What happens

[Imhotrodcrazy]

when I loose my oldest account, ( a paid mortgage ), that represents 23 years of history on all of my reports?  This is due to happen in a couple of months.  Will I drop out of my 800 scores  that I have worked so hard for?  Has anyone lost that much history without too much damage?   If that happens,  my oldest  open account  then will be 10 yrs old.    If you have lost a 20+ yr history I would be very interested in knowing how it affected your scores.  TIA

[Anonymous]

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@Imhotrodcrazy wrote:

when I loose my oldest account, ( a paid mortgage ), that represents 23 years of history on all of my reports?  This is due to happen in a couple of months.  Will I drop out of my 800 scores  that I have worked so hard for?  Has anyone lost that much history without too much damage?   If that happens,  my oldest  open account  then will be 10 yrs old.    If you have lost a 20+ yr history I would be very interested in knowing how it affected your scores.  TIA

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You won't lose the history. Positive trade lines remain in your file for 10 years. However, you may see a point drop. This is because the Fico scoring model penalizes paid off loans.

[Imhotrodcrazy]

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@Anonymous wrote:

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You won't lose the history. Positive trade lines remain in your file for 10 years. However, you may see a point drop. This is because the Fico scoring model penalizes paid off loans.

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My bad,  I didn't explain myself very well and I should know better.   This account closed in 2005,  so it has already been on my reports for 10 yrs now,  and is due to drop off soon.  That is why I was questioning what would be the damage of losing a 23+ yr account history  score wise.   I do thank you for your input.

[MarineVietVet]

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@Imhotrodcrazy wrote:

when I loose my oldest account, ( a paid mortgage ), that represents 23 years of history on all of my reports?  This is due to happen in a couple of months.  Will I drop out of my 800 scores  that I have worked so hard for?  Has anyone lost that much history without too much damage?   If that happens,  my oldest  open account  then will be 10 yrs old.    If you have lost a 20+ yr history I would be very interested in knowing how it affected your scores.  TIA

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It's hard to say HR.

Sometimes you'll get lucky and an older account will keep reporting past the general 10 years.

I have a single account that was closed in 1998 but still reporting. Here's hoping you have the same luck.

[elim]

i had an account opened for years that was charged off for $200 in 2010' and was my only collection (i also have a tax lien from 10'). I was pretty stoked when i got it removed exept for the rather large point drop from nuking my AAoA lol.   You won't know which way your score will go nor by how much until it actually drops off.

if you have a thick file you might just be ok.   good luck    :]

[Imhotrodcrazy]

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@MarineVietVet wrote:

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@Imhotrodcrazy wrote:

when I loose my oldest account, ( a paid mortgage ), that represents 23 years of history on all of my reports?  This is due to happen in a couple of months.  Will I drop out of my 800 scores  that I have worked so hard for?  Has anyone lost that much history without too much damage?   If that happens,  my oldest  open account  then will be 10 yrs old.    If you have lost a 20+ yr history I would be very interested in knowing how it affected your scores.  TIA

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It's hard to say HR.

Sometimes you'll get lucky and an older account will keep reporting past the general 10 years.

I have a single account that was closed in 1998 but still reporting. Here's hoping you have the same luck.

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Hi M V V

I hope I can be as lucky as you with this old account reporting beyond the 10 yr mark.  Every little bit helps.  Hope all is well with you and yours.  Thanks for the input. 

[Imhotrodcrazy]

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@elim wrote:

i had an account opened for years that was charged off for $200 in 2010' and was my only collection (i also have a tax lien from 10'). I was pretty stoked when i got it removed exept for the rather large point drop from nuking my AAoA lol.   You won't know which way your score will go nor by how much until it actually drops off.

if you have a thick file you might just be ok.   good luck    :]

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Thanks for your input.  I don't have a real thick file,  only 6 open and 3 closed accounts.  But I have a  long history and good aaoa. 

[racer-x]

Sooo hotrod....tell us about those hotrods you got? 

[Imhotrodcrazy]

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@racer-x wrote:

Sooo hotrod....tell us about those hotrods you got? 

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Thanks for the interest in my cars.  I have a 1939 Ford 2 door sedan that I did a frame up restoration on.  This project took me 6 1/2 yrs to complete.  I have a 1984 Chevy 1/2 ton pickup,  ( that I bought new ), that I completely did over  to look  how I wanted it to look back in 2000.  I get a lot of compliments on both when I drive them.  My future wants are a 1933 Ford 3 window coupe and a new Dodge challenger,  complete with that big  Hemi engine and a stick.  You need to have things to work toward.   Do you have any hot rods?

[racer-x]

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@Imhotrodcrazy wrote:

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@racer-x wrote:

Sooo hotrod....tell us about those hotrods you got? 

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Thanks for the interest in my cars.  I have a 1939 Ford 2 door sedan that I did a frame up restoration on.  This project took me 6 1/2 yrs to complete.  I have a 1984 Chevy 1/2 ton pickup,  ( that I bought new ), that I completely did over  to look  how I wanted it to look back in 2000.  I get a lot of compliments on both when I drive them.  My future wants are a 1933 Ford 3 window coupe and a new Dodge challenger,  complete with that big  Hemi engine and a stick.  You need to have things to work toward.   Do you have any hot rods?

Very nice.  I don't have any hotrods, yet....I'm into  motorcycles and roadracing them across the country...been doing that for 20 yrs, but I don't do it as often as I'd like anymore.  I think about the consequences more now that I'm older.

I grew up around cars and drag races and car shows and such.  Uncle has:

58 Vette-283, 2 4 bbl's....all original

66 Vette convertible coupe, 427 ...all original

67 Vette Fastback stingray, 427, 3 deuces...all original

80 Vette, 350....meh....all original

I watch nothing but Hot rod shows and everything motorsports related....Bitchin' Rides (Kindigit designs), Boyds' Hot Rod show, Chasing Classic Cars, What's in the Barn?, Jackson Barrett auctions, Overhaulin, Counting cars....you get the picture.

Closest to a hotrod I ever had was an '80 Z28, 4 spd borg warner, hopped up 327 Corvette motor, camel hump heads (202 maybe?), T-tops...nothin' fancy but it was pretty nice.

I'm not quite in the hotrod stage yet...I do like the Restomods though...old school muscle car with new age suspension, interiors, etc....

I'd like to have a 66-69 Chevelle, or 70 Camaro SS or Z28.

I don't have the skillset to do rebuilds and such.  Can i pull and drop motors, sure....can I do metal work, bodywork/paint, fab.....nope, not a lick of it.

Sunny Cali is the best spot to be for a Hotrodder I reckon.