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Regular Contributor
percy81
Posts: 177
Registered: ‎02-05-2012
0

They close the account and I lose 12 points???

[ Edited ]

Hi all, My first credit card I ever got was with Rewards660 (you guys may have never heard of it) then it got sold to Indigo. So all this time since 2007 the accounts  haven't been active since 2010 when they cancelled my card--when I moved to the 700 club. They cancelled the card but they both reported open...and this morning I checked Credit Karma and saw that I just lost 12 points from Indigo reporting as closed! First, I thought it stays and reports nice for 10 years after closing? Second, why all of a sudden 3 years later this happens? 

 

*Let me clarify something, when I say they BOTH are reporting, what i mean is the first company that issued me the card has been still reporting and the NEW company that took over was still reporting ALL AFTER they cancelled me in 2010. :smileytongue:

   

 

 

 

In case you're wondering, the balance on the card was $0 and I just got a 300 cli from chase so that offset the $300 cl lost from the rewards card, so no util was affected.

 

 

 

Current: TU 753 EQ 755 EX 753 (GE credit pull)
Goal 800+
WHAT'S IN MY WALLET: Chase freedom 3,300 /Discover IT 2,250/ Zales 6,000/Care credit 10,000 / kohls 1,500/ LensCrafters 2,400/Capital1 platinum 1,000
Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: They close the account and I lose 12 points???

-How many other CC's do you have?
-In the comments box on the TL in your report what does it say??



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Frequent Contributor
pdog661
Posts: 378
Registered: ‎03-31-2012
0

Re: They close the account and I lose 12 points???

[ Edited ]

percy81 wrote:

Hi all, My first credit card I ever got was with Rewards660 (you guys may have never heard of it) then it got sold to Indigo. So all this time since 2007 the accounts  haven't been active since 2010 when they cancelled my card--when I moved to the 700 club. They cancelled the card but they both reported open...and this morning I checked Credit Karma and saw that I just lost 12 points from Indigo reporting as closed! First, I thought it stays and reports nice for 10 years after closing? Second, why all of a sudden 3 years later this happens? 

 

*Let me clarify something, when I say they BOTH are reporting, what i mean is the first company that issued me the card has been still reporting and the NEW company that took over was still reporting ALL AFTER they cancelled me in 2010. :smileytongue:

   

 

 

 

In case you're wondering, the balance on the card was $0 and I just got a 300 cli from chase so that offset the $300 cl lost from the rewards card, so no util was affected.

 

 

 


Hi,

 

CK does not count closed accounts into your AAoA years.  This could be the 12 point drop.  Do not worry though becasue true FICO models count closed accounts for 10 years after the closing date(if no baddies), and 7 years if they have baddies.

 

If no UTL rate was effected I do not see your true score experiencing any impact from the account being closed.

 

 

Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: They close the account and I lose 12 points???

Credit Karma is far from accurate because it doesn't include closed account in factoring your Average Age of Accounts... A better indication that you had lost 12 points would come from your myfico reports...

 

Hate to say it but your score is probably the same.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
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Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: They close the account and I lose 12 points???

I wouldnt put any real stock into CK. All it is good for is seeing TU report changes for free.



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Established Member
Bearclaw
Posts: 22
Registered: ‎12-02-2012
0

Re: They close the account and I lose 12 points???

It's CreditKarma, and a FAKO. Don't worry about it.
Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: They close the account and I lose 12 points???


LS2982 wrote:
I wouldnt put any real stock into CK. All it is good for is seeing TU report changes for free.

I find that quite useful.  IMO, Knowing your utilization is more important than the actual FICO number. 

 

I recently had a 1 week window where my utilization would be ideal which I used for a mini appre spree.  The actuall reporting of the major account took 4 days from closing and CK let me time it perfectly, with good results. .   

Valued Contributor
chnceit
Posts: 1,524
Registered: ‎08-17-2008
0

Re: They close the account and I lose 12 points???

Use CK for monitoring and not scores. Their scoring model is weird. My "score" dropped 25 points because I reported a 2% utilization LOL


$100K in Credit
Last Credit Card App: 11/16/13
Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: They close the account and I lose 12 points???


Wolf3 wrote:

LS2982 wrote:
I wouldnt put any real stock into CK. All it is good for is seeing TU report changes for free.

I find that quite useful.  IMO, Knowing your utilization is more important than the actual FICO number. 

 

I recently had a 1 week window where my utilization would be ideal which I used for a mini appre spree.  The actuall reporting of the major account took 4 days from closing and CK let me time it perfectly, with good results. .   


Thats why I was saying it was useful for report changes the score is useless.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
percy81
Posts: 177
Registered: ‎02-05-2012
0

Re: They close the account and I lose 12 points???

[ Edited ]

pdog661 wrote:

percy81 wrote:

Hi all, My first credit card I ever got was with Rewards660 (you guys may have never heard of it) then it got sold to Indigo. So all this time since 2007 the accounts  haven't been active since 2010 when they cancelled my card--when I moved to the 700 club. They cancelled the card but they both reported open...and this morning I checked Credit Karma and saw that I just lost 12 points from Indigo reporting as closed! First, I thought it stays and reports nice for 10 years after closing? Second, why all of a sudden 3 years later this happens? 

 

*Let me clarify something, when I say they BOTH are reporting, what i mean is the first company that issued me the card has been still reporting and the NEW company that took over was still reporting ALL AFTER they cancelled me in 2010. :smileytongue:

   

 

 

 

In case you're wondering, the balance on the card was $0 and I just got a 300 cli from chase so that offset the $300 cl lost from the rewards card, so no util was affected.

 

 

 


Hi,

 

CK does not count closed accounts into your AAoA years.  This could be the 12 point drop.  Do not worry though becasue true FICO models count closed accounts for 10 years after the closing date(if no baddies), and 7 years if they have baddies.

 

If no UTL rate was effected I do not see your true score experiencing any impact from the account being closed.

 

 


Thank you everyone!! Especially this reply. I didn't even think to put it into an account that their AAoA has always been weird compared to my TRUE fico. I thought it seemed weird, considering everyone has told me it says reporting for 10 years. Thanks bunches :smileyhappy:

Current: TU 753 EQ 755 EX 753 (GE credit pull)
Goal 800+
WHAT'S IN MY WALLET: Chase freedom 3,300 /Discover IT 2,250/ Zales 6,000/Care credit 10,000 / kohls 1,500/ LensCrafters 2,400/Capital1 platinum 1,000

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