Reducing CC and Installment Loans

[Anonymous]

I understand that, I'm not quite to the point where I can pay all my balances off every month. But I'm working out the right strategy with my AMEX CC. It's a little hard to get the payment dates right. But I'm still working it. I use my AMEX for all my personal expenses but pay in full twice a month, but I still get a balance reported. I just keep trying to get a good plan in place.

Message Edited by matheinas on 08-24-2008 09:50 PM

[FICOfanatic]

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matheinas wrote:
My oldest active CC account is 24 months old. But my oldest account on my credit report is my first car loan opened 13 years ago paid in full.

my oldest active installment account is my student loans which are 4 years old.

The difference is between opened and closed accounts.

when my accounts are updated.. my overall age of credit will still be 13 years. but the age of active accounts will be come 2 years, because I reconsolidated my student loans to save $100 a month in interest/principle fees.

I would never close my CC with 2 years history. That would just destroy my score.

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Your average age isn't 13 years then....  Your oldest account would be 13 years since you opened it and depending on how long it took you to pay off that car it will probably fall of your report soon.  Your average card age is maybe one year.

[Anonymous]

I'm still learning about this whole age thing, but the myFICO score report says it is 13 years total credit history and account age of 4 years. And of course I've got like 33 accounts from the last 13 years factored into the mix which makes me believe the 13 year calculation is correct.

Sorry if you are going off incomplete info about my history.

[Anonymous]

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@FICOfanatic wrote:

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@Anonymous wrote:
My oldest active CC account is 24 months old. But my oldest account on my credit report is my first car loan opened 13 years ago paid in full.

my oldest active installment account is my student loans which are 4 years old.

The difference is between opened and closed accounts.

when my accounts are updated.. my overall age of credit will still be 13 years. but the age of active accounts will be come 2 years, because I reconsolidated my student loans to save $100 a month in interest/principle fees.

I would never close my CC with 2 years history. That would just destroy my score.

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Your average age isn't 13 years then....  Your oldest account would be 13 years since you opened it and depending on how long it took you to pay off that car it will probably fall of your report soon.  Your average card age is maybe one year.

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The one year for account age is probably right though, if everything was updated. I'm glad I'm done getting new accounts, and can just start building a long account history.

[smallfry]

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@Anonymous wrote:
I'm still learning about this whole age thing, but the myFICO score report says it is 13 years total credit history and account age of 4 years. And of course I've got like 33 accounts from the last 13 years factored into the mix which makes me believe the 13 year calculation is correct.

Sorry if you are going off incomplete info about my history.

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As FF stated that paid off car loan isn't long for this world.

[Anonymous]

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@FICOfanatic wrote:

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@Anonymous wrote:
My oldest active CC account is 24 months old. But my oldest account on my credit report is my first car loan opened 13 years ago paid in full.

my oldest active installment account is my student loans which are 4 years old.

The difference is between opened and closed accounts.

when my accounts are updated.. my overall age of credit will still be 13 years. but the age of active accounts will be come 2 years, because I reconsolidated my student loans to save $100 a month in interest/principle fees.

I would never close my CC with 2 years history. That would just destroy my score.

---

Your average age isn't 13 years then....  Your oldest account would be 13 years since you opened it and depending on how long it took you to pay off that car it will probably fall of your report soon.  Your average card age is maybe one year.

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I was looking at my credit report, trying to figure out the average age of my accounts. I found a store CC that I opened 13 years ago but only closed June 07, so that will stay on my report until 2017. I knew there was a reason for the 13 year history. I only wish I had known about the credit length issue before I closed that account last year.