topic Re: How will newly closed account affect my FICO score in Understanding FICO® Scoring

How will newly closed account affect my FICO score

Anonymous — Tue, 19 Jan 2010 16:32:55 GMT

My fico is 775. I just cancelled this 4 yrs card from Capital One (1500 limit). I pick this card to close because I have a few 4 yrs old card..and it is not my oldest. Anybody can let me know if this will lower my score or not based on my accounts and history? thank you

Company Date opened Balance

The following account are current

Cit Bk/Dfs 4/2007 $338
Macysdsnb 6/2007 $0
Hsbc/Bstby 4/2007 $0
Cit Bk/Dfs 8/2003 $0
Amex 8/1997 $1,710
Chase 5/2009 $0
Hsbc Bank 4/2007 $0
Sst/Columb 1/2002 $0
Bk Of Amer 4/2007 $0
Cap One 12/2007 $0     ***This is the account I just closed 2 days ago

The following accounts were closed a while back..but still remind on reports
Chase 2/2001 $0
Chase 7/2006 $0
Cap One 8/2004
Citiflex 7/2007 $0
Bk Of Amer 12/2004
Cit Bk/Dfs $0
Hsbc/Bstby 7/2004 $0
Hsbc/Rs 8/2004 $0
Hsbc/Tshba 7/2004 $0
Winbrook 1/1997 $0
Clfb Unibk 3/1997 $0
Cap One 7/2003 $0
Fusa Na 6/1997 $0
Toyota Mtr 2/2002 $0

Re: How will newly closed account affect my FICO score

llecs — Tue, 19 Jan 2010 16:43:37 GMT

kingkong68 wrote:
Company Date opened Balance
The following account are current
Cit Bk/Dfs 4/2007 $338
Macysdsnb 6/2007 $0
Hsbc/Bstby 4/2007 $0
Cit Bk/Dfs 8/2003 $0
Amex 8/1997 $1,710
Chase 5/2009 $0
Hsbc Bank 4/2007 $0
Sst/Columb 1/2002 $0
Bk Of Amer 4/2007 $0
Cap One 12/2007 $0     ***This is the account I just closed 2 days ago

What are the credit limits on each of the above? The only immediate score impact would be because of CC utilization.

BTW, are you sure Dell and Sst/Columbus B&T still show as open? I'm not up on CIT Bank, but I think the accounts are closed. Also, Columbus B&T went through a funk a year ago and closed everything (Aspire, Aspen, Tribute, etc.).

Re: How will newly closed account affect my FICO score

Anonymous — Tue, 19 Jan 2010 16:57:36 GMT

The numbers listed are the balance. I have 1% util. Utilization is not the problem. SST & Dell are both open and in good standing. I am concern if the history will affect the score. thanks

Re: How will newly closed account affect my FICO score

Jazzzy — Tue, 19 Jan 2010 17:35:15 GMT

If utilization is not a problem, it should not hurt you to close a card. The history will likely remain on your reports for approximately the next 10 years, so it continues to count in your average age of accounts (AAoA). Closing cards is much more of a concern if you carry balances on your other cards.

Re: How will newly closed account affect my FICO score

Anonymous — Wed, 20 Jan 2010 03:51:44 GMT

The concern is that if you continually churn your CC portfolio you are probably killing your AAoA. AAoA is a very important portion if the FICO scoring model.

Re: How will newly closed account affect my FICO score

Anonymous — Wed, 20 Jan 2010 05:07:36 GMT

I agree. I am only cancelling this one card. They wanted to charge me membership fee.