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Age of Accounts/Oldest Account question

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Valued Contributor

Age of Accounts/Oldest Account question

Currently my oldest account is a 10 year 7 month old closed student loan PIF/Good standing

My oldest open account is 8 months old.

 

In five months when that student loan account gets wiped off my report, how bad of a hit am I going to take, in your best estimation.

 

I know its going to hurt, but I wonder how bad.  When it happens in March/April, my oldest account will then be my current 8 month old (will be just over a year old then)

 

 



(▀̿Ĺ̯▀̿ ̿) (⌐▀͡ ̯ʖ▀)
Message 1 of 10
9 REPLIES 9
Regular Contributor

Re: Age of Accounts/Oldest Account question

What is the date of last activity on the 10 yr old student loan acct? It will be about 10 years after that date that it drops from your credit reports, e.g. this year I had a credit card drop from my reports, it was opened in 1989 and closed in 2008, it reported as a 28 year old account and dropped in 2017, 10 years after I closed it.
Fico 8 Scores
10/2017: EQ - 823; TU - 835; EX - 824; Seven CCs ($125,500 CL, 0%-1% UTIL); AoOA = 15.5 years; AAoA = 60 mos.; AoYA = 18 mos.; one mortgage; one car loan; derogs from 2009 and 2010 now gone after 7 years. It's taken a few years but credit scores are now good after starting in the high 500s back in 2011
05/2016: EQ - 712; TU - 706; EX - 710
11/2015: EQ - 694; TU - 651; EX - 653
5/2015: EQ - 640; 11/2014: EQ - 653; 05/2014 EQ - 653; 11/2013: EQ - 645; 05/2013: EQ - 656;11/2012: EQ - 646;
Message 2 of 10
Valued Contributor

Re: Age of Accounts/Oldest Account question


@909 wrote:
What is the date of last activity on the 10 yr old student loan acct? It will be about 10 years after that date that it drops from your credit reports, e.g. this year I had a credit card drop from my reports, it was opened in 1989 and closed in 2008, it reported as a 28 year old account and dropped in 2017, 10 years after I closed it.

It was closed february 2008, so thats why I estimated March 2018 above.

 

And ya it was only open for about 6-7 months before I PIF with my first tax return after graduating, heh

 

That makes me nostalgic for the days I literally paid in cold hard cash for everything.



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Message 3 of 10
Super Contributor

Re: Age of Accounts/Oldest Account question


@TheCreditGame wrote:

Currently my oldest account is a 10 year 7 month old closed student loan PIF/Good standing

My oldest open account is 8 months old.

 

In five months when that student loan account gets wiped off my report, how bad of a hit am I going to take, in your best estimation.

 

I know its going to hurt, but I wonder how bad.  When it happens in March/April, my oldest account will then be my current 8 month old (will be just over a year old then)

 


 

Hello, TCG.  If your profile was derog-free (or only a few Day 30 lates) you would be reclassified into a different "scorecard" which would indeed affect your score.  I suspect you have some significant deogs, however, in which case the change in Age of Oldest account may not affect your scorecard at all.  (You may stay in the same dirty scorecard you are in now.)

 

You can read up on scorecards here on the forum.  There should any number of discussion threads about them.

 

There's no good way to predict what will happen.  Just focus on continuing to make improvements to your reports: notably working to get derogs removed and paying down CC debt.

Message 4 of 10
Super Contributor

Re: Age of Accounts/Oldest Account question


@TheCreditGame wrote:

Currently my oldest account is a 10 year 7 month old closed student loan PIF/Good standing

My oldest open account is 8 months old.

 

In five months when that student loan account gets wiped off my report, how bad of a hit am I going to take, in your best estimation.

 

I know its going to hurt, but I wonder how bad.  When it happens in March/April, my oldest account will then be my current 8 month old (will be just over a year old then)

 

 


You didn't really provide enough information to give a solid answer here.  How many total accounts do you have on your credit report today (open and closed)?  It could be as few as 2, if the only 2 accounts are the ones you mentioned, but there could also be closed accounts that are between 8 months old and your oldest one as well as other younger open accounts. 

 

Your AoOA will drop from the age of your oldest account referenced above [at the time it comes off next year] to the age of your next oldest account, open OR closed on your credit report.  This could certainly impact your scorecard assignment.

 

AAoA is equally important and arguably more important, although it doesn't influence scorecard assignment.  If you list out all of the accounts you have in your credit report with the ages, a quick calculation will give you an answer as to how your AAoA will drop once this oldest account is gone. 

Message 5 of 10
New Visitor

Re: Age of Accounts/Oldest Account question

ONE YEAR OLDEST ACCOUNT.
Message 6 of 10
New Visitor

Re: Age of Accounts/Oldest Account question

I DON'T HAVE ANY STUDENT LOAN. MY DAUGHTER IS 32 AND HAS NEVER BEEN ABLE TOO ATTEND SCHOOL. SHE HAS THERE BOYS.

Message 7 of 10
Super Contributor

Re: Age of Accounts/Oldest Account question

Hi Scottie.  Are you trying to ask the people on this thread a question?

Message 8 of 10
Super Contributor

Re: Age of Accounts/Oldest Account question

I'm not sure what his intentions are.  He sent me a PM in all CAPS like his posts above and the PM was not coherent in the least.  Mods, if you see this maybe you could take a look at the PM and deem whether or not you feel it's appropriate. 

Message 9 of 10
Valued Contributor

Re: Age of Accounts/Oldest Account question


@Scottie4you wrote:
I DON'T HAVE ANY STUDENT LOAN. MY DAUGHTER IS 32 AND HAS NEVER BEEN ABLE TOO ATTEND SCHOOL. SHE HAS THERE BOYS.


Your daughter never went to school and kidnapped someone's boys?
Message 10 of 10
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