Oldest Account about to drop off. Freaking Out.

[Anonymous]

Rechecked my credit reports I pulled last month to see if I had anything that needed to be addressed. My oldest account, a car loan, is about to drop off this fall. Oldest Account Age will be reduced from 14 years to 10 years, with AAoA going from 7 years to around 4 years. 

I finally got my credit scores (real, not fako) upto around 714 as of this month after a successful pay for deletion with a medical collections bill.

It's not even about credit card approvals or credit line increases, but mortgage potentials. 

I want to cry. 

[Anonymous]

I'll post some of my other data points from my reports to help get an idea on how bad things may be once that account drops off...

[Anonymous]

When would you like to buy a house?

How many credit cards do you have?

When was the last time you opened an account?

[Anonymous]

Okay, hold on. I may be losing my mind. How long do positive accounts stay on your record?

My oldest postive is the Auto Loan and was opened in 2005, with last payment March 2011. 100% on time payments. 

Second Oldest positive was a credit card also opened in 2005, last payment June 2009. 100% on time. 

My oldest overall and negative is a credit card opened in early 2005 (14 years, 1 month) with last payment in 2016. 

[Anonymous]

They stay on your reports for ten years after they were closed.  In rare situations they can fall off before then, but that is very rare.

I am guessing that the auto loan was closed in April 2011, though I can't know for sure. 

I have no idea whether the credit card you mentioned ("second oldest positive") was ever closed (it might still be open) -- or if it was closed, when that might have been.

The date closed should be listed on your reports.

[Anonymous]

So... Maybe I'm not in a bad place?

Good Auto Loan:

Opened: Sep 01, 2005 (13 yrs, 8 mos) 

Closed: Mar 01, 2011

Account Status: Closed
Payment Status: Paid satisfactorily

Good Credit Card: 

Date Opened: Aug 2005
Closed: June 2009
Account Status: Closed
Account Status: Paid satisfactorily

[Anonymous]

What about the account that you describe as....

My oldest overall and negative is a credit card opened in early 2005 (14 years, 1 month) with last payment in 2016.

Is it open or closed?  If closed, when was it closed?  Does it have a zero balance?  What do you mean when you describe it as My oldest overall and negative...?

[Anonymous]

---

@Anonymous wrote:

So... Maybe I'm not in a bad place?

Good Auto Loan:

Opened: Sep 01, 2005 (13 yrs, 8 mos) 

Closed: Mar 01, 2011

Account Status: Closed
Payment Status: Paid satisfactorily

Good Credit Card: 

Date Opened: Aug 2005
Closed: June 2009
Account Status: Closed
Account Status: Paid satisfactorily

---

You’ll lose the credit card next month, the auto loan 3/2021. 

[Anonymous]

That'll drop my average age, but at least it I have another one nearly as old. Whew. 

[Anonymous]

There is nothing you can really do about age factors except not make them worse by adding new accounts so I wouldn’t stress about it to be honest. Payment history and balances are far more important both for your scores and to creditors.