topic Re: Can't Build AAOA When... Cards in General Credit Topics

Can't Build AAOA When... Cards

RSCo — Mon, 08 Apr 2013 21:04:10 GMT

Can't build AAOA when cards and other older and paid off loans continue to be dropped off my credit report.. I have a number of old (9 plus years) of credit card accounts drop off my reports.. These are older credit cards that were closed a couple of years ago, 2 car loans paid off in 2005 and even a 141k home mortgage that was paid off in 2003.. My current AAOA is only 7 years.. I had an Amex from 1997 to 2000 that is completely gone. My oldest account on my CR is only back to 2001 when I had many other loans back from 95-2000.. How can you build your AAOA when CAs just delete older accounts that are paid off.. These should count for something.. Is it even possible to get them added back on.. Like call Mazda Fin and request that they add my 2 previous loans back on?

Re: Can't Build AAOA When... Cards

Anonymous — Mon, 08 Apr 2013 21:06:50 GMT

They can't add it back sorry :/

Re: Can't Build AAOA When... Cards

creditnocash — Mon, 08 Apr 2013 23:41:34 GMT

well thats the thing, after a closed account hits 10 years after closing it falls of,

maybe get a couple more amex cards?

Re: Can't Build AAOA When... Cards

phoenix_one — Mon, 08 Apr 2013 23:52:30 GMT

Is your AMEX Gold Delta backdated?

Re: Can't Build AAOA When... Cards

yellowcake — Mon, 08 Apr 2013 23:53:12 GMT

Get a new amex card and get it backdated?

Re: Can't Build AAOA When... Cards

mxp114 — Mon, 08 Apr 2013 23:57:07 GMT

A lot of people here always say 10 but in reality is it up to 10 years and can be removed at anytime. I lost many great closed TL's off my report, within 2-3 years of closure. My EQ has none of my old closed accounts, all were removed as my file grew and newer accounts began to report. Nothing you can do about it either.

Re: Can't Build AAOA When... Cards

Anonymous — Tue, 09 Apr 2013 00:13:21 GMT

@mxp114 wrote:
A lot of people here always say 10 but in reality is it up to 10 years and can be removed at anytime. I lost many great closed TL's off my report, within 2-3 years of closure. My EQ has none of my old closed accounts, all were removed as my file grew and newer accounts began to report. Nothing you can do about it either.

+1. EQ seems quite aggressive in purging closed accounts. For me it happened it late last month where a dozen closed account (all positive) were deleted in one fellswoop. They ranged from 3 years to 9 years since date of close. They are still on TU and EX. It reduced my AAoA from 11 years to 8.

Re: Can't Build AAOA When... Cards

HiLine — Tue, 09 Apr 2013 00:41:18 GMT

@mxp114 wrote:
A lot of people here always say 10 but in reality is it up to 10 years and can be removed at anytime. I lost many great closed TL's off my report, within 2-3 years of closure. My EQ has none of my old closed accounts, all were removed as my file grew and newer accounts began to report. Nothing you can do about it either.

Re: Can't Build AAOA When... Cards

sarkell — Tue, 09 Apr 2013 13:15:29 GMT

Haha I wish equifax would delete 4 old auto loans all only 3-4 months long would help my aaoa.

Re: Can't Build AAOA When... Cards

BIFM — Tue, 09 Apr 2013 14:56:47 GMT

Well that depends on how old they are and how long the rest of your credit history is..

The length that the account was open doesn't matter, only how long it's been on your report for. Example, if you opened up a TL 3 years ago, then closed it after 1 month, it's still going to be calculated in your AAoA as 3 years. The thing is, once that TL hits 7-10 years from the date you closed it, it then falls off your report and is no longer included in your AAoA...this is the part that can end up helping/hurting depending on whether or not they were good TLs. It's also why I'm considering paying off most of my SL accounts, but leaving them open and making payments so my credit profile carries a little more age down the road when it comes to mortgage time.

Re: Can't Build AAOA When... Cards

yellowcake — Tue, 09 Apr 2013 20:05:08 GMT

I'm so glad I haven't closed my 2 oldest credit cards, both 8 years old. Even though it's a crappy card that I rarely ever use. I'm going to put small recurring bills like Netflix and myfico.com on them to keep them active.

Re: Can't Build AAOA When... Cards

Anonymous — Wed, 10 Apr 2013 01:04:47 GMT

The more I learn the about this "stuff" the more I want to just crawl away a die. I really just don't get it... This is very disappointing to learn.

Re: Can't Build AAOA When... Cards

lexandra90 — Wed, 10 Apr 2013 13:54:17 GMT

so when do closed accounts actually fall off your report?.. 7 years from the date closed??

Re: Can't Build AAOA When... Cards

Anonymous — Wed, 10 Apr 2013 15:22:06 GMT

Closed accounts that only have late payments fall of 10 years from the date closed. Each late will fall off 7 years from date of occurence.

Closed accounts in good standing fall off 10 years from date closed.

COs and collections are excluded at 7.5 years from DoFD.

Re: Can't Build AAOA When... Cards

Anonymous — Wed, 10 Apr 2013 18:29:23 GMT

Why is this disappointing to learn?

Seems the prudent course of action is to open accounts only as needed, pay them on time, and keep them.

I see on numerous forums people doing app sprees (which has to kill AAoA), closing accounts once they get the bonuses, etc. All that churning is bound to hurt long term, but I guess people aren't worried about that. People only seem to be looking for quick fixes and short term gains.

When I started rebuilding my credit back in 1998, these kinds of forums didn't exist. I got two secured cards (still have one) and got a small Chase card. The Chase turned into a Freedom and has been wonderful to hold for nearly 15 years now. I've never done an app spree. I applied for credit when needed and made sure itwas paid on time. I think my credit was high 500's when I started and I should hit close to 800 by this Christmas. I haven't closed an account in over 15 yeears and have no plans to do so at this point.

I guess the old adage holds true. The people who banks are most willing to give money to, are the people who need it the least.

Re: Can't Build AAOA When... Cards

RobertEG — Wed, 10 Apr 2013 18:38:49 GMT

The supposed 10 year date for deletion of accounts is an administrative conconction of the CRAs simply as an internal measure to reduce the size of their massive databases.

It is not regulated under the FCRA, and thus has no specific statutory date.

The CRAs apparently base when they feel free to delete old accounts on their perception of their internal desire to purge old data vs the perceived needs of their custormers for continued view of the info. While info is still in a file that has not reached its normal credit report exclusion date, they retain the account for view by their customers.

However, they apparently have determined that once an account has exceeded approx 10 years from closure, all of the normal CR exclusion periods have expired, and thus they can no longer show the adverse info in their reports. Seven years begins the date of exclusion of some info, while 10 years governs the exclusion of most everything else. Ergo, 7-10 years gets the subjective axe.

That ignores several subilties, and thus can sometimes deprive customers of relevant info. Creditors are clearly their primary customers. There are two types of adverse items that can exceed CR exclusion by more than 10 years. One is a BK after account closure, and the other is an unpaid tax lien. Creditors apparently have not squawked regarding the deletion of such info, so the CRAs have no reason not to simply delete.

Additionally, it totally ignores the impact on their secondary customers..... consumers.

Old accounts are golden in consumer scoring of oldest account and average age of accounts.

They apparently have little concern for that customer base.

Re: Can't Build AAOA When... Cards

yellowcake — Thu, 11 Apr 2013 18:56:06 GMT

@Anonymous wrote:
Why is this disappointing to learn?

Seems the prudent course of action is to open accounts only as needed, pay them on time, and keep them.

I see on numerous forums people doing app sprees (which has to kill AAoA), closing accounts once they get the bonuses, etc. All that churning is bound to hurt long term, but I guess people aren't worried about that. People only seem to be looking for quick fixes and short term gains.

When I started rebuilding my credit back in 1998, these kinds of forums didn't exist. I got two secured cards (still have one) and got a small Chase card. The Chase turned into a Freedom and has been wonderful to hold for nearly 15 years now. I've never done an app spree. I applied for credit when needed and made sure itwas paid on time. I think my credit was high 500's when I started and I should hit close to 800 by this Christmas. I haven't closed an account in over 15 yeears and have no plans to do so at this point.

I guess the old adage holds true. The people who banks are most willing to give money to, are the people who need it the least.

If you have excellent credit, app sprees don't hurt you at all. The key is to keep your oldest credit cards open to anchor your AAoA.

Re: Can't Build AAOA When... Cards

Anonymous — Thu, 11 Apr 2013 19:13:50 GMT

Ok, good to know.

Re: Can't Build AAA When... Cards

Anonymous — Thu, 18 Apr 2013 00:33:02 GMT

My AAoA is 15.2 years. I have three Sallie Mae loans that started in 1998. I had a 90 past due on June 2006, on the three Sallie Mae Loans. A few months later I was able to pay them off in full on Oct 2006. Those three account were then closed on 2006 but have remained on my credit reports as negative marks since them. I was hopeful that I would see a nice increase in my credit score when those 90 past due marks fall off this coming June 2013 as they are the only baddies I have left on my report. After learning more about AAoA, now I am concerned the negative marks will fall off and Sallie Mae will close those trade lines which happen to be my oldest. Seem this would really kill my AAoA as my next oldest trade lines are from 2006. Is there anything I can do to preserve my AAoA? Will having my AAoA basically cut in half wipe out any credit score gains made by three 90 dues past dues falling off my report. Thanks for any insight.