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Hi all, My first credit card I ever got was with Rewards660 (you guys may have never heard of it) then it got sold to Indigo. So all this time since 2007 the accounts haven't been active since 2010 when they cancelled my card--when I moved to the 700 club. They cancelled the card but they both reported open...and this morning I checked Credit Karma and saw that I just lost 12 points from Indigo reporting as closed! First, I thought it stays and reports nice for 10 years after closing? Second, why all of a sudden 3 years later this happens?
*Let me clarify something, when I say they BOTH are reporting, what i mean is the first company that issued me the card has been still reporting and the NEW company that took over was still reporting ALL AFTER they cancelled me in 2010.
In case you're wondering, the balance on the card was $0 and I just got a 300 cli from chase so that offset the $300 cl lost from the rewards card, so no util was affected.
@percy81 wrote:Hi all, My first credit card I ever got was with Rewards660 (you guys may have never heard of it) then it got sold to Indigo. So all this time since 2007 the accounts haven't been active since 2010 when they cancelled my card--when I moved to the 700 club. They cancelled the card but they both reported open...and this morning I checked Credit Karma and saw that I just lost 12 points from Indigo reporting as closed! First, I thought it stays and reports nice for 10 years after closing? Second, why all of a sudden 3 years later this happens?
*Let me clarify something, when I say they BOTH are reporting, what i mean is the first company that issued me the card has been still reporting and the NEW company that took over was still reporting ALL AFTER they cancelled me in 2010.
In case you're wondering, the balance on the card was $0 and I just got a 300 cli from chase so that offset the $300 cl lost from the rewards card, so no util was affected.
Hi,
CK does not count closed accounts into your AAoA years. This could be the 12 point drop. Do not worry though becasue true FICO models count closed accounts for 10 years after the closing date(if no baddies), and 7 years if they have baddies.
If no UTL rate was effected I do not see your true score experiencing any impact from the account being closed.
Credit Karma is far from accurate because it doesn't include closed account in factoring your Average Age of Accounts... A better indication that you had lost 12 points would come from your myfico reports...
Hate to say it but your score is probably the same.
@LS2982 wrote:
I wouldnt put any real stock into CK. All it is good for is seeing TU report changes for free.
I find that quite useful. IMO, Knowing your utilization is more important than the actual FICO number.
I recently had a 1 week window where my utilization would be ideal which I used for a mini appre spree. The actuall reporting of the major account took 4 days from closing and CK let me time it perfectly, with good results. .
@Wolf3 wrote:
@LS2982 wrote:
I wouldnt put any real stock into CK. All it is good for is seeing TU report changes for free.I find that quite useful. IMO, Knowing your utilization is more important than the actual FICO number.
I recently had a 1 week window where my utilization would be ideal which I used for a mini appre spree. The actuall reporting of the major account took 4 days from closing and CK let me time it perfectly, with good results. .
Thats why I was saying it was useful for report changes the score is useless.
@pdog661 wrote:
@percy81 wrote:Hi all, My first credit card I ever got was with Rewards660 (you guys may have never heard of it) then it got sold to Indigo. So all this time since 2007 the accounts haven't been active since 2010 when they cancelled my card--when I moved to the 700 club. They cancelled the card but they both reported open...and this morning I checked Credit Karma and saw that I just lost 12 points from Indigo reporting as closed! First, I thought it stays and reports nice for 10 years after closing? Second, why all of a sudden 3 years later this happens?
*Let me clarify something, when I say they BOTH are reporting, what i mean is the first company that issued me the card has been still reporting and the NEW company that took over was still reporting ALL AFTER they cancelled me in 2010.
In case you're wondering, the balance on the card was $0 and I just got a 300 cli from chase so that offset the $300 cl lost from the rewards card, so no util was affected.
Hi,
CK does not count closed accounts into your AAoA years. This could be the 12 point drop. Do not worry though becasue true FICO models count closed accounts for 10 years after the closing date(if no baddies), and 7 years if they have baddies.
If no UTL rate was effected I do not see your true score experiencing any impact from the account being closed.
Thank you everyone!! Especially this reply. I didn't even think to put it into an account that their AAoA has always been weird compared to my TRUE fico. I thought it seemed weird, considering everyone has told me it says reporting for 10 years. Thanks bunches