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Valued Member
Financial_Reinvention
Posts: 44
Registered: ‎04-08-2009

Installment Loans and Average Age of Accounts

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‎03-17-2010 01:59 PM

Hey guys,

 

I have an installment loan from a local bank which is about a month away from being totally repaid.  This loan spanned over 3 years, so it is by far the greatest contributor to my average age of accounts on my credit report.  When it gets completely paid, does this installment loan history disappear from my credit report like a closed account would??  This is my greatest concern.

 

Anyone have any insight?

 

Thanks

May 2009: Transunion - 652 Equifax - 680

June 2009: Transunion - 697 Equifax - 715
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Regular Contributor
cruthisfamily
Posts: 144
Registered: ‎02-23-2010

Re: Installment Loans and Average Age of Accounts

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‎03-17-2010 02:08 PM

I've read the the history remains on your account for 10 years from when you close.  So your AAoA won't take a hit until 10 years from now. :smileywink:

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Valued Member
Financial_Reinvention
Posts: 44
Registered: ‎04-08-2009

Re: Installment Loans and Average Age of Accounts

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‎03-17-2010 02:09 PM

Baaaaaallllin!  Thanks :smileyvery-happy:

May 2009: Transunion - 652 Equifax - 680

June 2009: Transunion - 697 Equifax - 715
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guiness56
Posts: 13,369
Registered: ‎01-17-2008

Re: Installment Loans and Average Age of Accounts

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‎03-17-2010 02:20 PM

Closed accounts don't disappear from your CR.

 

Does the installment loan have any lates connected with it?

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