Understanding FICO® Scoring

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jwblue
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jwblue
Posts: 3
Registered: ‎01-23-2013

Will closing this account hurt my credit score?

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‎01-23-2013 04:30 PM

I am an additional card holder to my mother's credit card. It has been open since 2000.

 

The credit limit is $20K.

 

Will it hurt or help my credit score if I have it removed from my account?


What if I want to increase the credit limit on another existing card.  Will it hurt or help or no effect?

 

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pizzadude
Posts: 6,333
Registered: ‎01-28-2010

Re: Will closing this account hurt my credit score?

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‎01-23-2013 06:43 PM

 

Welcome to the forums !

 

I'd recommend that you take a look at this sticky thread:   http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190

 

In general, closing a credit card won't hurt your FICO score unless your revolving utilization increases as a result of losing the credit limit.

 

What is the balance on the $20K limit card ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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slippy84
Posts: 81
Registered: ‎12-24-2012

Re: Will closing this account hurt my credit score?

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‎01-25-2013 11:58 PM

I think it also depends on the change in your AAOA. A 13-year-old account is a big deal for a lot of people. If you were removed, that account is liable to be immediately removed from your report. That's my understanding anyway...

I'm assuming that the account is in good standing with no previous issues
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