to the negative reason codes provided before and after for your scores -- see if they change or re-order themselves. The more data you can provide, the better.
Thanks! The biggest thing helping me is that I have a 17 yr 8 mo mortgage on my file, and a couple of car loans (one closed PIF, and one open, 2yrs 7 mos old) with perfect payment history. I subscribed to the Dave Ramsey "Credit cards are da debbil!" philosophy for decades, and I was terrified of credit cards. We bought everything we needed with cash and I only had those credit lines for over 20 years. When I bought my truck in 2017, I signed up for Credit Karma and actually checked my credit for the first time. I realized my score, though solid, was suffering for not having a good mix of accounts and revolving credit. I read up on it and applied for the Summit card because I was building an engine for my GTO and was going to be spending a good chunk of change anyway, so I bought my parts with it and paid it off. I waited 9 months after I got the Summit card, and I got the Discover card and learned about cashback and the rest was history. I waited another 11 months and I went on a little spree at the end of last year and got the BCP, BBVA, PPMC and the PNC card to optimize cashback rewards. The BB&T card was actually a mistake - I read a post that said if you went the application process with BB&T it would display the SL before you had to submit the application, but that was mistaken. I'm gardening now in preparation to try to acquire a few more cards to round out my lineup. I have no interest in getting a bunch of cards just because I can - my goal is to get cards that I will actually use to optimize rewards and to build good relationships with a few big CUs. I financed my latest auto loan through a CU and I really like dealing them instead of banks. I will share data points when I get them, but the true affect may be muddied by the fact that the PNC and BB&T cards will turn 3 months old next month also. My profile handled the 5 card spree pretty well I think, only dropping 13 points, but my AAoA dropped down to 4 yr 1 mo old.
@Nomad3 wrote:
Congrats on turning 2!
Nice little run of 7 cards in 2 years? You've got some good limits there considering age
@Cassiecard
Correct. You may see 1 or 2 points on VS3 scores, but those aren't important. You've done really, really well in 2 years! When I reached 2 years Age of Oldest Account (AoOA), I lost 19 to 22 points on the EX 2 scores (2, Bankcard 2, Auto 2). That's from switching scorecards on those specific models. I'd love see what happens with your profile at 2 years AoOA.
@jamie123 wrote:Yeah, no matter what Ramsey says, credit cards are the foundation of rock solid high credit scores that will stay with you for life.
I don't think that FICO cares so much once an account ages past 2 years but I think it matters to some lenders. That's why Chase has the 5/24 rule. Chase won't approve your app if you've opened 5 accounts or more in the past 24 months. I think that lenders put a lot of focus on what people have been doing for the previous 2 years.
To be clear 5/24 was to stop churning aka SUB abuse and not for any other underwriting reason. 
That said I do agree that lenders in general put a lot more emphasis on recent data and the newer algorithms reflect that change in thinking, but I don't know that there's anything intrinsic to 24 months other than it's a conveniently round number (base 12 lol!) so one that would definitely be checked for data trends presumably.
