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AAoA and credit mix are going to change drastically in two years

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kcee
Valued Member

AAoA and credit mix are going to change drastically in two years

My question is what can I do before hand to try to offset a drop in my score.  Half of my accts will fall off by dec 2016 according to EX. One in a year.  These are long standing accounts and only one has a derog. Also, several make up a decent credit mix.  One is a mortgage. One is an auto loan. I have no desire for a mortage at this time, and unless my car dies, I won't get an auto loan unless I have too.  I am preparing for that but would prefer not to.

 

It look like, and correct me if I'm wrong.....AA0A is about 25% of scoring, and credit mix is 10%  I know I can't do anything about AAoA and the credit mix I could.  Should I take out a small loan to repay now, etc.  I guess I don't have any ideas off hand   I don't want a ton of cards.  I would like to build credit, but NOT get in over my head. My ideal would be 750 range but I'd be happy with staying where I am now.  I just dread the "you had a thin file," now all thats left is a couple sticky notes in there.

 

Thanks for any replies

 

edited........of the remaining half, three will remain until 2017 and 2018    approx 18 years, am hoping that helps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Starting Score: 650
Current Score: 700
Goal Score: 750


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DVH1980
Contributor

Re: AAoA and credit mix are going to change drastically in two years

Hard to say, the way my family goes through vehicles im almost insured to have a some sort of car loan reporting forever Smiley Happy

 

In your case if you really dont think you will get a new loan for a vehicle anytime soon, a new unsecured loan, even a nominal amount would look good. Maybe get one for 3k for 24 or 36 months and just take the loan money and use it to make the monthly loan payment.

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Message 2 of 4
DVH1980
Contributor

Re: AAoA and credit mix are going to change drastically in two years

Its lso hard to gauge how much your AAoA will affect your score without knowing how many other active lines you have open and for how long?

*USAA WORLD MC 18k* *USAA VISA 12k* *AMEX BCE 10k* *DISCOVER IT 15k* *AMEX ZYNC* *B of A SIGNATURE CASH 15k* *NAVY FEDERAL PLATINUM 20k* *CITI DOUBLE CASH 15k* *Veridian CU 14k* *Barclays Apple 12.5k*

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kcee
Valued Member

Re: AAoA and credit mix are going to change drastically in two years

the mortage that is paid will drop off in one year  18 year history

the auto loan paid, will drop off in two years   17 year history

I have to correct my self   two derogs......they will fall off in two years   chase 20 year history  and carecredit only 3 years

two other old accounts will be gone also in two  years  15 year history  and 10 years

accounts except the derogs were perfect.....hate to see em go........lol

 

So of the 11 accounts showing on EX Six will fall off in the next two years

That leaves only 5 accounts and three of them fall off in three and four years  they are all old credit cards I closed  but they all have 16 and 18 year historys

I had US Bank that used to show and I still bank with them, but my history that was very good got alittle toasted in BK.........only 1,000 with them but they got caught in the middle  

 

I used to have so much more GREAT Stuff....had really good credit....now i have a very thin file  Most of the

stuff was joint with ex hubby but seems like all the joint stuff except the mortage isn't showing anymore, and the authorized user

with him....just as well I suppose

 

I did just get a new card this week....Discover but unless I get over my fear of applying and some debt

I am going to be left with two credit cards and Les Schwab.

 

I can afford more debt, its just I like trying to save money more........lol

 

I've thought of the loan and using it to pay back,  it is a great idea, I'll wait a couple of months and ask at both of my banks for the best offer

But any other ideas would certainly be appreciated.

I never know what the future holds with both of my cars....one is in fantastic shape, the other one is just sad...but they are long paid for and cheap to own

Saving for that car down payment is about the best I've been doing   JUST in case

 

BTW  The Fico score I got from US Bank thru EX  is  736 classic v3 and all this information is what I got with the denial of credit card from them

I do love that score.......

 

 opps make that 12 accounts.....us bank is there......it is a 24 year history........and it falls off in two years  Smiley Mad


Starting Score: 650
Current Score: 700
Goal Score: 750


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