Is this closed CapOne CC reporting correctly?

[exCYter]

I had a CapitalOne secured platinum for 4-5 years($3k CL, $2700 of which was secured).  They would never let me transition it to a regular card, so about 7 mos ago I got a non-secured Cap1 plat card as well.  Said screw it and closed my secured card.  I actually still had a balance and just paid the minimum payment until it was paid off, which was a month ago.  As soon as I told them to close the account, the CRAs updated my file with "account closed at customer's request".  However, now that the balance is officially zero, Cap1 updated my accounts to "Paid Loan" on Experian, from "Account closed at consumer's request credit card to account closed at consumer's request closed or paid account/zero balance credit card"on EQ and TU it doesn't tell me.  FICO dropped between 10-19 points across the board.

I just don't understand why I'm getting this hit now when the account has been closed for months. According to CK, my AAoA actually went up after closing this since I have relatively few accounts with my oldest trade line being 17 years old.  

Any guidance would be greatly appreciated.  This is really bad timing as I'm going for a car loan in the next 30-45 days, dropping from 658 to 639 is not ideal!

[Anonymous]

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@exCYter wrote:

I had a CapitalOne secured platinum for 4-5 years($3k CL, $2700 of which was secured).  They would never let me transition it to a regular card, so about 7 mos ago I got a non-secured Cap1 plat card as well.  Said screw it and closed my secured card.  I actually still had a balance and just paid the minimum payment until it was paid off, which was a month ago.  As soon as I told them to close the account, the CRAs updated my file with "account closed at customer's request".  However, now that the balance is officially zero, Cap1 updated my accounts to "Paid Loan" on Experian, from "Account closed at consumer's request credit card to account closed at consumer's request closed or paid account/zero balance credit card"on EQ and TU it doesn't tell me.  FICO dropped between 10-19 points across the board.

I just don't understand why I'm getting this hit now when the account has been closed for months. According to CK, my AAoA actually went up after closing this since I have relatively few accounts with my oldest trade line being 17 years old.  

Any guidance would be greatly appreciated.  This is really bad timing as I'm going for a car loan in the next 30-45 days, dropping from 658 to 639 is not ideal!

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When a closed account has a balance FICO "scores it" as a current open account. Once the balance hits $0 then it gets taken out of current accounts scoring. The drop is likely because at 5 years of age this would be considered a "well seasoned" account. What are the ages of your other current revolving accounts?

Much of the stuff CK tells you is crap, particularly about AAoA.

[exCYter]

Thank you for your response!

Dang, wish I would have known that.  I guess I suspected that which is why I was paying the minimums, but when I saw the CRA's update to "account closed" I figured it was closed period.  

I have one student loan that EQ lists as 17 years old, the other two CRAs list as 13 years(I think the 13 is probably accurate as that is when I consolidated multiple loans, 17 is the oldest one in that group that was consolidated).  Then I have a Amazon store card that is two mos old, a Cap1 QS that is 7 mos old, and an auto loan through CarFinance.com that is 9 mos old.  I think my file is a little thin and I could long term definitely benefit from some gardening, unfortunately don't have time for that in regards to my new car.  

[Anonymous]

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@exCYter wrote:

Thank you for your response!

Dang, wish I would have known that.  I guess I suspected that which is why I was paying the minimums, but when I saw the CRA's update to "account closed" I figured it was closed period.  

I have one student loan that EQ lists as 17 years old, the other two CRAs list as 13 years(I think the 13 is probably accurate as that is when I consolidated multiple loans, 17 is the oldest one in that group that was consolidated).  Then I have a Amazon store card that is two mos old, a Cap1 QS that is 7 mos old, and an auto loan through CarFinance.com that is 9 mos old.  I think my file is a little thin and I could long term definitely benefit from some gardening, unfortunately don't have time for that in regards to my new car.  

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Yeah, I'm pretty sure thats whats going on here. Thats why we generally suggest to not keep secured accounts open for more than six-twelve months. You don't want your only seasoned account to be a secured account. Unfortunately there really is no "fix" for this sort of thing, other than letting your other accounts age. One thing I would encourage though is opening a second Cap One unsecured Platinum card. That will let you get your UTI maximized (<10% on one card only), and you may recover a portion of those lost points.