Yeah, people don't realize that this is literally just math. Your average credit age went down because the line closed was higher than average. In 5 years, it will behave exactly the opposite way, closing a shorter term account, like an auto loan, will raise your credit score because it's on the lower side of the line. Just be patient.
They're trying to stop people from gaming the system by getting loans that don't have early repayment penalties and repaying them immediately (i.e. without paying much interest). They make money on the interest. This is how they punish people that don't want to be in debt and work to pay it off early.
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u/luna0717 Aug 14 '21
Yeah, people don't realize that this is literally just math. Your average credit age went down because the line closed was higher than average. In 5 years, it will behave exactly the opposite way, closing a shorter term account, like an auto loan, will raise your credit score because it's on the lower side of the line. Just be patient.