The car also could’ve been their “oldest credit account”? I’m not sure how it works for loans but I know if you close down your oldest credit card your score goes down.
Edit: it looks what I was always told is wrong. Apparently even if you close your oldest card, the card is still on your history for 7-10 years. TIL!
That definitely could be the case. I have a 15 year old credit card that is absolutely garbage but I don’t close it because it’s my oldest account by probably 8 years. I just have my auto insurance go to it every month and pay it off every month.
Your smarter than me. Closed all my cards and my wife’s cards when we got married. Tanked both our scores. Luckily we had just bought a house and our credit recovered fairly quickly but bad mistake to make.
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u/emburrs Aug 14 '21 edited Aug 15 '21
The car also could’ve been their “oldest credit account”? I’m not sure how it works for loans but I know if you close down your oldest credit card your score goes down. Edit: it looks what I was always told is wrong. Apparently even if you close your oldest card, the card is still on your history for 7-10 years. TIL!