@jostles wrote:
Sorry if title was misleading. myfico simulator said one of the reasons my score is low is because of "newest opened credit" was less than 5 months. I had a samsung revolving line opened before xmas to buy electronics which I've now paid off and when I saw that myfico tip, I closed that account hoping it will alleviate that issue.
However, my wife just got her Amex Platinum card and she added me as an AU without me knowing. questions about that:
1) does Amex on my report increase my score for any reason? (simulator says increase in amount of credit line doesn't change anything)
2) since the amex is so new, will i get hit for "new credit opened in less than 5 months"? I assume the answer is yes
3) if i close the newest account and or remove the amex, will that negate the "newest credit opened in less than 5 months" issue?
1. No, it will lower your AAOA and reset your youngest account. It is a charge card so no affect on your utilization.
2. Yes, see answer 1
3. No, closed or open, new accounts affect scores. If you get the AU account deleted from your reports than the effect will be removed. However, you are "stuck" with the account you opened last Christmas and only time can help.
