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Established Member
Posts: 22
Registered: ‎05-05-2007
0

Cancelled Credit Card -25 points

I recently cancelled my "only" credit card and got a drop of 25 points on my fico.  I did this because I opened a new CC account and it has not started reporting yet.  I immediately called and re-opened the account to see if I would regain the 25 points.
 
I will give follow up once it is reopened to let you know if I get the points back.
 
Also will follow up when the new one hits.
 
 
"This Ain't Hollywood" -- Will Primos
Senior Contributor
Posts: 3,071
Registered: ‎05-17-2007
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Re: Cancelled Credit Card -25 points

Yea. You will get the 25 points back. I would not allow the number of cards if you can to drop below 3 with revolving accounts. If you can I'd get a third. Each card after 6 months it will start helping.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Established Member
Posts: 22
Registered: ‎05-05-2007
0

Re: Cancelled Credit Card -25 points

Cool, thanks for the help.  I don't use CC very much as I am against having debt completely, but it appears neccesary in order to keep your credit "healthy".
 
 
"This Ain't Hollywood" -- Will Primos
Valued Contributor
Posts: 2,374
Registered: ‎03-15-2007
0

Re: Cancelled Credit Card -25 points



jtilton28 wrote:
Cool, thanks for the help. I don't use CC very much as I am against having debt completely, but it appears neccesary in order to keep your credit "healthy".





For optimal FICO, you do need to revolve debt on three or four revolving charge accounts. That's the bad news.

The good news is that the amount of debt revolved can be very small. I've managed to revolve amounts as low as $1--and it counts.
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