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Posts: 6
Registered: ‎04-17-2007
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New Card Causes Score Loss, Can I Close the Account and Get Those Points Back?

A year ago I bough a new-to-me home and last spring I went looking for a small tractor. I was given 10% off if I got a Home Depot card. Well, they only gave me $500 limit and since then my score has gone from 727 to 698 becuase I have 'too many low limit cards', too many as in 2 with $500, the other being a Target card and Target is not increasing limits. Target is a card I've had for 7 years so I don't want to lose it.


I also noted that the Home Depot card was listed as a 'finance company' negative by Equifax. Hmmm, Citibank is a finance company????


I have a zero balance on this card and was wondering if I closed it would I get my lost points back?


My overall CC util stays between 15-20% with 1/2 having no balances and I would be losing a card with only 7 months history on it so my average card age would actually increase, wouldn't it?


Thanks in advance for any words of wisdom.

Moderator Emeritus
Posts: 14,122
Registered: ‎04-15-2011
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Re: New Card Causes Score Loss, Can I Close the Account and Get Those Points Back?

Wouldln't raise it.  It would just lower your available credit and raise your util and drop your score.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
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Valued Contributor
Posts: 1,671
Registered: ‎05-24-2007
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Re: New Card Causes Score Loss, Can I Close the Account and Get Those Points Back?

The damage was done a year ago.


Best to keep it since it will start helping you soon if it hasn't already.


I started seeing that "finance company" notation on some reports for HD around a year ago. My limit at HD is $13,500. It doesn't seem to do much damage and I'm assuming it will eventually get fixed. I am sure anyone looking at the report knows a HD card is a normal store card, not as 'good' as a regular CC but not consumer finance either.

Senior Contributor
Posts: 3,889
Registered: ‎05-24-2011
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Re: New Card Causes Score Loss, Can I Close the Account and Get Those Points Back?

Have you asked for a CLI from them?  Do you use the card and PIF?  if you have regularly used and paid you should be due a CLI.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720

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