In terms of helping my credit score, I'm not sure what the best course of action is. One thing affecting my score is my AAoA (2.5 years). My question is: Should I be putting more money towards my auto loan because of the interest rate, and because (most of) my student loans are subsidized? Or should I be paying the newest accounts first to close them out, in order to increase my AAoA? Also, if I pay off my truck loan, won't that lower my AAoA because of the age of the account? Thanks.
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Here is a summary of my installment loans (oldest to newest)
| Description | Date Opened | Original Amount | Current Balance | Interest Rate |
| Truck Loan | 12/06 | $17,075 | $6,154 | 12.15% |
| Sub Ed 1 | 02/08 | $1,750 | $1,614 | 6.8% |
| Unsub Ed 1 | 11/08 | $3,500 | $3,368 | 6.8% |
| Sub Ed 2 | 06/10 | $2,250 | $2,250 | 5.6% |
| Sub Ed 3 | 10/10 | $2,750 | $2,750 | 4.5% |
| Sub Ed 4 | 01/11 | $1,375 | $1,375 | 4.5% |
Length of Credit History: 4 Years , 10 Months
Average Account Age: 2 Years, 6 Months
Oldest Account: Bank of America Secured CC (Opened 05/2006)
Most Recent Account: Sub Ed 4 (Opened 01/2011)
Well that's good information. I thought I read somewhere that once an account is paid off and closed, it's no longer factored into AAoA. All of my CCs are paid off already... made that step a couple of months ago. Then I guess that makes my decision easier... I'll pay the truck off first, since it's a much higher APR, and I don't have a monthly obligation to the student loans, as they're deferred. Then I'll tackle the unsubsidized loans after. Thanks!
