Score drop with 1 card reporting a balance

[Anonymous]

I don't believe so.

My understanding has always been that if you close a CC, the limit of that card is no longer included into overall limits.  Since the card is closed, you no longer possess that line of credit so it should be excluded from your total limits.  The balance, however, exists whether or not a card is open or closed.  So, closing a card with a balance would therefore raise aggregate utilization.  As we all know, depending on overall limits and the balance left on the closed account, the increase to aggregate utilization could be anywhere from nothing to significant.

In this situation though, I believe the OP closed an account that had a zero balance anyway.  He did state that the balance he had on his one card reporting a balance was high, but I don't believe he quantified the amount of the balance, or the credit limit for that matter, so we do not know the utilization percentage on that revolver.

[NRB525]

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@MontegoMack wrote:

I finally had BofA update my balance on a closed account to $0 on my EX report. I now only have 1 card reporting a balance, a rather high balance, but a balance nonetheless. Unfortunately, what's happened now is my score dropped over 25 points!  

I thought the ideal situation was to have only one card report a balance? I guess the bonus is that my utilization rate went down significantly , but I was hoping the lower utilization would boost my score. 

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OP, what is the balance on the NFCU card? What is the limit on the NFCU card?

How about the other cards? What are the limits on those?

Regarding closed cards, I had two closed cards with balances when I joined MF, now one. One had a ~20k the other ~5k limits.  The cards were not included in the TU All Bankcards balance, nor on the limits that were showing on the utilization calculations that I could see. EQ is the only one who mentions them, as the balance comes down, but they don't seem to have any influence, directly, on score calculations. I am sure there is some way they are factored in, but we won't be able to suss that out.

[Anonymous]

Most important question I have is where are you getting your credit score from?  Website?