How many points will I lose when my oldest Positive TL is removed In Sept? It's been 10 years....

[happy0510]

I am really worried about getting re-bucketed or losing major points in September because my oldest positive TL will be removed.  It was last reported 9/1999 and on all reports show 9/2009 as the falloff dates. 

Here's my problem:

As of now:

-My AAoA is 4 1/2 yrs.

-Only 1 TL open right now (CC) Opened 8/2007

-Judgment 2005

-CO 2004

-Installment Loan (One in question) Paid. Never Late. Closed 9/1999

Nothing else. Nada. I really need that 620 for my home loan next year!!

I haven't been late in over 4 years either but it seems to not matter to my fico score. 

What do you experts think will happen to my score?

Message Edited by happy0510 on 07-21-2009 02:21 PM

[smallfry]

Diver down. That is gonna leave a mark. Sorry.

[happy0510]

What do you mean? What kind of mark?

[Anonymous]

What is the balance on that CC? If it is high, it is keeping your score down. Also, you may want to consider oppening a new trade line. Some lenders like to see at least 3. If you're not applying for a mortgage until next year you might want to consider it. I have 3 CC with some late payments. I wanted a trade line with no derogs so I opened a new CC. I thought I would see a drop in score, instead I got a 8 point increase. Don't open it a few months before going house hunting, this will look bad. And try to keep a very low balance, less than 9%.

[happy0510]

Yes, it is high util as I show in my sig line.  I will pay it down to under 9% next month.  I plan to apply for the mortgage in April next year.  At the latest I will get a secured in September.  This would mean about six months out.  Also, the simulator shows I will see an increase with a new card as well. Don't know if this is right or not.

I'm just really worried about the old positive account falling off.  Do people have scores below 620 if they aren't late on anything for 5 years? This would be my case.

Message Edited by happy0510 on 07-21-2009 03:00 PM

[happy0510]

Hi Smallfry, can u elaborate on your comment? Thanks!!