Yes- Expect 50 to 150 points
IMO- the best way to avoid AA is to not have balances-
You also need to look at the terms and conditions of your credors-
Many have change to only AA if you mess up with them-
What actions can your other creditors take?
Close account, Raise APR's, reduce cl's.
If you don't have balanes- what gain do any of these actions do to help the bank with their risks? NONE-
APR's don't matter if you PIF- and you almost alway have the option to close the account instead of paying the higher balance.
If the close the account- they have lost a revenue stream
Lower the CL- if you balances are low it won't hurt your score
Even in the 600's you are not going stright to heck-
You might actually do very well- how many people with 1 major derog have perfect payment history's? VERY few- you should be towards the top of this credit group and even if some of your creditors take some AA- you have been smart enough not to have all your credit eggs in one basket.
I have seen a domino effect on a persons credit - where the accounts get closed by the CCC's one by one- but even they did not have them all closed or all rate jack.
IMO- you will be fine and you will recover- if you have that great of a relationship with the bank- ask them to quit reporting it at all?
slickwithnomoney wrote:
This was for an investment property; my bank is being real nice to me. I won't be in the market to buy a house for a long time; I'm quite happy in my primary home. No lates and I'm about under 10% balance on all my credit cards.
No one has answered my question when my credit card companies will see my score drop 100 points, will they close my accounts? Should I call them to be proactive?