Sentences with phrase «age of credit drops»

Most likely because your average age of credit dropped when you closed your loan account.

Not exact matches

The average age of all accounts could drop after closing a credit card.

Similarly, closing your oldest credit account may also reduce your score a bit, both because your average account age will drop and your credit utilization will also go up, unless you pay off a chunk of your debt!

If the person suddenly opens numerous new accounts such as credit cards, the average age of accounts can drop significantly.

Close your oldest line of credit and the average age of your account drops to five.

Even with the credit inquiries for the mortgage, he has a FICO around 800; however, we're afraid it will drop a bunch because the average age of credit will be decreased significantly with the new mortgage.

The loss of the credit history shortens the average credit age leading to a drop in the credit scores.

I've read that a closed account stays on your credit report for 10 years, and I've read mixed things that say for instance on FICO, a closed account will continue to age and impact avg age of account (presumably to the point until 10 years after its closed and then it drops off your account)(ex, so an account thats closed at 6 months will continue to impact avg age of account and there's nothing you can do, and then 10 years later that account will have an impact of 10.5 year, but will suddenly drop off).

The account that closes can eventually drop off your credit and take away the average age of your credit, if the account is an old account.

Opening new accounts — When you open a new credit account you are making your average age of credit younger, therefore your scores can drop.

Opening new credit reduces your average age of credit which will drop your credit scores.

^ Creditors may consider your age if you are: to young to sign contracts (generally under 18), you're over the age of 62 and the creditor will favor you because of your age, age is used to determine other factors important to creditworthiness (e.g if your income is about to drop due to retirement), it's used in a valid credit scoring system that favors applicants 62 and older.

Credit card debt down across the board — Regardless of age, education or income, we dropped debt... (See Debt down)

As the individual loans get rolled off when they get paid, it's been hurting my credit score because my average age of credit is dropping.

For instance, if you have a card for 5 years, getting a second card will drop the age of your credit history to 2.5 years.

It's almost like we — the twenty - and early thirty - somethings — are coming of age at some weird potluck of every social issue staring us in the face: food insecurity, epic natural disasters, stock market crashes, three wars, droughts worse than the Dust Bowl, banks getting away with robbery, extreme poverty, corporate - purchased elections, rising childhood obesity, rising deficit, salmon run extinctions, flocks of birds dropping out of the sky, college debt surpassing credit card debt, you name it.