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Score increase for oldest account aging 5 years

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Anonymous
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Score increase for oldest account aging 5 years

I, like many of you I'm sure check my reports daily. I had been stuck at a 651 ex for about two months now and I was getting a bit discerning! My car loan turned 5 today though and a 5 point score increase came with it. Now sitting at a 656 EX through CCTThat was the only thing that's changed with my reports. I'm not looking forward to that score drop when it closes though. Doesn't seem like you should be punished for paying off a loan!
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Re: Score increase for oldest account aging 5 years

Congrats on the increase.....I agree that you shouldn't see a score drop from paying off a loan, its that pesky scoring that looks at diversity in scoring...bankcards/retail cards/installment loans/mortgage...really screwy I must say so myself cause I don't intend on taking on a car loan unless absolutely required funds wise..Once I paid off that last one...I was like whatever I'll keep this until the wheels fall off lol

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Anonymous
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Re: Score increase for oldest account aging 5 years

Hello Cy1215.  Is your car loan your only installment loan?

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