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So a couple of things I see happening here if you follow your LO advice:
1. You have yourself removed from the AU accounts
2. Your score drops because your AAoA has changed.
3. The lender now charges you more interest because your score is now lower.
4. Your LO is an idiot.
You should never be forced to/asked to close accounts, never. It won't help you score. As for paying for the rapid rescore, I believe I read on here somewhere that this was illegal.
The OP has another thread where thay state that one of the AU cards is over limit by over $1000. I don't think reducing AAoA is going to hurt that bad considering the positive inpact of removing such a high utilized account. I think the main point here is that the OP shouldn't have to pay over $500 to do a rescore.
my rescore didn't cost me a penny...although having to wait a week was a killer!!
@madmann26 wrote:So a couple of things I see happening here if you follow your LO advice:
1. You have yourself removed from the AU accounts
2. Your score drops because your AAoA has changed.
3. The lender now charges you more interest because your score is now lower.
4. Your LO is an idiot.
You should never be forced to/asked to close accounts, never. It won't help you score. As for paying for the rapid rescore, I believe I read on here somewhere that this was illegal.
^^^Agree 100% with the above. Yes, having an AU that is over limit kills the scores, but the remedy suggested by your LO is not the solution. Find another lender. Don't close the accounts. I read the same thing - lenders are to pay this fee, not borrowers. I will see if I can find the thread.
...hth
Paying them and removing AU sounds a little weird to me? And it will drop your score.