Score Dropped Because Closed Account?
10-05-2012 06:43 AM
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
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