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Gregalex523

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Paying off student loans to increase average account age?
My average age of accounts is 1.42 years but my oldest account is 4.5 years( a student loan) and my newest accounts are a few months(credit cards). I have a total of 18 accounts (17 open + 1 closed), 9 of which are student loans.

Would paying off and closing the latest of the student loan accounts( 3 opened in 2013) increase my average age of open credit and therefore increase my score?

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Same question

My credit card accounts are old the oldest one is over 17 years old. my student loan accounts are young and they make my credit age very young because each time I take out a student loan it reflects as two loans and it makes it so that my average credit age is 5 years. if I were to consolidate all of the student loans would it reflect those loans as still being part of my credit age or would the only loans reflected as part of my credit age be the Consolidated student loan? I've look for an answer to this everywhere and cannot get a straight one. If only my credit cards and the one consolidated loan were factored in my credit age would be at least 10 years old a substantial difference.

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age of accounts shouldn't primary

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paying off the accounts with the highest balances and highest interest rates should be you primary goal. Age of your accounts only accounts for about 10% of your score. I would think that lowering the amount of debt should be your first goal. paying them off will lower your available credit, thus your score will probaly drop at first  Lowering the total amount you owe will do more to raise your score in the long run.

Good luck

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The age of your credit accounts is 15% of your credit score.  35% is payment history, 30 % is utilization, 10% mix of credit and 10% inquiries.  Have you thought about consolidating your Federal Student Loans?  That would help your utilization and may save on interest.  You may also qualify for deferment or forebearance and pay nothing on income based plan.  Call Crest at 469-619-0644 to see if you qualify, no cost to find out and may save you tons.

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