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15-year Credit History to 7+ year, just like that :-/

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Wavester64
Valued Contributor

15-year Credit History to 7+ year, just like that :-/

So back in the day when I wasn't into the credit game, I had some credit items, a CC here, a gas card there, no big deal. Around 7+ years ago I got into the credit game and when I get my reports (now) I always see that my credit history shows that I had a Cap One account that was opened in 2005 and it was closed and in good standing in 2011. I don't even recall what that was, but at least it showed my account as strong with a 15+ year history on EX. All of a sudden last month on one of my reports, it falls off and now my reporting has my history as only 7+ years instead of 15, which in lender's eyes, is weak, where before its strong.

 

So basically this post is to vent (Smiley LOL) but I don't see the logic of having something positive scroll off your account. Yeah, I see the positive of having something negative scroll off... I guess if during those 8-years I *was* into the credit game I would have more years positive history. Its just a shame because there are a few items that I want that report to EX that before would have shown a 15+ year history that I might have had stronger consideration for being accepted, where now the robo-credit Gods will just see "7-year history - DENIED".

 

Oh well, what can you do.






Potential Future Cards
Message 1 of 23
22 REPLIES 22
cashorcharge
Community Leader
Super Contributor

Re: 15-year Credit History to 7+ year, just like that :-/

Appreciate your venting.  I think this experience is key to the thought process of "do I close an account I don't use anymore" even without an AF for the sake of aging?  Is it worth it to put a tank of gas on a card every few months then pay it off just to keep the aging going.  While everyones aging/circumstance is different, I share your point of view...

Message 2 of 23
Horseshoez
Senior Contributor

Re: 15-year Credit History to 7+ year, just like that :-/

This very situation is why many here recommend only keeping cards you can grow with and keep for the long haul.

Chapter 13:

  • Burned: AMEX, Chase, Citi, Wells Fargo, and South County Bank (now Bank of Southern California)
  • Filed: 26-Feb-2015
  • MoC: 01-Mar-2015
  • 1st Payment (posted): 23-Mar-2015
  • Last Payment (posted): 07-Feb-2020
  • Discharged: 04-Mar-2020
  • Closed: 23-Jun-2020

 

I categorically refuse to do AZEO!

In the proverbial sock drawer:
Message 3 of 23
Taurus22
Valued Contributor

Re: 15-year Credit History to 7+ year, just like that :-/

@Wavester64  That must have been one of your oldest accounts, obviously.  And clearly, you felt that during your build once you were "in the credit game", that account wasn't necessary for you.  I don't think that was a bad decision at all, and honestly I'm not sure that you can consider a 7+ year history weak.  Sure, it's not as lengthy as it was prior, but that's hardly weak.

 

Looking at your siggy, (assuming it's updated) you have 22 non-business revolving credit lines with a TCL $241,800. That's an average limit of $11,000 per card with FICO scores in the high 700's, approaching 800. That's a pretty strong profile.

 

In contrast, my oldest card is 8.2 yrs,  AAoA = 3.5 yrs, I have 10 relvolving credit lines totaling $102,500. That gives me an average of $10,250 per card with FICO scores 807, 809, 812.  Although my profile is relatively young compared to many here, I don't in any way feel that my profile is weak. And I'm honestly considering dropping my oldest card of 8.2 yrs, which will leave me with 2 cards @ 6 yrs each as my oldest. I feel like that starter card is holding me back and have no problem dropping a card which doesn't benefit me. In 7 years, when that actually drops from my scoring, my aggregate age would be 13 years, rather than 15.

 

You said you noticed this last month....Did you see a major drop in your scores this month? Do you feel like it's something you can't overcome?

 

 

My Wallet
Sock Drawered

On Deck: No Plans Currently
Message 4 of 23
Horseshoez
Senior Contributor

Re: 15-year Credit History to 7+ year, just like that :-/

@Taurus22, wow, and then there are those of us who have only three cards with credit limit ranging from a minimum of $3,000 to a max of $6,000 and consider our credit scores are pretty good.  Smiley Tongue

Chapter 13:

  • Burned: AMEX, Chase, Citi, Wells Fargo, and South County Bank (now Bank of Southern California)
  • Filed: 26-Feb-2015
  • MoC: 01-Mar-2015
  • 1st Payment (posted): 23-Mar-2015
  • Last Payment (posted): 07-Feb-2020
  • Discharged: 04-Mar-2020
  • Closed: 23-Jun-2020

 

I categorically refuse to do AZEO!

In the proverbial sock drawer:
Message 5 of 23
Taurus22
Valued Contributor

Re: 15-year Credit History to 7+ year, just like that :-/

@Horseshoez   My post is certainly not meant to be demeaning in any way to anyone else. I was simply trying to emphasize the fact that the OP shouldn't feel that their profile is weak.  I don't think I have made any statements that should be considered offensive, if that's what you're alluding to?

 

All apologies if you have taken any offense...

My Wallet
Sock Drawered

On Deck: No Plans Currently
Message 6 of 23
SoCalGardener
Valued Contributor

Re: 15-year Credit History to 7+ year, just like that :-/

Vent away, @Wavester64! Smiley Happy

 

Even though I understand the logic, i.e., positive *or* negative, old entries eventually age off our reports, I also get being upset when a positive entry disappears!

 

As others have noted, you have a fine collection of accounts now. While this dip certainly hurts, you know you're going to see your AAoA go up (albeit slowly) as time goes by, so hang in there. And vent as needed!

Amazon Prime Store CardAmerican Express Blue Cash Preferred CardAmerican Express Everyday CardBank of America Customized Cash VisaCapitalOne Quicksilver MastercardCapitalOne Quicksilver VisaCapitalOne Walmart Rewards MastercardChevron Texaco CardCiti Double Cash MastercardDiscover More CardJCPenney Gold MastercardOverstock.com CardSportsmans Guide Rewards VisaSynchrony Home Card
Message 7 of 23
Horseshoez
Senior Contributor

Re: 15-year Credit History to 7+ year, just like that :-/


@Taurus22 wrote:

@Horseshoez   My post is certainly not meant to be demeaning in any way to anyone else. I was simply trying to emphasize the fact that the OP shouldn't feel that their profile is weak.  I don't think I have made any statements that should be considered offensive, if that's what you're alluding to?

 

All apologies if you have taken any offense...


Oh trust me, I didn't take it as offensive in any way, shape, or form.  I was just commenting on the different way folks look at things.  Sorry if I led you to think I was offended.

Chapter 13:

  • Burned: AMEX, Chase, Citi, Wells Fargo, and South County Bank (now Bank of Southern California)
  • Filed: 26-Feb-2015
  • MoC: 01-Mar-2015
  • 1st Payment (posted): 23-Mar-2015
  • Last Payment (posted): 07-Feb-2020
  • Discharged: 04-Mar-2020
  • Closed: 23-Jun-2020

 

I categorically refuse to do AZEO!

In the proverbial sock drawer:
Message 8 of 23
Taurus22
Valued Contributor

Re: 15-year Credit History to 7+ year, just like that :-/

@Horseshoez   Hey, I owe what I consider to be my success to this forum. There are many out there right now who are in the same shoes I was in 8 years ago. Everyone is in different stages of their profile and my perspective seemed very close to the OP's....in regards to account age. OP has waaaaay more credit lines than I would ever want.....lol.  But I think credit age is subjective....some think anything under 20 years is young, whereas others think under 5 years is young. *shrug*   It doesn't mean you can't have good scores or a strong profile without a 20-yr history.

My Wallet
Sock Drawered

On Deck: No Plans Currently
Message 9 of 23
Anonymous
Not applicable

Re: 15-year Credit History to 7+ year, just like that :-/

Your finding exactly matched what happen to me. Rolling along with ever increasing scores and some old accounts such as Capital One literally evaporated off of my credits report costing me many years. Yes, the scores took a serious hit. Knew it could happen and it did.


To late to do anything about it as the creditors had allowed the reporting to run well beyond the usual (although not required 10 years). Lesson learned?! Today some of my scores still hang back over that loss!

 

If I really go back in time, I could have an American Express Cards with "Member Since 1972" but alas, closed and the history is gone ... oh well as some posters have stated, we learn a lot here on the Forum! Smiley Embarassed

Message 10 of 23
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