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Valued Member
Posts: 44
Registered: ‎04-08-2009
0

Installment Loans and Average Age of Accounts

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
Regular Contributor
Posts: 161
Registered: ‎02-23-2010
0

Re: Installment Loans and Average Age of Accounts

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. Smiley Wink

Starting July 2012: 583 (myFICO Eq);
Current 11/2013: 719, (Lender Pull Eq) 690 (FICO Eq) 719 (WM TU)
Goal: 750 by 12/2014 & possibly new mortgage

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Valued Member
Posts: 44
Registered: ‎04-08-2009
0

Re: Installment Loans and Average Age of Accounts

Baaaaaallllin!  Thanks Smiley Very Happy

May 2009: Transunion - 652 Equifax - 680

June 2009: Transunion - 697 Equifax - 715
Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Installment Loans and Average Age of Accounts

Closed accounts don't disappear from your CR.

 

Does the installment loan have any lates connected with it?

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