"new credit" question

[Stugotsv10]

so John buys a car last month for $40,000, John put down $8,000 so John financed 32k... on the first payment John pays OFF then entire 32k because he ran into some cash... now that 32k loan is reported as closed on all 3 credit reports is it still considered "new" credit even know its A] Paid in full and B] closed???

[Anonymous]

As soon as a loan is reported, your AoYA is reset and your AAoA is reduced. 

These factors don’t get restored when the account is paid, only time restores them. 

New credit is new credit whether it’s open or closed. 

[Anonymous]

New credit refers to the amount of time that has elapsed since the opening of the new account.  Closure of the account isn't a relevant factor.

[pinkandgrey]

Unfortunately yes, it’s still new. What a shame that John didn’t wait just a little longer and buy the car in cash lol