Re: Closed first card.

Anonymous · ‎02-27-2011

This sucks my first and only card that I keep opened closed Thursday never late and the other was a FP that was closed two years ago both opened same time 12/1/2008 I have a medical collection only on EX that is scheduled to continue on record until Mar 2011 not sure when it will drop?

My plan was to wait until it falls off my report and then start looking for better cards buy my question is having no opened cards hurt me.

Anonymous · ‎02-27-2011

Yep. Having no open revolving accounts does hurt your FICO score.

It's FICO reason code #3 "Too Few Bank Revolving Accounts". It doesn't need to carry a balance, it just needs to be open. And you only need one account to satisfy this FICO code.

When DH opened his first (current at that time) open CC, his score rose 28 points - mine rose about 20 when I did the same. So FICO does give this some significant weight.

You may want to look at opening a secured cc at this point.

Best wishes!

eta: Mark, what are you seeing when you pull your myFICO report here? i.e. Scores and "What's Helping your FICO Score" and "What's Hurting Your FICO Score"?

Anonymous · ‎02-27-2011

My plan was to wait till March 1 and pull both of them here, I'm using freecreditreport right now...Thx

Oh should I wait till the Collection falls off?

DI · ‎02-27-2011

@Anonymous wrote:
Yep. Having no open revolving accounts does hurt your FICO score.
It's FICO reason code #3 "Too Few Bank Revolving Accounts". It doesn't need to carry a balance, it just needs to be open. And you only need one account to satisfy this FICO code.

When DH opened his first (current at that time) open CC, his score rose 28 points - mine rose about 20 when I did the same. So FICO does give this some significant weight.

You may want to look at opening a secured cc at this point.

Best wishes!

eta: Mark, what are you seeing when you pull your myFICO report here? i.e. Scores and "What's Helping your FICO Score" and "What's Hurting Your FICO Score"?

Are the fico reason codes posted on this site. I want to know and book mark them.

Anonymous · ‎02-27-2011

@Anonymous wrote:
My plan was to wait till March 1 and pull both of them here, I'm using freecreditreport right now...Thx

Oh should I wait till the Collection falls off?

You can ignore your freecreditreport scores - unfortunately they're FAKOs. Best used for confusing the bejeebers out of folks. Not useful for much else.

Hmmmm. I think if I were you, I would pull a FICO now, then app for that secured card before your FICO drops (I believe it will drop when that account reports as closed to the CRA's).

If the new secured (or whatever you choose) card reports before the closed account reports as closed, then you will not likely experience a drop - at least not for this reason code.

You may see a slight hit for new account - or not. But IME, that would be much less than the FICO score drop from having no open revolving accounts.

Anonymous · ‎02-27-2011

@DI wrote:
Are the fico reason codes posted on this site. I want to know and book mark them.

FICO Scoring Reason Codes, which HTSU stickied on the top of the Understanding FICO Scoring forum.

DI · ‎02-27-2011

@Anonymous wrote:
@DI wrote:
Are the fico reason codes posted on this site. I want to know and book mark them.

FICO Scoring Reason Codes, which HTSU stickied on the top of the Understanding FICO Scoring forum.

Perfecto! Muchas Gracias!

Anonymous · ‎02-27-2011

lol my freecreditpoop score is 655 wow feels good seeing 700.

Yep they hit both sites.

Ok hope this works:

Transunion Score 711

Hurting your score
1. Short account history 2 Years, 5 Months ago
2. No credit card activity
3. No revolving activity

Equifax Score 738

Hurting your score
1. Short account history 2 Years, 5 Months ago
2. No credit card activity

Anonymous · ‎02-27-2011

Wow! That's nice!!!

So, making sure I've got this right - you just pulled both FICO's here and you're over 700 on both Eq and TU? Woot-woot!

And your last revolving account is now reported closed on TU and on EQ? So there are no open revolvers reported.

And the med collection doesn't show up on either TU or EQ, as you originally posted, so your Experian score will be lower, probably.

So, you could wait til the Ex is clear. Or you could app with a card that pulls TU or EQ. Remember, though that some cards pull more than one CR, and many cards will soft you, even on different CR's than they originally pulled. So, even if they don't pull Experian originally, they still may hard pull or soft pull it before that med collection drops.

Congrats on the Very Nice FICO Scores!!!!!!

But I'm a little stumped on why the card was closed - inactivity? Or something else?

Anonymous · ‎02-27-2011

beamMEUP wish I could beam you a case of BEER... Yes only on Experian that I'm sure it's owned by Satan is only showing the collection.

The card was from meta indigo mastercard the lady said they are discontinuing the program.

Closed first card.

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Closed first card.