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Contributor
Posts: 88
Registered: ‎09-22-2007
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Closed by consumer accounts

Does anyone know if a current closed by consumer account  affect your fico score?
 
I notice that some of my closed accounts do not have the  credit limit listed does this matter?
 
 
Your credit score
849
Source: Equifax Date: April 29, 2015
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Posts: 16,375
Registered: ‎03-12-2007
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Re: Closed by consumer accounts



steffiejoe wrote:
Does anyone know if a current closed by consumer account  affect your fico score?
 
I notice that some of my closed accounts do not have the  credit limit listed does this matter?
 
 



1.) An account notated as closed by the consumer has no affect on your FICO scores so long as there is no balance and no late payments and the account is in good standing. Same applies if the account is closed by the creditor. With the later, even though scores are not affected, having a closed account report this way might raise some questions during a manual review with a lender...but this has never happened to me when I was apping for mortgages last year.
 
2.) Closed CC accounts with balances should show CL's because these will factor in FICO utilization percentage calculations while closed CCs without balances do not factor in utilization percentage calculations. Just make sure any closed account is in good standing and does not have a balance or late payments reporting.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
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Re: Closed by consumer accounts



steffiejoe wrote:
 
I notice that some of my closed accounts do not have the  credit limit listed does this matter?

When CL isn't reported, the high balance is used in it's place for purposes of calculating util. However, on a closed account util isn't a factor.
 
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