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Do collection accounts & car loans (installment accounts) get the same age bump every year that credit cards (revolving accounts) do on their birthdays/anniversaries, or is that only the first year, or only for credit cards?
trying to figure out how stuff will age on my report & on my gf's. thanks for any help!
Hi laz,
A trade line (TL) is an account with the OC only, and only TLs are used to compute oldest account and avg age of accounts.
CA accounts are not included as TLs
Aging of CA accounts is scored under the totally different FICO category of payment history, and not length of credit history. They are a major derog, and only deeriorate at 1-2 pts per month.
@RobertEG wrote:Hi laz,
A trade line (TL) is an account with the OC only, and only TLs are used to compute oldest account and avg age of accounts.
CA accounts are not included as TLs
Aging of CA accounts is scored under the totally different FICO category of payment history, and not length of credit history. They are a major derog, and only deeriorate at 1-2 pts per month.
hi robert!
1-2 pts per month.........until when? i assume this effect lessens with time. what about charge-offs?
Both a CA and CO are major delinquencies. They remain until 7 1/2 years from the DOFD reported by the OC, then they go away.
Their impact puts you in the "dirty file" bucket of the ten FICO scoring algorithms. No one can give you exact numbers on their impact over time, as the FairIsaac scoring algoithms are closely held trade secrets. I base my estimates on anecdotal experience, and not on hard data.
Major derogs dont deteriorate rapidly.
unfortunately, i'm stuck in that "dirty file" bucket for at least a while longer.....my COs are only 2 years old. well, i should only have one soon, since i'm about to kick verizon right off my EQ report. they haven't even bothered to report since 12/2006.
i'm hoping that my scores will still go up just a little when my oldest account hits 5 years. but i'm thinking of closing it, because of the $10 monthly fee...not really sure what to do.