Would I see a drop in credit scores?
I have 12 closed delinquent student loans that is due to drop off this year 6 in June and 6 in December. I also have 6 closed student loans in good standing which i paid off last July. All these loans were opened in 2001 so they are over twenty years old. I'm just worried of how much of a drop I'll get. Newly got 2 PenFed cards and i know how they can be when scores drop.
Current scores 689, 692 & 702.
Starting Score: 513 Ex 520 Eq 534 Tu
I take it they are all paid? If you have any other type of installment loan, mortgage, auto,ect. Your still meeting the FICO credit mix. So you'll see improvement to your scores once they fall off.
Hi yes I currently have an auto loan and all student loans have a zero balance.
Wouldn't my AAOA be reduced due to 6 accounts being removed? I opened several credit cards this year.
Open and closed accounts make up your AAoA's. The new accounts will lower your AAoA's. But once all the baddies are gone. Theres your score rise.
I got 5 of the 6 student loans that was due to be removed by EE on Transunion and my score dropped by from 702 to 696 (6 points). Glad the decrease was not over 10 points so I am fine with that cause this has reduced baddies off my credit report. I have 6 more that is due to be removed in Dec will do EE on those in August.