topic Re: What happens in Understanding FICO® Scoring

What happens

Imhotrodcrazy — Mon, 30 Mar 2015 17:58:37 GMT

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

Re: What happens

Anonymous — Mon, 30 Mar 2015 19:22:02 GMT

@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

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.

Re: What happens

Imhotrodcrazy — Mon, 30 Mar 2015 19:48:53 GMT

@Anonymous wrote:
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.

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.

Re: What happens

MarineVietVet — Mon, 30 Mar 2015 23:56:33 GMT

@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

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.

Re: What happens

elim — Tue, 31 Mar 2015 00:13:35 GMT

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 :]

Re: What happens

Imhotrodcrazy — Tue, 31 Mar 2015 17:23:02 GMT

@MarineVietVet wrote:
@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
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.

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.

Re: What happens

Imhotrodcrazy — Tue, 31 Mar 2015 17:27:32 GMT

@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 :]

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.

Re: What happens

racer-x — Tue, 31 Mar 2015 23:28:04 GMT

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

Re: What happens

Imhotrodcrazy — Wed, 01 Apr 2015 20:06:59 GMT

@racer-x wrote:
Sooo hotrod....tell us about those hotrods you got?

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?

Re: What happens

racer-x — Wed, 01 Apr 2015 22:04:53 GMT

@Imhotrodcrazy wrote:
@racer-x wrote:
Sooo hotrod....tell us about those hotrods you got?
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.

Re: What happens

Imhotrodcrazy — Wed, 01 Apr 2015 23:08:49 GMT

@racer-x wrote:
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.

We are pretty much the same when it comes to the car shows, I watch them all too. I cant walk the car shows any more at my age, Im 73 yrs old now. In my younger days I rode a lot of bikes too, so did my brother, mainly street bikes. My brother was like your uncle, a vette fan all the way. I was a teen in the mid 50's and just got my license. Living in So Cal, it was the perfect place for hot rods, bikes and girls. Cars I wish I had not sold were a 1941 Merc coupe, 1950 Merc 2 door, 1955 Chevy convertible, 1956 Chevy hardtop, and a 1962 vette. But we all live and learn the hard way. I am also a big fan of muscle cars, I would love to have that new hellcat by Dodge. The older chevelles' and cameros' are great looking cars too. I also liked that Chevy ll. I am too old to do restoration now, hard to even turn a wrench. So, any cars I get now or later will have to be turn key cars. Thanks for telling about your interest in cars and bikes, I enjoyed hearing about it. Good luck to you and your uncle in the motoring world, I think we are a unique group of guys and gals.