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This is a quick spreadsheet from my latest free Experian Fico Report. Experian says my oldest account is 22.6 years. It is an open in good standing Ben Bridge Jewelers cc that I have not used in probably 20 years. Interesting that Ben Bridge told me five years ago they never close inactive accounts so it is really helping my age of accounts.
My other accounts are really new as you can see in the spreadsheet. I have been gardening for almost a year because I didn't want to do more damage to my AAOA's which is at 5.8 years.
If I applied for say a CSP card what would be my AAOA's? How do I calculate it and do you think I should lay low and wait another year or two before applying for another cc?
Hi everyone, just looking for some advice...
I'm in the last year of my 20s and have a very high debt in general. I blame my past self since after getting my first job, I was blinded by approvals of several credit cards and used them like cash. I would like to start my journey to a better credit score, especially since my 30s will probably consist of buying a home and having children with my fiance.
Not really sure where to start... I'd like to start bringing down my debt but I feel so overwhelmed with everything that I have to pay for. I currently keep track of my money using a spreadsheet, but that doesn't mean anything if I don't actually try to pay off the debt I have... I recently paid off my Chase CC balance (that's why it's 0 right now) and an installment loan around $2,500.
Would it be better to pay the closed accounts first (at least the ones accruing interest), or pay off the balance in my open accounts? Any advice would be helpful, thank you!
With that being said, here are my stats:
Experian - 565 | Equifax - 582 | Transunion - 587
Current monthly bills - ~$1240, including payments below
Monthly salary - min $2,500
*New job that just started this month; previously, I was earning around $1,200 a month
Current savings - $3,000
OPEN CC ACCOUNTS
Chase - 0 (balance) / 500 (limit) @ (23.15%) min payment: $25
Capital One Quicksilver - 1,519/1,500 @(22.90%) min payment: $44
Capital One Platinum - 2,230/2,250 @ (22.90%) min payment: $70
CLOSED CC ACCOUNTS
Bank of America - $2,110 @ (21.24%) min payment: $70
Barclays - $920 @ (21.24%) min payment: $30
CareCredit - $1,200 (under hardship assistance, interest no longer accruing) min payment: $22
Nordstrom - $1,915 (under hardship assistance, interest no longer accruing) min payment: $22
PayPal - $1,083 (under hardship assistance, interest no longer accruing) min payment: $25
Sallie Mae - $25,000 (deferred payment, only paying $25 a month)
Fed Loans - $16,000 (forbearance due to COVID19)
I got some help previously about opening new accounts, but I was curious more about the impact and possible ramifications. I only have 1 credit card in my name, and it only reports on Experian and TransUnion. The rest are AU cards. I have 8 accounts on Experian and TransUnion and AAoA of about 21 years. My Equifax report is a bit thinner. I pulled CCT, and I'm at 777 EX, 782 TU, and 789 EQ. I have been thinking about about a PenFed credit card and an AMEX revolver. I also may be cosigning a small student loan. I'm not certain on this yet, but it's a possibility. I know that this will cause a score hit of some sort (drop in AA), but I'm not sure how severe. I was thinking about forgoing PenFed and just doing AMEX, but I can't make up my mind. Can anyone give me some insight? I would like to avoid permanently damaging my report in some way. I don't know if 2 cards in such a short time is too much. I appreciate any help.
In reviewing my Equifax report, I noticed 4 accounts that have comments saying "Payment is payroll deductible." 3 of the accounts are closed and charged off credit cards. The 4th is open and being paid as agreed with never any lates. It is clearly not an error in reporting by the creditors because it shows like this on each account (with different dates):
04/2016 Payment is payroll deductible
08/2016 Payment is payroll deductible
02/2017 Payment is payroll deductible
I am 100% Positive I have no judgements against me that would enable a credit card debt to be payroll deductible. Is this an effort on behalf of the creditors to further damage my credit by making it appear that an there has been a judgement against me for a particular debt when that has never actually occurred? I've done extensive searching online and haven't found any answer as to why this comment appears.