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1. My oldest account is a paid/closed installment loan opened 5/03. From what I understand about the 10 year reporting, it's slated to fall off 05/13.
2. My next account in an unpaid cc opened 4/04. It was charged off/sold. According to one of the bureaus, it will fall off in 4/2013.
3. My next account was a cc opened 11/04. It was charged off, then I paid in full. According to one of the bureaus, it will fall off in 12/2013.
4. My next accounts were not open until 2008. And I have a few cards/auto loans, pd and open, all positive reporting.
5. My NEWEST cc was opened this month.
My current AAofA is 7 years, which is bad enough, but I'm concerned with what's going to happen to my credit score around April/May 2013 when #1 and #2 fall off my reports.
Does anyone have any ideas as to what will happen to my score if approx 3-4 years is knocked off my AAoA??
1) While the 10-years isn't a firm rule and some delete earlier and later than that, the 10 years goes off the closure date of the loan as opposed to the open date. You might have some more time with it, assuming you didn't pay it off in the month you opened it.
2, etc.) Sometimes, though rarely for unpaid, sold COs, the negative references, like the COs and lates, will disappear by 7 years and the TL can remain for an additional 3 or so. I wouldn't hedge a bet on it though.
7 yr. AAoA isn't bad. Let's say 3-4 years is knocked off of your AAoA. My highest recorded score was 777 on EQ and that was with either a 3 or 4 year AAoA. It's not good enough to hit 800 I don't think, but I started in the low to mid-500s and wasn't choosy.
1) It was a secured loan through my CU, which I opened in 05/03, closed in 06/03. Don't recall why I didn't keep it going..
2, etc.) Interesting, will hope this happens, but won't be upset if it doesn't.
While I understand the potential variables between our reports, it gives me hope that my score may not COMPLETELY tank at that mid point next year, when I think 2-3 of my accounts are saying they should be off. They all are negatives anyway (charge offs, 30-60-90-120 lates), so maybe that will balance out with the AAoA making up less of the score than the pay history.
Thanks for the input!