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Credit Bureau employee spoke w/local TV station about all the changes, and

Established Member

Credit Bureau employee spoke w/local TV station about all the changes, and

Our local TV station intervied someone from one of the credit bureaus the other day.  One of the questions was about how FICO scores are effected, and he said if you personally close your credit card account on your own, not the CC company, your FICO score will not be effected, no matter what.  I cancelled mine last week and I will check to see if it's true in a month or so.  My ratio of course will be different, so we'll see.
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Established Contributor

Re: Credit Bureau employee spoke w/local TV station about all the changes, and


dee wrote:
Our local TV station intervied someone from one of the credit bureaus the other day.  One of the questions was about how FICO scores are effected, and he said if you personally close your credit card account on your own, not the CC company, your FICO score will not be effected, no matter what.  I cancelled mine last week and I will check to see if it's true in a month or so.  My ratio of course will be different, so we'll see.

Score will indeed be effected by higher utilization if you carry balances on any cards. The closure itself doesn't lower your score...utilization is usually the culprit.

 

Poster on another thread said he lost 50 points after Chase closed his card. I haven't a clue what his utilization was or what other credit he has.

 

 

Message Edited by VEEnVEGAS on 07-29-2009 03:50 PM
Message 2 of 10
Senior Contributor

Re: Credit Bureau employee spoke w/local TV station about all the changes, and

it's not the account 'closed' status that impacts fico score whether or not it is closed by you or issuer- your score will not get dinged by the acct being closed no matter who closed it.

 

however, whether you or issuer closes the acct. there CAN be a fico impact from:

 

1. utilization - if you have balance, and

 

2.  AAoA when the acct. eventually drops in approx 10 yrs (could be earlier, sometimes much earlier on EQ in particular) 

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 3 of 10
Established Contributor

Re: Credit Bureau employee spoke w/local TV station about all the changes, and

It doesn't sound like the credit bureau employee knew what he/she was talking about. They probably should have interviewed the janitor instead.

 

Closed by grantor vs. closed by consumer makes no difference, score-wise ...

Message 4 of 10
Established Member

Re: Credit Bureau employee spoke w/local TV station about all the changes, and

I have now heard and read a few times it will not effect your score if you cancel your card. 
Message 5 of 10
Senior Contributor

Re: Credit Bureau employee spoke w/local TV station about all the changes, and


dee wrote:
I have now heard and read a few times it will not effect your score if you cancel your card. 


 

ok, just hope you also noted the other relevant information about closure as well.

 

for more detailed info. check out the pinned thread on closing accounts the right way.  i learned more from reading that than i would expect to from a televised cra employee interview.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 6 of 10
Established Member

Re: Credit Bureau employee spoke w/local TV station about all the changes, and

I also read this on bankrate.com.

Message 7 of 10
Senior Contributor

Re: Credit Bureau employee spoke w/local TV station about all the changes, and


dee wrote:

I also read this on bankrate.com.


 

that's cool, i like that site too.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 8 of 10
Established Contributor

Re: Credit Bureau employee spoke w/local TV station about all the changes, and


score_building wrote:

dee wrote:
I have now heard and read a few times it will not effect your score if you cancel your card. 


 

ok, just hope you also noted the other relevant information about closure as well.

 

for more detailed info. check out the pinned thread on closing accounts the right way.  i learned more from reading that than i would expect to from a televised cra employee interview.


Haha, clearly dee isn't reading any of the relevant advice offered by the other posters.
Btw, kudos to the above poster on the janitor comment. 

 

Message 9 of 10
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Senior Contributor

Re: Credit Bureau employee spoke w/local TV station about all the changes, and

Dee...Where did this card fall in the AAoA?  Was it one of your older cards?  What was the limit on this one compared to others?

 

It will be interesting to see what really happens when this updates.



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 04/2017 TU 754 - EQ 757 - EX 747
Goal Score: 850

Bury me in the garden...last app 08.09.15

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