topic Re: Does it matter who closed an account? in Understanding FICO® Scoring

Does it matter who closed an account?

FlaDude — Thu, 21 Feb 2019 16:32:22 GMT

I hadn't paid any attention to the closed accounts section of my reports, but I recently took a look on CK and found a surprising one. The report shows a CITI card opened in 1984 (35 years old!) and "closed by credit grantor" in 2015. It had a $1k CL. This doesn't ring any bells with me, the best I can guess is that it was a Sears card that I hadn't used for a long time and assumed had closed way before 2015. Most likely the address on file was old, and there had never been an email address set so they would not have been able to notify me.

Does the fact that it was closed by grantor have any credit score bearing? It shows zero balance and payment status as current. It also shows last payment in 2013, but I'm not sure that's accurate, I don't remember using or paying it that recently.

I assume it does help with AAoA and AoOA, although CK does not factor it in their AAoA calculation. Are there better places to see the AAoA and AoOA values that are used in FICO scoring? I assume in any case it will drop off the report in 2025, although that probably won't matter too much since 5 of my 11 open cards are at 23 or 24 years old now.

Re: Does it matter who closed an account?

Anonymous — Thu, 21 Feb 2019 17:45:48 GMT

it has no effect on your score

Re: Does it matter who closed an account?

Anonymous — Thu, 21 Feb 2019 18:56:35 GMT

@FlaDude wrote:
I hadn't paid any attention to the closed accounts section of my reports, but I recently took a look on CK and found a surprising one. The report shows a CITI card opened in 1984 (35 years old!) and "closed by credit grantor" in 2015. It had a $1k CL. This doesn't ring any bells with me, the best I can guess is that it was a Sears card that I hadn't used for a long time and assumed had closed way before 2015. Most likely the address on file was old, and there had never been an email address set so they would not have been able to notify me.

Does the fact that it was closed by grantor have any credit score bearing? It shows zero balance and payment status as current. It also shows last payment in 2013, but I'm not sure that's accurate, I don't remember using or paying it that recently.

I assume it does help with AAoA and AoOA, although CK does not factor it in their AAoA calculation. Are there better places to see the AAoA and AoOA values that are used in FICO scoring? I assume in any case it will drop off the report in 2025, although that probably won't matter too much since 5 of my 11 open cards are at 23 or 24 years old now.

Credit.com is free and it gives an accurate reading for age-based factors for EX, in the sense that it counts both closed and open accounts. But it's unclear to me whether it counts AU accounts or not.

Re: Does it matter who closed an account?

FlaDude — Thu, 21 Feb 2019 19:38:04 GMT

@Anonymous wrote:
Credit.com is free and it gives an accurate reading for age-based factors for EX, in the sense that it counts both closed and open accounts. But it's unclear to me whether it counts AU accounts or not.

Thanks, that was very helpful. They show oldest at 34 years, and average of 11y 9m which is a couple of years more than CK shows for the average. I'm not an AU on anybody else's account so that doesn't matter to me. I also found out that I still have a 30 day late from 2013 on my report. I had a few 30 day lates that I thought had all dropped off, but apparently one will be with me for another year.

I've been pretty sporadic about getting my full annual reports, but I need to get more diligent on that.