Paying off personal loan how does this affect my AAoA?

[Anonymous]

About to pay off personal loan, and this is my youngest account. Once it is paid off will it now longer factor into the calculation for my AAOA hence should I see ano increase in my AAOA when it's paid off?

[SouthJamaica]

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@Anonymous wrote:
About to pay off personal loan, and this is my youngest account. Once it is paid off will it now longer factor into the calculation for my AAOA hence should I see ano increase in my AAOA when it's paid off?

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If this loan is your only instalment loan, you might see some temporary decrease in your score due to the "credit mix" being reduced.

I wouldn't worry about it; congratulations on paying it off.

I think it will continue to factor into the AAoA even after it's paid off.

[Anonymous]

SJ is right.  Def no change to AAoA.  Closed accounts continue to age and to be fully factored into AAoA.  In ten years when it falls off that is when your AAoA might change.

Paying off a loan can sometimes affect your score (As SJ also observes).  If it's really important for you to make an educated guess as to what will happen, here's the info you'd need to collect:

Is this my only open installment loan?  (Student loan, car loan, personal loan, mortgage, etc.)  YES/NO

What is the current amount owed on this loan I am about to pay off?  What was the original amount of the loan?

What is the total amount owed on all my open installment loans (including the one I am about to pay off)?  What is the sum of all the original amounts of all those loans?