Closing a New Account to Bring AAoA Back Up

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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maa42
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Closing a New Account to Bring AAoA Back Up

Postby maa42 » Thu Apr 16, 2015 11:52 am

So, I screwed up and opened a Brooks Brothers MasterCard. My AAoA went from Excellent to Good/Poor, and I'm sick over it. I plan to buy a house later this year and have spent a considerable amount of time getting my score to above average. The account was opened a few weeks ago and I just got the card in the mail last Friday.

Is there anything I can do to get this new account off my credit reports?? It's really screwing up my plans by lowering my average account age. I'll write letters 'til my fingertips bleed if there's a way. Please help!


popamode72
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Postby popamode72 » Thu Apr 16, 2015 2:28 pm

maa42 wrote:So, I screwed up and opened a Brooks Brothers MasterCard. My AAoA went from Excellent to Good/Poor, and I'm sick over it. I plan to buy a house later this year and have spent a considerable amount of time getting my score to above average. The account was opened a few weeks ago and I just got the card in the mail last Friday.

Is there anything I can do to get this new account off my credit reports?? It's really screwing up my plans by lowering my average account age. I'll write letters 'til my fingertips bleed if there's a way. Please help!


How many other cards do you have and how long have you been using credit? Even if the account is closed, it still factors into your AAoA. I honestly think it would be hard to get the account off your reports unless there was an error on the CR or something like that or it wasn't your account. I mean I guess you could try sending some letters to Synchrony and see what happens but I don't feel optimistic about it.
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maa42
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Postby maa42 » Thu Apr 16, 2015 2:52 pm

popamode72 wrote:How many other cards do you have and how long have you been using credit?.


I've been using credit for about 3 years, but my dad opened an account in my name a while back and also recently added me as an AU on a couple accounts (can you guess which two?)

AMEX 36 years
MC 17 years
VISA 3 years
AMEX 8 years
MC 2 years
MC 0 months (<- go away)



popamode72 wrote:Even if the account is closed, it still factors into your AAoA. I honestly think it would be hard to get the account off your reports unless there was an error on the CR or something like that or it wasn't your account. I mean I guess you could try sending some letters to Synchrony and see what happens but I don't feel optimistic about it.


I remember closing a Bill Me Later account after paying it off and I don't see it reported anymore. I did nothing but call and close the account and it disappeared from my credit reports.

This one stupid merchandise account could have a decent impact on my mortgage rate so I will do whatever it takes to get it off. Has anyone ever had success getting an account removed from their credit reports?

popamode72
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Postby popamode72 » Thu Apr 16, 2015 5:05 pm

maa42 wrote:I've been using credit for about 3 years, but my dad opened an account in my name a while back and also recently added me as an AU on a couple accounts (can you guess which two?)

AMEX 36 years
MC 17 years
VISA 3 years
AMEX 8 years
MC 2 years
MC 0 months (<- go away)





I remember closing a Bill Me Later account after paying it off and I don't see it reported anymore. I did nothing but call and close the account and it disappeared from my credit reports.

This one stupid merchandise account could have a decent impact on my mortgage rate so I will do whatever it takes to get it off. Has anyone ever had success getting an account removed from their credit reports?


BML is a hidden TL meaning that it doesn't report to credit bureaus so it didn't matter much if you still have it open or not.

Someone told me your best bet would be a goodwill letter but he also told me that he doesn't like removing positive accounts because they stay on your credit file for 10 years and help out your AAoA in the long run.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Apr 16, 2015 8:45 pm

Where were your FICOs before and after the new card? Do you have some late payments or large charge-offs? What caused your credit to previously be below average?

It hurts you since it's new credit and you have the inquiry, but your AAoA really hasn't fallen much. Your AAoA is a lot better than mine, and my scores are almost good enough to get the best rate without a big down payment. Are you trying to get a house with a really tiny down payment?

It is true that you generally shouldn't get any new credit in the 12 months before you get a mortgage.

Have you spoken with a mortgage broker? I can see harm in opening new credit just before getting a mortgage because it spooks lenders. I just don't see how your AAoA is such a big factor here.

Edit: If you do try to have a legitimate, healthy account removed (which isn't something I know enough about to suggest), it may be relevant that Citi is acquiring the accounts from Synchrony.
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thom02099
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Postby thom02099 » Thu Apr 16, 2015 8:55 pm

maa42 wrote:So, I screwed up and opened a Brooks Brothers MasterCard. [color="red"]My AAoA went from Excellent to Good/Poor, [/color]and I'm sick over it. I plan to buy a house later this year and have spent a considerable amount of time getting my score to above average. The account was opened a few weeks ago and I just got the card in the mail last Friday.

Is there anything I can do to get this new account off my credit reports?? It's really screwing up my plans by lowering my average account age. I'll write letters 'til my fingertips bleed if there's a way. Please help!


What's the source of the statement that your AAoA went from Excellent to Good/Poor? Usually, there's a step in between "good" and "poor" and it's "fair".

Your length of history accounts for only 15% of your score. http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx

My credit history, according to CreditKarma (for entertainment/learning purposes only) is showing as "fair", since I opened an account within the past 6 months. My scores barely budged and remain in the 800s, even with a change in my AAofA. Granted, I have a very thick and lengthy file, but AAofA is really not a major factor in scoring, when talking about only one card added to your credit profile. If you'd added more cards, then there would be an impact that would be more significant.

Much depends on what your actual FICO scores are, both before this account and after. What exactly are your scores, how far "above average" are you?
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JamesMS
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Postby JamesMS » Thu Apr 16, 2015 10:13 pm

thom0299, I'm not sure how it would be good/poor on the AAoA. It would either have to be Good, Fair, or Poor depending on how thin his file is. If it did drop to poor than that would mean his file is extremely thin, maybe 2 other account. Unless he has some derogs on his reports, the actual score should not fluctuate by too much, if he has "Good" credit.
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thom02099
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Postby thom02099 » Fri Apr 17, 2015 8:51 am

JamesMS wrote:thom0299, I'm not sure how it would be good/poor on the AAoA. It would either have to be Good, Fair, or Poor depending on how thin his file is. If it did drop to poor than that would mean his file is extremely thin, maybe 2 other account. Unless he has some derogs on his reports,[color="red"] the actual score should not fluctuate by too much[/color], if he has "Good" credit.


Yup...that was my point.
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takeshi
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Postby takeshi » Fri Apr 17, 2015 9:04 am

maa42 wrote:Is there anything I can do to get this new account off my credit reports??

Nope. The time to make such decisions if before apping -- not after. Be very careful with your future apps.

thom02099 wrote:What's the source of the statement that your AAoA went from Excellent to Good/Poor?

This. If it's CK then stop relying on CK for such info. That said, CK doesn't even have tiers like that.

Also keep in mind that AAoA is only 15%:
http://www.myfico.com/crediteducation/whatsinyourscore.aspx

JamesMS
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Postby JamesMS » Fri Apr 17, 2015 11:51 am

takeshi wrote:This. If it's CK then stop relying on CK for such info. That said, CK doesn't even have tiers like that.


I am guessing that the OP is stating this from CK. CK actually does have tiers for AAoA, they range from very poor up to excellent. Your statement about the 15% of score is AAoA, I completely agree and should not play a major role in decisions. That being said CK is almost useless when it comes to their score as they use Vantage 3.0 for scoring purposes. Yes, the OP should have thought about that before hitting the submit button and there is really nothing that he can do abut it now.
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