Score changes

[vixen]

New to the forum with a few questions regarding credit cards.  One of my credit cards with a 0 balance/$7500 avail was closed by the creditor b/c no activity in 36 months.  It immediately dropped my score by 3 points.  Last week, I felt forced to close another cc b/c of a change in terms by creditor.  The bal is $16K/$20k limit.  How will this affect my score?  I will no longer have the $20k avail to offset the balance of $16k debt in my ratio?  Very worried but I felt I had no choice b/c creditor wanted to raise my very low rate on a large balance!

Also, I have some older cc that have been closed over 7 years but have not fallen off yet.  Should I report these or are they no longer affecting the score?

Lastly, what does GW letters stand for with regards to 30 days late?

Thanks for any help.

[Anonymous]

These are the abbrevs that we use.

http://ficoforums.myfico.com/fico/board/message?board.id=rebuildingcredit&thread.id=584&jump=true

GW = good will

A closed CC account reporting a Bal could drop you scores as usually the CL is no counted but the amount owed is. This puts your UTIL higher.

[Junejer]

Vixen, that is going to be very painful. Can you get that $7500 CL back? Call them and see. Also, just because the account is closed with a balance, that does not stop the interest from accruing. I would try to get that thing reopened as well. You stand to take a huge hit, as your denomenator just dropped by $27,500. You could take a huge hit to your FICO scores.