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New Member
creditpete
Posts: 31
Registered: ‎09-26-2013

Closed Revolving Account with large balances

Would having a closed revolving account with a high balance (over $5k) be devastating to a credit score?

Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013

Re: Closed Revolving Account with large balances

You may want to read this: http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190
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New Member
creditpete
Posts: 31
Registered: ‎09-26-2013

Re: Closed Revolving Account with large balances

I did, but this is not correct:

 

- If a closed CC account with a balance continues to report the original credit limit, then both the balance and the CL of the closed account will be used in the utilization calculations.

 

My lender sent me a copy of my report - I have 3 closed CC accounts with balances.  Both the Balances and CLs are appearing on the report, however, the CL is not being taken into consideration in the report's "Credit Summary"

 

Moderator
09Lexie
Posts: 24,378
Registered: ‎09-13-2012

Re: Closed Revolving Account with large balances

New Member
creditpete
Posts: 31
Registered: ‎09-26-2013

Re: Closed Revolving Account with large balances

Yes

 

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TU Classic 4

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Moderator
09Lexie
Posts: 24,378
Registered: ‎09-13-2012

Re: Closed Revolving Account with large balances

The CLs are no longer available so they shouldn't be included as available credit. Based on your report, is the util correct?
New Member
creditpete
Posts: 31
Registered: ‎09-26-2013

Re: Closed Revolving Account with large balances

Sorry I dont quite understand what you mean by "is the utl correct"?  There are no percentages in the report, just a credit summary that I did some calculations off of.

New Member
creditpete
Posts: 31
Registered: ‎09-26-2013

Re: Closed Revolving Account with large balances

I'm just trying to figure out what the CR agencies are/are not using to come up with my utilization percentage.

 

I just paid off all of the closed accounts with balances and I'm afraid that my scores aren't going to budge.   Applying for mortgage soon.

Senior Contributor
john398
Posts: 3,510
Registered: ‎01-19-2009

Re: Closed Revolving Account with large balances


creditpete wrote:

I'm just trying to figure out what the CR agencies are/are not using to come up with my utilization percentage.

 

I just paid off all of the closed accounts with balances and I'm afraid that my scores aren't going to budge.   Applying for mortgage soon.


you may want to ask in the mortgage section because different scoring models handle closed accounts differently, and its not the CR agencies that have the model,, its FICO

Moderator
09Lexie
Posts: 24,378
Registered: ‎09-13-2012

Re: Closed Revolving Account with large balances

I would also pull your 3 individual CR's. Its possible the Tri merge is inaccurate.


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