New Member
PianoGuy
Posts: 3
Registered: ‎09-20-2012
Score Dropped Because Closed Account?

I guess I still don't understand the process. Why would my score go down when I didn't do anything different?

I am trying to buy a house, this isn't helping.

 

Got a notice that my score had dropped 7 points, supposedly because of "heavy use of revolving credit".

Except, I didn't have any heavy use and in fact have been continuing to pay down balances.

 

The only thing I did do was close an account I no longer use, one that was in good standing.

 

Here is what FICO shows:

 

ELAN FINANCIAL SERVICES
(XXXXXXXXXXXXxx97)
Account opened: 12/2010
Description:Account closed at consumer s request Closed or Paid Account/Zero Balance Amount in H/C column is credit limit
 Previously reportedNewly reported
Balance:$0 
Past due:$0$0
Status:Pays account as agreedPays account as agreed
Last activity:12/1/201112/1/2011
Description:Credit card Amount in H/C column is credit limit Account closed at consumer s request Closed or Paid Account/Zero Balance Amount in H/C column is credit limit