closed cc

[907grown]

Hello, I have a secured credit card that was closed by the issuer back in my frivilous days, in October, I paid off the full balance.  Now the card is closed and paid in full.  The issuer will report this card next week.  My question is how will this impact my score?  Yes, I paid off 354.00, but the card is also closed.....  Positive, negative, or no impact?  Also good news, one of the other cards that I paid down from over the credit limit to about 30% usage booseted my score by 66 points!

[haulingthescoreup]

What was the CL on the now-closed card?

If they were still reporting a CL, it was being factored into your total util calculation. That might or might not have helped, depending on how high it was and what you have going on with other cards.

Once either (or both of) the CL or the balance on a closed card are reported as $0, the card is ignored for scoring util.

For history: no change as long as it continues to report (~10 years on EX and TU; no telling with EQ.)

One possible problem: if you have balances reporting on lots of accounts, your total number of accounts and your number of revolving accounts just dropped by one. If you have more than a couple accounts showing balances, this might hurt your scores a bit. The cure is to pay off as many revolving accounts as possible (don't worry about installment accounts, at least at first), and have most consistently report $0. Use them, but PIF them before the statement date. Many of us get extra points this way. It's pretty high maintenance, true, but it's hard to argue with having little or no CC debt, especially these days.

[907grown]

The CL was 230, the balance was 357.  It was reporting on my CR with a CL of 230.  My other cards, credit line are as follows, FP CC, CL 250, current Bal 45.00,(this is the one that has already reported, these next ones will report next week) FP CC, CL 300, current bal 71.00, Line of Credit, CL 500, current bal  0.00. 

 Now if it reports with a credit limit this month bc it's paid, and then next time reports as 0 bal, 0 CL, will that affect my score or will I keep my points?

This is so hard to keep up with.  According to my simulator, it looks as though paying on time and paying these balances off will really make large gains in my numbers.  I know that there is only so much help i can give myself by paying down balances, sometimes I wonder if I will ever see a 700 or better.