HELP SCORE DROPPED!!!

[Blackstr622]

Heres the story

I'm a member with a local credit union (MCU)  I got their classic credit card a couple years back with a measly $300 limit  with all scores in the high 600's. SD of course. Fast ward, scores now in the high 700's back and forth with 800's. I now have a slue of cards from high to low AMEX 18000, DISCOVER 9500, 3 QUICK SILVERS 4500,4000,3500 ( don't ask how that happened) and some store card ranging from 5000 to 10000. So this July I decided to take the hard pull and put in for CLI with the credit union.  Got a call from MCU saying I was approved for the CLI ( of course thanks to this forum) but base on my scores that wanted to offer me a gold card with a lower APR 11.99 %. Of corse I took it. So today I get this alert saying there was a change to my credit report, check the alert and BAAAAAAAMM!!!!!! Score dropped from 798 to 763 due to account being closed by grantor. What can I do if anything? Call and have the change it if possible or is this something that I have to wait out.

[Anonymous]

I would pull a full report. FICO doesn't drop like that over a closed account unless it was an installment loan.

[Anonymous]

Well just remember, MyFico somestimes assigns the score increase or decrease arbitrarily. 

Increases and decreases are generally compound effects, especially in the case of Experian. You can have numerous positive swings over the course of two weeks, all updating on myfico/experian and yet none of them affect your score. Then all of the sudden, BAM, up 30 points. Or you open 5 new accounts, nothing happens for 3 weeks, they all report and reflect, and then BAM out of nowhere, you lose 15 points.

It may assign the score to the closing of the account, but more than likely its a compound effect of your recent history.

as the previous user said, yank a new report and see whats up!!

[Blackstr622]

It was credit card. Report is free and clear of any negative whatsoever. Is it not look upon as a negative when a account is reported closed by GRANTOR?

[elim]

the closed card is what triggered the alert.   your score could have changed prior.   

[Blackstr622]

I did forget I did just get a BARCLAYS ring card 10000 sometime in June. That did report has a new account already.

[Anonymous]

Without knowing when your slue of cards were opened, how many recent inquiries you have in the past year, utilization of these accounts, etc. there's really no way of assessing the situation.

You can have them change it to closed at consumer's request if you want, but the notes really don't matter. A mortgage specialist may ask you what that means, but that's about as far is it goes, provided there's no negative history with the account.

Hell when your scores are that high, sometimes the minor things can have more of a number impact because the margin of error is much lower at the top. 1 closed account + 1 new account, although I still don't suspect thats the full story.

[taxi818]

---

@elim wrote:

the closed card is what triggered the alert.   your score could have changed prior.   

---

+1. You did not think score would stay same with so many new accounts did you ?

[takeshi74]

---

Blackstr622 wrote: Score dropped from 798 to 763 due to account being closed by grantor. What can I do if anything? Call and have the change it if possible or is this something that I have to wait out.

---

You can call the creditor to see why they closed the account and if you can alleviate their concerns that led to the closure. Waiting isn't going to do anything to address the score change.

---

@Anonymous wrote:
I would pull a full report. FICO doesn't drop like that over a closed account unless it was an installment loan.

---

Not necessarily.  Impact of closure of a card all depends on impact to utilization.  OP has not disclosed balances or utilization.  It seems unlikely to me that the OP would have the scores indicated with high utilization but there's no telling for certain until the OP provides all the details.

Regardless, to determine the cause(s) of any score change one has to carefully review reports -- as you said -- from before and after the change.  myFICO alerts and updates are based on trigger activity.  Not all activity with a scoring impact is a trigger so one cannot solely rely on the alerts.

[taxi818]

---

@takeshi74 wrote:

---

@Anonymous wrote:
I would pull a full report. FICO doesn't drop like that over a closed account unless it was an installment loan.

---

Not necessarily.  Impact of closure of a card all depends on impact to utilization.  OP has not disclosed balances or utilization.

---

Yes. He did. He said limit was 300 dollars. No impact to util. Next lowest is 9.5k disco