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Valued Member
Posts: 34
Registered: ‎01-12-2017
0

Will Score Drop.. Paid off card closed due to inactivity

My husband has 3 revolving credit cards listed below. The Fred Meyer card closed 2 days ago due to inactivity, will this lower his credit score? (His report will probably update in a few days)

 

Capital One $175 balance/$1000 limit

Fred Meyer $0 balance /$1500 limit (closed now, the closure hasn't been reported to the CRA's as of yet)

Firestone $449 balance/$1200 limit

 

We're in the middle of a mortgage so neither of us can afford to lose any points, at this point.

 

EX 666 TU 642 EQ6

Super Contributor
Posts: 5,999
Registered: ‎02-24-2015

Re: Will Score Drop.. Paid off card closed due to inactivity


colonygirl wrote:

My husband has 3 revolving credit cards listed below. The Fred Meyer card closed 2 days ago due to inactivity, will this lower his credit score? (His report will probably update in a few days)

 

Capital One $175 balance/$1000 limit

Fred Meyer $0 balance /$1500 limit (closed now, the closure hasn't been reported to the CRA's as of yet)

Firestone $449 balance/$1200 limit

 

We're in the middle of a mortgage so neither of us can afford to lose any points, at this point.

 

EX 666 TU 642 EQ6


It will cause a point drop unless you reduce utilization. What you should do is let one of the other cards (whichever one has the next statement date) report a zero balance, and the other one report a balance of from $10 to $90.

 

Also you might as well ask Cap One for a credit limit increase.

 

 


FICO8 EQ 767 TU 803 EX 773 FICO5 EQ 722 Total revolving 419500
Valued Contributor
Posts: 2,432
Registered: ‎03-20-2014

Re: Will Score Drop.. Paid off card closed due to inactivity

[ Edited ]

I think it may drop a few points, the closure will hurt available limit and overall utilization.

 

The best you can do is bring down the balance in both accounts, one to $0 and the other to $10.

 

Edit: I'm too slow

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Valued Member
Posts: 34
Registered: ‎01-12-2017
0

Re: Will Score Drop.. Paid off card closed due to inactivity

the next card to report is his Firestone card the payment is due tomorrow and the statement date is the 20th.. we can't pay it down to $0 but we can pay $340 to it .. hopefully that will offset a little.. thanks

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