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The Master Farming Support Thread
JayB27 posted a topic in Credit ForumThere are all the success stories about new cards, with huge limits. Which is great and the reason we are here. But how about those of you who really take pride in your ability to Garden. I know I can't do it very well, but interested in those who can. I am interested in finding out what it takes to get near 850. What types of AAOA and other factors it takes for the strong profiles sought after here on CB. You should be proud of your willpower, and this is a thread to boast about that. In the interest of science...What built your profile the way it is today?
Do Closed Accounts Continue To Report on AU's Credit Report
Aahz posted a topic in Credit ForumI've been scouring the web for three hours trying to find an answer to this question, but my Google-Freedom Unlimited must be particularly weak tonight because I haven't even been able to find anywhere the question was asked, much less answered. Since I managed to wander through life without any credit until my late 20s, and then proceeded to screw it up royally, only finally getting to a decent report now that I'm in my mid-40s I've vowed to do everything I can to set my daughter on the right path. Obviously, education has been the primary component of that assistance, but I also added her as an AU to my CapOne card (best I had at the time) two years ago. Now that my credit is solid I've opened a Joint BofA card with her as well, which sets her up pretty well (how many 18 year olds do you know with a non-AU $9000 MC?). This gives her an AAOA today of two years (my CapOne is four years old). But the CapOne no longer serves any purpose for me, and they can't/refuse to waive or remove the AF so I'm looking to close it. But I don't want to hurt DD's AAOA, and it's worth $36 a year to keep that there until she's comfortable opening her own individual lines of credit. So, if I close the CapOne account while she's still listed as an AU will the card and its history continue on her recordfor seven years just as it will on mine? Or will it poof "overnight" dropping her to a zero month AAOA?
average age of count and length of credit history
mizliz1011 posted a topic in Credit ForumLength of Credit History: 32 Year Average Account Age: 9 Years, 8 Months I can improve on this with the two new AmEx revolvers in the next few months. Can someone tell me what the optimal figures are for max credit on both length and AAOA? thanks
Three Quick Questions...
david_weaver posted a topic in Credit ForumThree quick questions: 1) After closing on a foreclosed home last year, went on a mini app-spree to finance repairs/improvements. Opened 5 new cards. With the next reporting, each of those accounts will now be open over 1 year. Is there any appreciable change in AAOA, or in credit score, when such milestones are reached or does it accrue slowly all along? In other words, when it hits the 1 year mark, is it going from 0 years to 1 year, or from 11 months to 12 months? 2) How does being an AU impact AAOA, or does it at all? If someone adds me as an AU on a card they just received, does that hurt MY AAOA? And if someone adds me as an AU on a 10 year old card, any reporting for me just covers the period after I am added? 3) With the reporting changes, does being an AU really count for much anymore? I know it used to, but thought they scaled that impact back considerably. I know being an AU on AMEX is great, as you can D*. But other than that, how much does it really help? Thanks!
AAoA Thresholds - where should I draw the line?
b75 posted a topic in Credit ForumIs there a defined set of thresholds for AAOA, similar to the other well-known and time-tested thresholds for other CRA file criteria? (ie: keep util at 1-2%, no more than 1-2 cards reporting balances, etc...) I'm currently at 8 years on each CRA, thanks heavily to 3 Amices reporting since 1993. Just added a new card which hasn't reported, yet - by my calcs that will drop me to 7 years and a few months. Keeping in mind that I can always churn some new AmEx's (January-ish), is there a bright-line that I shouldn't let myself fall below? Is 5+ "good"? 6+? Stay above 7 at all costs???
When to fight, when not to fight?
david_weaver posted a topic in Credit ForumSorry there is a lot of information below. I had some great success here cleaning up my credit, but every case is different, and I was still sort of at a loss when a friend asked me for advice. These are the 7 baddies on her credit report from TU. She ran into some financial trouble in 2007, closed all her cards, and used one of those credit counseling agencies to negotiate paybacks. Other than one of the GECRBs, it looks like everything got paid in full. She has one GECRB store card now, so not blacklisted or anything. Her file is pretty thin, mostly less than two years old, and only a few credit cards and a car loan at that. So basically, looking for advice: How much do 5-7 year old late payments still hurt score, if at all? If they still matter, does it matter more that they show as 60 or 90 or 120 days, or when they are that old, they basically all matter the same? Do you attack all baddies no matter what, or as I have seen mentioned, does the law of unintended consequences weight heavily on that decision? Would losing an account like BOA that was opened 12 years ago, especially with a thin file, do more damage by dropping AAOA than any benefit from removing a few nearly 7-yr old lates? How would you advise these 7 oldies be addressed? Dispute, goodwill, leave them alone? Thanks! BOA Date Opened: 03/13/2002 Loan Type: Credit Card Balance: $0 Last Payment Made: 07/13/2011 Date Closed: 06/27/2007 Maximum Delinquency of 60 days in 08/2007 an in 09/2007 for $456 Remarks: Account closed by consumer CNB Date Opened: 12/10/2005 Loan Type: Note Loan (Auto) Balance: $0 Last Payment Made: 02/12/2010 Date Closed: 02/12/2010 Maximum Delinquency of 30 days in 09/2007 and 01/2010 Remarks: Closed CNB Date Opened: 07/24/2004 Loan Type: Note Loan (Auto) Balance: $0 Last Payment Made: 02/13/2009 Date Closed: 02/13/2009 Maximum Delinquency of 30 days in 09/2007 and 12/2008 Remarks: Closed DISCOVER Date Opened: 10/19/2005 Loan Type: Credit Card Balance: $0 Last Payment Made: 07/13/2011 Date Closed: 06/27/2007 Maximum Delinquency of 60 days in 09/2007 Remarks: Closed by credit grantor GECRB Date Opened: 02/08/2006 Loan Type: Charge Account Balance: $0 Last Payment Made: 02/24/2011 Date Closed: 06/27/2007 Maximum Delinquency of 120 days in 08/2007 and 09/2007 for $124 GECRB Date Opened: 11/06/2005 Loan Type: Charge Account Balance: $0 Last Payment Made: 05/18/2009 Pay Status: Charged Off Date Closed: 06/13/2007 Maximum Delinquency of 120 days in 09/2009 and in 11/2009 for $94 Remarks: Purchased by another lender; unpaid balance charged off Estimated month and year that this item will be removed: 05/2016 US BANK Date Opened: 02/23/2007 Loan Type: Conventional Real Estate Mtg Last Payment Made: 08/16/2013 Date Closed: 09/03/2013 Maximum Delinquency of 120 days in 12/2010 for $2,691 and in 03/2011 for $2,732
miakayuuki posted a topic in Credit ForumGreetings All, Well, I finally have two high limit cards, one for $10,000 with DCU and one for $22,000 with NavyFed and I am starting to think it is time to close one or two of my starter cards which still have fees. Here is the crux however, my AA0A is only around 3 years right now due to taking advantage of the recent student loan special conciliation deal that lowered the interest rates. So of course all my loans closed, and all new ones opened. Having read through the forums, I found some conflicting information about when exactly an account stops accruing time towards AAOA. Some people say it stops when closed, some say it continues to accrue time until it is removed form your credit report. Thus my question, lets say I close my $250 PNC Visa (Prior National City Visa) Secured Card. It has about 5 years of history going for it. Which of the following occurs in regards to it's inclusion in my AAOA? A: It continues to count as 5 years and only 5 years for the next 7 years until it falls off my credit report. B: It continues to age despite being closed and contributes in an ever increasing fashion for the next 7 years until it falls off. C: The 27 national credit bureaus (I think that is the right count these days, so many new ones it is hard to keep track) decide to conspire to screw me and remove the account immediately from my report causing my scores and pride to drop. Thanks for the help and clarification all, the assistance is appreciated.
Oldest Account- Should I or Shouldn't I
SunnySideUp32 posted a topic in Credit ForumI have a utility collection account on my credit report for $68. It due to fall off in less than a year. The account was opened in 2005 so it is the longest account I have. Should I try to offer them payment in exchange for updating the account as paid as agreed so it can stay on? Advice on if it is a bad idea or not please.
AAoA & New Mortgage...any effects?
BamaInvestor posted a topic in Credit ForumHi CBers!!! I attempted to search for the answers but had no luck so I'm asking for advice from those who know...I'm looking at a townhouse that I consider a bargain and I'm preapproved for a VA Loan if I'm going to move on it, but I was wondering if adding a new mortgage to my CR will have an effect on my AAOA as I'm currently at 2.1 yrs due to app spree in December. If so, wouldn't it be a positive effect as I've read from FICO reports that I don't have a mortgage or auto loan presently. Thoughts??
Should I try to delete positive AU accounts? AAoA
DiamondDan73 posted a topic in Credit ForumI started rebuilding my and my DW credit a few years back and recently I have been getting some great TL's. One of the biggest factors affecting both of our reports is our AAOA. Each new account I opened I put her on mine or I added me to hers. Because of this I am starting to think our AAOA is being dragged down by all of the accounts over the last two years. Would our AAOA go up if I get us off eachothers cards as AU's?
Close new low limit cards to increase AAoA?
fateo posted a topic in Credit ForumThis board has been a very rewarding find. Can the experts advise me if I should close my WellsFargo and Bank of America accounts below since both are less than 6 months old with low limits and I was denied CLI even with a hard pull AAOA Since Ex Eq Tu limit 7.44 10/2005 1 0 0 American Express Platinum NPSL (approx 18K via online authorization) 9.44 10/2003 0 0 0 CapitalOne Platinum $2,800 0.52 9/2012 0 1 0 Discover IT $6,000 0.50 9/2012 1 0 2 Bank of America Visa $2,500 0.44 10/2012 1 1 0 Chase Sapphire Preferred $22,500 0.44 10/2012 2 0 0 Wells Fargo Visa $3,000 0.11 2/2013 0 1 0 PenFed $13,500 0.11 2/2013 0 1 0 USAA Total Rewards MC $15,000 0.11 2/2013 0 0 0 PenFed LOC $500 Also, any advise with CLI strategy? Although I understand from other posts that the ideal Uti is 1% for FICO score... What is the ideal Uti for CLI per card I am targeting and the Total Thank You