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suthernsuggah

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Why is a closed paid off account from 2007 still on my credit report?
Car loan was paid off & closed in 2007

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Closed accounts were in good standing? Can last 10 years or more on your report, and they can boost your credit profile (age of credit/account mix)...  If your report shows you had car loan in the past like in your case? That would show any potential future lenders/creditors you had positive outcome on the loan and you fulfill your obligations, if you don't have any car loan in your report? They might treat you as first time buyer and might not getting better interest rate.

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Bottom line? Closed or not, You want to have as much positive accounts on your report as possible.

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