Closed 2 First Premier Cards... Question about Reporting

[charmcity]

I closed two First Premier cards about 10 days ago, paid in full.

I requested that these be closed and noted as "closed at consumer's request."

This morning, I got a myFICO alert that my Experian score has dropped 5 points with both of these updating.

It appears that they were marked as "PAID LOAN"

Is that a derogatory mark? Or did my score go down with the loss of two open credit cards in good standing?

[Barry]

'Paid loan' shouldn't be derogatory. Any other open cards? If so, what are the total and individual card utilization percentages?

[Anonymous]

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@charmcity wrote:

I closed two First Premier cards about 10 days ago, paid in full.

I requested that these be closed and noted as "closed at consumer's request."

This morning, I got a myFICO alert that my Experian score has dropped 5 points with both of these updating.

It appears that they were marked as "PAID LOAN"

Is that a derogatory mark? Or did my score go down with the loss of two open credit cards in good standing?

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A paid loan will sometimes have a small negative impact on Fico scores, but these were not loans so they should not be recorded as such.