topic Re: Cancelled Credit Card -25 points in Understanding FICO® Scoring

Cancelled Credit Card -25 points

Anonymous — Wed, 19 Sep 2007 12:39:39 GMT

I recently cancelled my "only" credit card and got a drop of 25 points on my fico. I did this because I opened a new CC account and it has not started reporting yet. I immediately called and re-opened the account to see if I would regain the 25 points.

I will give follow up once it is reopened to let you know if I get the points back.

Also will follow up when the new one hits.

Re: Cancelled Credit Card -25 points

Anonymous — Wed, 19 Sep 2007 15:11:54 GMT

Yea. You will get the 25 points back. I would not allow the number of cards if you can to drop below 3 with revolving accounts. If you can I'd get a third. Each card after 6 months it will start helping.

Re: Cancelled Credit Card -25 points

Anonymous — Wed, 19 Sep 2007 19:20:40 GMT

Cool, thanks for the help. I don't use CC very much as I am against having debt completely, but it appears neccesary in order to keep your credit "healthy".

Re: Cancelled Credit Card -25 points

Anonymous — Wed, 19 Sep 2007 22:42:49 GMT

@Anonymous wrote:

Cool, thanks for the help. I don't use CC very much as I am against having debt completely, but it appears neccesary in order to keep your credit "healthy".

For optimal FICO, you do need to revolve debt on three or four revolving charge accounts. That's the bad news.

The good news is that the amount of debt revolved can be very small. I've managed to revolve amounts as low as $1--and it counts.