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New Contributor
Posts: 67
Registered: ‎06-05-2009
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'You've shown recent use of credit cards.'

My Fico's are TU 673 and EQ 671.

My EQ mentions this as a positive impact on the score:

 

"Your FICO score evaluates your mix of credit cards [?], installment loans and mortgages. People who demonstrate responsible use of different types of credit are generally less risky to lenders. You helped your FICO score by showing recent use of a credit card." -  Does it mean, I tend to use CC's often?

 

I dont have any installment loans/mortgages.I have a Citi, Amex Gold, Chase and Capone cards.

 

I am planning to close my Capone card as i's got lowest limit of $1800 and it was opened recently and "it's NO CL Increase" card..

Will it impact my score in anyway?

My Util is 2% and my Highest CL is Citi $8100.Its the only card with balance.

 

 

Established Contributor
Posts: 645
Registered: ‎10-24-2007
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Re: 'You've shown recent use of credit cards.'

[ Edited ]

It just means that you use your credit, which is good for scoring.

 

Why are you closing the Cap One card? Unless there is an AF attached I'd leave it open. My 8 yr old Cap One and my 6 yr old Cap One were both stuck at $500, I recently combined them into one $1000 limit card.

 

The only way closure of the card will effect your score is by raising utilization. If you always carry no or small balances then it shouldn't change your score. If, in the future, you carry larger balances then yes, your score will be lower because you closed this card and lost it's credit limit

Message Edited by VEEnVEGAS on 07-30-2009 09:05 AM
Regular Contributor
Posts: 153
Registered: ‎07-10-2009
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Re: 'You've shown recent use of credit cards.'


VEEnVEGAS wrote:

Why are you closing the Cap One card? Unless there is an AF attached I'd leave it open. >



I know it doesn't matter to the score if closed by consumer or issuer. Might it look better though if a manual review is done to see it closed by consumer?
Established Contributor
Posts: 645
Registered: ‎10-24-2007
0

Re: 'You've shown recent use of credit cards.'

It would definitely look better on manual review if it says "closed by consumer". I have seen other posters say that they were never effected by having the "closed by grantor" comment on their credit report though.

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