Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
Re: Will it help?
[ Edited ]

 

Closed revolving accounts, even if they carry a balance, still factor into your mix of credit. So, your revolving CC, despite being closed, still factors as a revolving. Once the balance reaches $0, then it is removed from your mix. So, if this is your only CC, and if switched to an installment (which I don't think is possible) you would lose quite a few points. Why? Your util takes a hit from being scored as x% to no percentage and since revolving are favored over installment TLs per FICO, you'd take a hit due to the missing mix.