Length of credit is a medium factor for determining credit score, as I understand it. I have a few credit cards that are paid off every month and never utilized more than 30%. I also have some student loans. The credit cards have an average life of 4 years and the student loans I've had for 3 years. I also have a car loan that is only a few months old.
I am close to paying off all my student loans! The other loans that I have paid off appear as closed accounts and don't count toward the average credit time.
I am concerned about the final loan account "closing" and bringing the average credit age down and lowering my credit score.
Is this a valid concern?
My solution was to keep about 25 cents on the loan so that it doesn't close. I am ahead in my payments by many years and I am the worried about interest on such a small amount. Thoughts?
Submitted July 30, 2017 at 03:59PM by PetroAg13 http://ift.tt/2vjDPNt
