@Red1Blue wrote:
How can I improve my AAoA?
Concorduser, you scare me. I often consider the value of the replies I receive from my threads based on the number of posts made by the person replying. You have over 4,000 posts. I have you elevated to supreme status. It scares me that you are asking this type of question.
One thing worth doing is to put the accounts in a speadsheet and watch them age. You may not be able to do much about the AAoA now but play with the speadsheet and figure out how long it is going to take in order to raise the AAoA to 5 years, 10 years, 15 years and 20 years. I am 50 years old, my AAoA is 7 years and I am never going to be able to raise the AAoA beyond 15 years.
My biggest mistake in the last 3 years was signing up for every promo card that gave me either 10% to 20% off today's purchases or a $40 credit on your first statement or $25 credit off today's purchase. Even if I close them today, they will remain on my credit report for another 10 years.
Another thing I only recently found out after opening what is probably my 20th Chase credit card in the last 30 years. Chase will re-brand their credit cards for me. (Not all Chase cards can be rebranded.) My plan is to convert my Chase Amazon card opened 2005 to a Chase Marriott Rewards card. I won't get any signup bonus for new points, or promo interest rates, but the card will have an openned date of 2005 not 2009. Another thing, they will do this without a hard inquiry.
The other thing I would do is join a credit union that reports to more than one CRA. I would open a share draft (checking account) and a line of credit. I would use the line of credit at least twice per year borrowing $400 to $500 dollars each time waiting until it reports to the CRA which means either seeing it report or holding a balance for at least 60 days, then paying it off. My credit union closed my LOC at 13% when the gave me a HELOC at 6%. Who is going to borrow money at 13% when you can borrow at 6%, the only problem is they stopped reporting the LOC and it aged off my credit report. Keep the LOC open, In 20 to 30 years it will be a super account that adds to your AAoA.
