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Thick file vs AAoA and no inquiries

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Valued Contributor

Thick file vs AAoA and no inquiries

My scores have been climbing and credit lines growing with SPs. I've been shying away from any credit increase requests that would result in a HP and haven't applied for new cards. I have one inquiry on TU that will be a year old in May and one on EQ that will hit the one year mark in Sept.  I have 8 cards and one auto loan. AAoA for each CB ranges from low to high 3 years. Oldest accounts are close to 20 years. I've been trying to get all of my inquiries to fall off and let my AAoA increase.  Don't know if I'd get some extra points when that hits 4 or 5 years.  Total utilization is usually 1-2%.

 

Looking at the long term, would it be better for me to follow the path that I'm on or apply for a few more cards to increase my file thickness? I'm hoping to get a few that start at $10k. I'd give up some points for the inquiries and when the new cards report. AAoA would also decrease a little. Those things would come back within a year of my apps. 

 

I should also note, AMEX, Chase and Discover were included in my BK that was discharged in 2010. I'm probably on their blacklist so I wouldn't be able to apply with them. Cap1 was also included but they forgave me. 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Apple Rewards - $15,000 / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / JC Penney - $10,000 / Discover IT - $9700 / Discover IT - $7500
NFCU - $7300 / Barclay Rewards - $5400 / DCU - $5,000 / Merrick - $2400 - Total - $154,300

EQ - 765 / TU - 761 / EX - 755
Message 1 of 6
5 REPLIES 5
Regular Contributor

Re: Thick file vs AAoA and no inquiries

I'm a little more aggressive than most... But I'd swing for the fences. As long as you don't have any upcoming credit needs (mortgage) I'd hit up all the pre-qualified links see how the waters are. For a bankruptcy at the 5 year mark your scores aren't too bad. 680 is right at the point where things could happen for you. The inquiries only affect your score for 12 months. Spree now.. See where you stand. wait 18-24 months rinse and repeat.  The bankrupty is going to be there for a while so the extra positive payment history will help over time.

Message 2 of 6
Valued Contributor

Re: Thick file vs AAoA and no inquiries

Most people get a score bump when their AAoA hits 4 years.

 

You have plenty of cards right now to build your scores and history so I would suggest being a bit careful with the HPs now. You really only need to app for quality cards that you can keep open for life now. I wouldn't consider your file thin or thick, you just need some age on the accounts that you do have.

 

I would suggest adding only 1 or 2 cards a year so your AAoA doesn't take too big of a hit.


Starting Score: EQ 653 6/21/12
Current Score: EQ 817 7/10/19 - EX 802 7/13/19 - TU 815 6/03/19
Message 3 of 6
Legendary Contributor

Re: Thick file vs AAoA and no inquiries

You already have a thick file.

 

Eight revolvers are more than enough.  You also have bank cards, I would not app for new cards.

Any new cards will reduce your AAoA. 

 

 

 

 

Message 4 of 6
Valued Contributor

Re: Thick file vs AAoA and no inquiries

Thanks!  That's kind of what I thought and why I have been trying to hold off and let what I have grow. 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Apple Rewards - $15,000 / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / JC Penney - $10,000 / Discover IT - $9700 / Discover IT - $7500
NFCU - $7300 / Barclay Rewards - $5400 / DCU - $5,000 / Merrick - $2400 - Total - $154,300

EQ - 765 / TU - 761 / EX - 755
Message 5 of 6
Valued Contributor

Re: Thick file vs AAoA and no inquiries

FICO seems to love thick file!

"I am become death, the destroyer of worlds"
Message 6 of 6
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