AAoA question

[Stonemanmv]

2 years ago I bought a ford escape ford credit. At that time my cs score was not great 587. My interest rate is 10.25 for 60 months anyways today went into a jeep dealership and came out with a new jeep 2.2 interest rate will this affect my AAoA by paying off my 3 years left ( closing acc) and opening new loan

[FocusedAndDetermined]

The new loan will be factored in, the old loan will still report for years to come.  How much impact the new loan has on AAoA depends onthe rest of your profile.  If you have other TLs with some age on them, then it won't be that bad. If you have a thin file with mostly new accts, the effect will be greater.

[Luscher]

yes, the closed account may stay on your report for some time after closed but your new account will start over as a new account.

[myjourney]

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@Stonemanmv wrote:
2 years ago I bought a ford escape ford credit. At that time my cs score was not great 587. My interest rate is 10.25 for 60 months anyways today went into a jeep dealership and came out with a new jeep 2.2 interest rate will this affect my AAoA by paying off my 3 years left ( closing acc) and opening new loan

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You will see a hit to AAoA as a result of a new account but who cares............

Wooo Hooo CONGRATS on the new Jeep

[Stonemanmv]

Thanks everyone. The interest for the new loan is almost the same as one year of my old one

[09Lexie]

Congrats! Nice rate

[Stonemanmv]

Can't seem to grow this seedling lately. Thanks again

[09Lexie]

So I noticed!

[myjourney]

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@Stonemanmv wrote:
Can't seem to grow this seedling lately. Thanks again

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Are you returning to the garden now?

[Stonemanmv]

I'm back in the garden. Looks like jan app spree is now apr app spree. No problem I have everything I need for now