Closed CC account, Dropped 29 Points!!!!!!

[Anonymous]

Hi guys received myfico notification today,statting change on my experian report, 29 points dropped!!!: i closed a BOA cc account this month becouse i felt

that they were no more flexible in doing bussines and the card has high APR and high interest, i was with them 8 years, so   29 point down is too much!!!ridiculos!!

no cool any comment on this will be helpfull right now i did not see any change on the equifax/transunion yet, hope the drop wont be too hard as this one on my experian " Is this normal!!???"

[baller4life]

That much of a drop for closing an account would have to do with utilization. What was the credit limit on the card? What is your total cc limits?

[Mailak]

Was that credit line a significant portion of your total available credit?

Since you close that card, your total available credit went down. So, your overall utilization likely went up. When you pay off your other credit cards and/or let them report 0, your utilization should come down and your score will likely recover for the most part.

[baller4life]

Exactly! Before closing a card you must consider the effect on utilization. If it is a significant portion of your limits, your score may be adversely affected.

[Anonymous]

that card was closed with zero balance, limit was 500 only and never graduated, not carrying any balance i paid off before statement cut off, credit available about 10k

[baller4life]

That's very odd then. Did you make sure nothing else new is going on with your report? Losing $500 shouldn't have had that much of an affect. Card is still figured in AAOA.

[Anonymous]

well that card is was not significant credit,only 500, with my others cards i hold a availble credit right now about 10K, i usually pif before the statement cut off, its just no norma thank you all to help me out to figure this out

[Anonymous]

i hope nothing else is negative on that report, last time i checked 2 months ago when i got myfico membership, but that report never renew with myfico, be paying every mont for the reports its not cool

[noobody]

another member report similar problem not long ago, after pull reports, he found out it was some collection he was not aware of put on the report.
it is something other than close an account cause points drop, pull all 3 reports to find out exact reason.

[Anonymous]

Closing a card with a 500 cl, no balance, and a 10k overall cl with low overall utilization should not result in a 29 point drop. Closed cards still effect your AAoA and oldest account info for 10 years. Are these FICO scores or Vantage scores, or something else? Many scoring models (not FICO 98, 04, and 08) only take into account open accounts for AAoA and oldest account. Thus, with say a non-FICO model, you might see a big drop when you close an old CC. With the relevant FICO models, however, no drop will occur for these reasons for 10 years after the account closes. 

If the drop is from a non-FICO score, don't worry about it too much. If it is a FICO score drop on myfico, then it is likely for another reason. Myfico scores update when a triggering event occurs. The score change is not entirely based on just the triggering event. All updates to the CR as of the date of the recalculation effect your score. An app spree, several new accounts, new inquiries, and the like could be reasons for the point reduction as well. If you are concerned, pull your CRs to see if their are any new derogs as well.