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Regular Contributor
JSS3
Posts: 253
Registered: ‎08-24-2013
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Re: Closed Fingerhut and lost Age


coldnmn wrote:

JSS3 wrote:

TheGardner wrote:
2.4 is likely more accurate. But I do believe fico rounds down to 2 yrs.

All this time I thought the creditors saw only a few short months since I've gotten denials and approvals(ie these factors affected your score) saying "insufficient credit history", "length of time since account opening" or "too many accounts in a small time" etc. That's why I thought CK was more accurate as far as AAoA went. I knew their scores were FAKOs and not to pay too much attention to them. 

 

I've had both student loans and one Cap1 credit card in 2001 that were all closed and paid as agreed. I didn't open any new credit accounts until Jan 2013. I figured my past loans/revolving credit weren't being factored in as far as AAoA goes...although they still showed up when I pulled my credit reports. 


Some if not most credit cards may put more or all their weight on figuring extending credit to open accounts only. AAA of figuring closed accounts usually go back 10 years at most.


That's why I thought my previous accounts weren't factoring in since it was well over the 10 yr mark, but I think I misunderstood even that. I thought it would be 10 yrs from the time you opened your account. So I was always puzzled why my old accounts still showed up in the year 2013. I see on Quizzle that one account was opened in 2001 but closed in 2007(deferred). The second(old Cap1 account) was opened in 2002 but closed in 2004. Since they're both still on my reports, I'm now understanding the 10 yrs is from the time the account was closed. Not opened. 

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Mega Contributor
coldnmn
Posts: 11,907
Registered: ‎08-08-2011
0

Re: Closed Fingerhut and lost Age


39Xelor wrote:

Also, I have read multiple thread on this forum that even though trade lines are supposed to stay on your report for a certain amount of years, that many people have had the CC fall of years before it was supposed to which dropped their AAOA dramatically.. im not saying thats what happened to you.. Just sayin' in general! :smileyhappy:


+1 that's why I said at the most 10 years. It's good that you added that point.

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Mega Contributor
coldnmn
Posts: 11,907
Registered: ‎08-08-2011
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Re: Closed Fingerhut and lost Age


JSS3 wrote:

coldnmn wrote:

JSS3 wrote:

TheGardner wrote:
2.4 is likely more accurate. But I do believe fico rounds down to 2 yrs.

All this time I thought the creditors saw only a few short months since I've gotten denials and approvals(ie these factors affected your score) saying "insufficient credit history", "length of time since account opening" or "too many accounts in a small time" etc. That's why I thought CK was more accurate as far as AAoA went. I knew their scores were FAKOs and not to pay too much attention to them. 

 

I've had both student loans and one Cap1 credit card in 2001 that were all closed and paid as agreed. I didn't open any new credit accounts until Jan 2013. I figured my past loans/revolving credit weren't being factored in as far as AAoA goes...although they still showed up when I pulled my credit reports. 


Some if not most credit cards may put more or all their weight on figuring extending credit to open accounts only. AAA of figuring closed accounts usually go back 10 years at most.


That's why I thought my previous accounts weren't factoring in since it was well over the 10 yr mark, but I think I misunderstood even that. I thought it would be 10 yrs from the time you opened your account. So I was always puzzled why my old accounts still showed up in the year 2013. I see on Quizzle that one account was opened in 2001 but closed in 2007(deferred). The second(old Cap1 account) was opened in 2002 but closed in 2004. Since they're both still on my reports, I'm now understanding the 10 yrs is from the time the account was closed. Not opened. 


It extends your AAA to the opening of the card but after closed it only stays on the report at the most 10 years. It should be a law they have to stay on for the full ten years but such is life.

My Wallet /US Bank Cash+ Signature $10,000/ Ace US Bank $10,000 / Sam's Mastercard $8000
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Regular Contributor
TRC2k13
Posts: 218
Registered: ‎03-02-2013
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Re: Closed Fingerhut and lost Age

The best things about the 5 student loans I took out in 2001 (10k total) was they helped me pay for tech school... Were on hold the entire time I was in Ch 13 AND go a long way to boosting my AAoA.

I still owe $5k @ $58 a month for 10 years. The loan terms reset to 10 years after my discharge and with an interest rate of less than 2% I don't care about paying them off early.

They are like a credit rebuilder loan. :smileyhappy:
Mega Contributor
coldnmn
Posts: 11,907
Registered: ‎08-08-2011
0

Re: Closed Fingerhut and lost Age


TRC2k13 wrote:
The best things about the 5 student loans I took out in 2001 (10k total) was they helped me pay for tech school... Were on hold the entire time I was in Ch 13 AND go a long way to boosting my AAoA.

I still owe $5k @ $58 a month for 10 years. The loan terms reset to 10 years after my discharge and with an interest rate of less than 2% I don't care about paying them off early.

They are like a credit rebuilder loan. :smileyhappy:

Great for your credit go for the full term of the loan 2% Wow!

My Wallet /US Bank Cash+ Signature $10,000/ Ace US Bank $10,000 / Sam's Mastercard $8000
/ Walmart Discover $8000 / Discover IT $5000 / Care Credit $5000
/ Husqvarna $5000 / PayPal SmartConnect $4800 / Cap1 Quicksilver $4000 / Barclay Ring $3550
Last App 8/12/14 /
Regular Contributor
TRC2k13
Posts: 218
Registered: ‎03-02-2013
0

Re: Closed Fingerhut and lost Age

[ Edited ]

coldnmn wrote:



Great for your credit go for the full term of the loan 2% Wow!


Indeed... my AAoA is almost 7 years despite the fact that all the accounts listed in my sig were opened in the last 9 months.

 

It will be interesting to see my scores when all these inquiries age past a year in the coming months... and of course the following year they drop off and my 13 falls off shortly thereafter...  I'm expecting big things in 2015 and even bigger in 2016.  :smileyhappy:


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