good credit

[Anonymous]

i had a loan back in 95, payed it off in 97. now its good credit, but the cbs wont report it because its over 10 years old. does this old load go with my credit history even though the cbs arent reporting it? that would mean i started having credit 10 years ago. but my reports show nothing. i called the bank were i got the loan. (fcu) they said it was over ten years old. shouldnt my reports say i started credit over ten years ago?

[MidnightVoice]

Closed accounts drop off afrer 10 years, and your score is based entirely on what is on your report.  So when old accounts drop off, your average age goes down.  I am facing this over the next 4 years or so

This is why I am keeping a very old gas card alive - there are no gas stations that use it in town, but I find one on trips.  And this is why I have got all the cards I wanted to get this year - I now want them all to age, and not have any new ones popping up on my report

[MidnightVoice]

PS - this is one reason a mortgage can be very useful - it is often 30 years, and lasts another 10

[Anonymous]

well, that stinks, well what about this. my dad has a case card for about 8 years. uses online only, so it has a cl of 300. if he adds me to it (joint) could i call them and ask them for a cli? or, what if i just keep it at 300.00, but i would still get the 8 years of credit, or would it hurt me because its a low cl. i have a few cc. cl 1500, though im new to credit, about 2 years..thanks.

[Anonymous]

I feel your pain-

My oldest account drops in Sept 08, 2nd oldest drops Dec 08

That will drop my oldest account from 14 years to 11.

[haulingthescoreup]

All this is headed my way as well, plus losing the credit for the the 18-year-old AU account, unless I switch to joint, which I'd rather not do.

If only I'd known then!

[Anonymous]

I'm in the same sinking boat. My oldest TL, a truck loan, will depart in May/June 08.