closing self lender! how will this affect me.

[Anonymous]

Hello, 

so i am thinking about closing my self lender account how will this affect me. 

the reason i got it was to add extra payments to help payment history. However i have a car loan so i am not sure if i need it.

i am now wondering if this will help my AAOA more than the rest so i am thinking about closing it.

my accounts are below. included closed positve accounts. not sure if that is is included in my AAOA. 

AAOA is 2 years right now from what some reports say. 

opened accounts

morgan jewelers 07/14- states invalid usage however open and current, i paid off a ring back then, is this still helping my AAOA?

american united credit union card  opened 04/19 

capital one secured  opened 04/19

citi secured opened 05/19

self lender 07/19

My jewelers club opened 11/19

Capital one platinum  12/19

car loan, opened 07/14

closed account

old rental apartment shows closed. 06/2013- this only shows on experian..... and not sure it matters.

so just wondering how to this would affect my credit and AAOA, also how to calculate my AAOA for the future. does the closed account matter..

thanks! 

[AllZero]

Depending on balance/loan utilization, closing the self lender should not have any effect on your installment loan utilization. Especially, since you have an open installment (auto) loan.

Once closed, in good standing, paid satisfactorily, the self lender account should report for up to 10 years unless removed earlier. It will be used to calculate your AAoA.

[AllZero]

When is the projected end date for your self lender?

When is the projected end date for your auto loan?

[Anonymous]

13 payments left with car. 16 payments with self so about the same.

[AllZero]

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@Anonymous wrote:

13 payments left with car. 16 payments with self so about the same.

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You'll have to take that into consideration then. Once all your installment loans close, you may see a score decrease.

[M_Smart007]

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@AllZero wrote:

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@Anonymous wrote:

13 payments left with car. 16 payments with self so about the same.

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You'll have to take that into consideration then. Once all your installment loans close, you may see a score decrease.

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I agree!