Ok so I posted earlier about how I was starting to use credit. I had completely forgot about my parents taking out a personal loan for me almost a decade ago.
Instead of starting out. I actually have a 9.5 ( from start date) year old account, a 4.5 year AAoA ( because i just started 2 secured cards to build revolving ) and an already established FICO score of 728.
Seriously? How can this even be?
Am I just extremely lucky or is there something gone awry here? Should I be worried about this falling off at any moment? Is there any way to keep that from happening?
The last date of activity was 4/04 for reference.
The loan had zero lates on it over 18 months btw. Nothing else is reporting. Not even the bank of america card inq from when I started it. The capitol one card is though.
The 728 FICO is the EQ score given right here on this very website via my scorewatch subscription.
This is my other post btw which I can't edit for some reason.
Edit : Granted I still have the super thin file to worry about but this is fabulous news.
IMO, your score is on par. On a perfectly clean report and util under 3%, my EQ FICO was at 777 with my oldest TL at 10 or 11 yrs old and AAoA at either 3 or 4 years old.
The 10-yr rule isn't a rule. Most creditors (or rather the CRAs) will drop a 10-yr old account from the date of closure rather than date opened. And the 10-yr is only a guideline. I had accounts report longer than 10 yrs, and some for less than 10 yrs from that closure date. There is nothing you can do to stop its demise. Only thing you can do is prevent closing accounts in the future, though you really can't do that with a loan.
+1 They usually delete after 10 years just to purge some info from their data. However it's not always the case. I currently have an auto loan that's been paid off for 14 years showing on my EQ. I'm just leaving it be and letting it add to my AAoA as long as they will let it.
"Beacon" is the model name for your Classic EQ FICO, and very likely is the same version found on here.
Something isn't fully adding up. Your lender pulled EQ and did not show a FICO. You pulled EQ from here and it did show a FICO. If you were able to subscribe to SW, and your EQ FICO is 728, with a AAoA of 4 years or so, then you have newer other open accounts aside from the two new CCs. You had mentioned you have two new CCs not yet reporting. You would have other open TLs reporting aside from these. I don't see how you could get an EQ FICO and your lender cannot....unless your lender mislabled "FICO" as a "Beacon" score. Are you sure they pulled EQ?
And there isn't anything else on there except that loan and those 2 cc. I hadn't even applied for credit since that old loan.
Edit : In a hypothetical situation where that old account drops off randomly at any moment between now and my application target date, how much is the decimation of my AAOA and the loss of (admittedly thin) length of history going to tank my score?
If there is any chance at all of it falling off in the next 6 months I would rather just take my chances with a 728, little history and a smaller down payment and try to compensate for my lack of history with personal small town charm.
They have a baseline of 680 which I would most assuredly fall below if that were to drop off. I just have this situation playing in my head where it drops off, score plummets down into the low 600's, truck blows up and I am months away from getting "approvable" again.
Not saying I am guaranteed approvable now, it was just implied by the CU manager that she could "make that call herself" if I could show her a 680. Not sure how much validity there is to that, we do go to church together and whatnot for what it's worth.
Edit : And i apologize for derailing my own post. Didn't want to spam the boards by making another in the auto forums.