Understanding FICO® Scoring

[copprtop99]

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.

[Shogun]

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

[GregB]

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.

[Booner72]

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.