General Credit Topics

[soleilbabe]

So I was happy that this month I'll be sending in my last payment on one of my loans... Until I realized that this is the oldest tradeline on my report goes back to 2001 when I entered college. I consolidated all of the other loans so they start at 2006 and my grad school loans are 2007-2009 (I think). Other than that the only things I have are the 2 credit cards I opened last month. I'm going to pay off the loan no matter what, I'm just nervous it's going to cause my score to take a huge hit. 

[llecs]

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soleilbabe wrote:

.....I'm just nervous it's going to cause my score to take a huge hit. 

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Why? AAoA will remain unchanged. Length of credit history will remain unchanged. Your mix of credit will remain the same. If anything you are adding another $0 balance and that can help.

[soleilbabe]

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llecs wrote:

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soleilbabe wrote:

.....I'm just nervous it's going to cause my score to take a huge hit. 

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Why? AAoA will remain unchanged. Length of credit history will remain unchanged. Your mix of credit will remain the same. If anything you are adding another $0 balance and that can help.

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So that tradeline won't fall off b/c I paid it in ful???

[llecs]

Nothing legally prevents it from dropping, but as an industry practice, your TL should report for another 10 years from the date of closure. Just don't do anything to hasten it's demise like a dispute or something like that.

[soleilbabe]

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llecs wrote:

Nothing legally prevents it from dropping, but as an industry practice, your TL should report for another 10 years from the date of closure. Just don't do anything to hasten it's demise like a dispute or something like that.

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SWEEEEEEEEEEEEEET!!!!