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Oldest Account Question

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Oldest Account Question

One of my oldest accounts will be falling off my reports this year. This account is over 10 years old. What will happen to my credit history when this account falls off? Will my credit history go way down because of this or what.? Also I am wondering about how this will afffect my average age of accounts. I looked at my equifax report in February and it said my credit history was 13 years. I thought this was weird because I have been using credit for almost 17 years now.


Starting Score: CK 680/ TU FICO 640/ 684 Credit Sesame
Current Score: CK 680/ June 2011 TU 640 FICO/ 684 Credit Sesame
Goal Score: 700


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Re: Oldest Account Question


@Tmac7631 wrote:

One of my oldest accounts will be falling off my reports this year. This account is over 10 years old. What will happen to my credit history when this account falls off? Will my credit history go way down because of this or what.? Also I am wondering about how this will afffect my average age of accounts. I looked at my equifax report in February and it said my credit history was 13 years. I thought this was weird because I have been using credit for almost 17 years now.


I just had a lovely old account age off my reports this week.  I think I survived fairly well.

 

Your credit history refers to the oldest account that is reporting on your credit report.  Accounts generally stay on for about ten years after they're closed.  Accounts that have aged off no longer count on your credit reports - so they're not included in your length of credit history.  Nor are they included in your AAofA.

 

To figure out how this will impact you, sharpen the 'ol pencil and compare what the age of your oldest account (on your credit report) will be after this account ages off.

And then take a few minutes to figure out what your AAofA will be without this account reporting.

Just puttin' syrup on something, don't make it pancakes.
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