@Anonymous wrote:
So I was looking at my Exp credit report and noticed that I have a bunch of student loans that were constantly consolidating into each other. My AAoA seems particularly low at around 3.2 years. I noticed that some of the accounts only show as having a 1 month payment history. Once an account is closed does it continue to report as a good account towards my AAOA from the time it was originally reported, so on the items that show a month open then closed are those counting as basically a 1 month loan? Or do my closed loans count through today - so are those loans actually reporting towards my AAOA as 5 years each (they were consolidated around 2010)?
Hi D2C. I am not 100% clear what you mean by the phrase "were constantly consolidating." My understanding is that loan consolidation is a one time event and it's something you have to do deliberately -- it's not something that can sort of happen to the loans by accident. (I may be mistaken!) Can you clarify a little bit?
It sounds like you did have several student loans. You consolidated them into a single (new) loan in 2010. The old student loans show a date closed around the time you consolidated -- which is the same time as the "date opened" of the single consolidated loan. Is that right?
In response to your general question, when an account closes, it continues to age and its continually greater age helps your AAoA. Thus, for example, suppose you open a credit card, then close it three months later. Then eight years after the close date it will be an account that is 8.25 years old and that age counts toward your AAoA just as much as if it had been open the whole time. Note that ten years after the close date the account will typically drop off your report and then you will lose the benefit of its age.
