Credit score dropped twenty points!

[HeavenOhio]

Welcome, @Anonymous.

What was your age of oldest account (AoOA) before the two accounts dropped? And what is it now? And will the account that drops off in a couple of months affect AoOA?

Age thresholds are really hard to pinpoint. If you'd like to list all of your accounts along with the date opened, including the two that recently dropped off, we might be able to hazard a guess.

The bottom line is not to panic. You know where the score changes are coming from. This is something that happens from time to time. Your scores will bounce back.

[Anonymous]

The hard inquiries that are falling off in May are three inquiries from my mortgage refi. I also have a hard inquiry falling off in July for my Amex card. The old account falling off in June is a closed credit card from ten years ago. My current credit age according to Credit Karma is 4.5 years. I’m not sure what AoOA means. I’m a newbie. Sorry! Lol. Btw....thank you for helping. I’m super sad it went down so much!

[Anonymous]

These are my open accounts
Cc1 7 years five months
Cc2 six years eight months
Cc3 4 years 1 month
Cc4 3 years
Cc5 1 year 8 months
Car two years five months
Mortgage 1 year 9 months

Closed accounts
Two that dropped off were ten years
One dropping off in June will be ten years
2012 car
2013 car
2013 cc
2011 cc
2005 line of credit

[SouthJamaica]

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@Anonymous wrote:
The hard inquiries that are falling off in May are three inquiries from my mortgage refi. I also have a hard inquiry falling off in July for my Amex card. The old account falling off in June is a closed credit card from ten years ago. My current credit age according to Credit Karma is 4.5 years. I’m not sure what AoOA means. I’m a newbie. Sorry! Lol. Btw....thank you for helping. I’m super sad it went down so much!

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1.  Average age of accounts is computed differently by Vantage 3.0, so disregard the average age of accounts on Credit Karma.

2.  AoOA is Age of Oldest Account, which is a separate scoring factor distinct from AAoA (average age of accounts).

3.  Don't be super sad, because time heals all of these wounds.

[Anonymous]

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@Anonymous wrote:
I contacted Experian. Seems as though two old accounts fell off so it lowered my score ten points each. She said I have another falling off in June so I’ll get hit again I’m sure. I do have three hard hits falling off in May. Will that offset my next account falling off. She said they fall off every ten years.

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I had a feeling it was due to an old account(s) falling off.

Keep in mind just because you lost 20 points for 2 accounts falling off that it doesn't mean you lost "10 points each" nor does it mean you'll lose another 10 points if another falls off in June.  Score drops related to age of accounts factors happen when age thresholds are crossed.  It's completely possible that all 20 points you lost were from just 1 (maybe the oldest) account that dropped off and that you lost 0 for the other.  I just don't want you to think that each account is "worth" 10 points, thus figuring the next one means a 10 point drop.

As for your inquiries coming off, if they are reaching the 2 year mark it means they're already unscoreable (that happens after 1 year) and that you wouldn't expect to see any score gain once they actually vanish from your CR.

[Anonymous]

Thank you so much everyone! You are all so helpful! Much appreciated!!!!