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WHOAH!!!!!!!!!!!!!!!!!
I have Citi identity monitor, which has a "custom scenario" builder. I set up the scenario of closing this account, and my equifax score went *UP* 14 points!
Am I at the point where I have so many revolving accounts that closing a few would increase my scores, even though utilization would go up?
I hope this is the case! I might close a few more! (I have about 15)
@Anonymous wrote:WHOAH!!!!!!!!!!!!!!!!!
I have Citi identity monitor, which has a "custom scenario" builder. I set up the scenario of closing this account, and my equifax score went *UP* 14 points!
Am I at the point where I have so many revolving accounts that closing a few would increase my scores, even though utilization would go up?
I hope this is the case! I might close a few more! (I have about 15)
Slow down, I don't think that is a simulator for a FICO score. I can't think of any scenario where losing available revolving credit boosts your FICO score. Closing the card won't erase it from your credit history or keep the balance from counting towards your utilization. That being said, there are occasions where cancelling cards is the better financial and credit management option, but rarely if ever does it result in an increased FICO score. You should never close a card that doesn't have a $0 balance or that you can't afford to PIF immediately.
@dee wrote:
I think JoeB is correct. It should not increase your FICO score, even though it would make sense to have less availability out there to get into debt. All of this is interesting, for sure. I did cancel it, cause of the 29.9 rate..I mean, who is that stupid to accept that option???????
It's not a bad option for everybody. You have to keep in mind that there is more to a card than just the interest rate. If you're a PIFer, the interest rate could be 10000%, you'll never pay it. It depends on what else the card offers, for many, it could still be worth keeping.
@Anonymous wrote:
Unless tha scenario buildr actually uses FICO scoring it is a moot point.
And honestly 14 points is normal score isostasy
Isostasy, there's a word you won't here in everyday conversation LOL.