Closed CreditOne Bank card last month, this "status" correct?

[Anonymous]

I closed my CreditOne Bank card last month I think it was, finally showing up on MyFico as a "Paid Loan" is that correct status for a card that has been closed, I got an 11 point drop from it, kind of sucks al this is happening right now since we were going to try and buy a house in the next couple weeks lol, I had a 9 point drop yesterday too... I was nearly at 650's a couple weeks ago so I think I might be boned since we're getting removed from our rental by April.

Just wondering... is that how it should appear?  I assume this stuff will even itself out over the next couple months, long after we had to find another rental... ugh.

[RobertEG]

Was it a revolving line of credit?

If so, it was not a "loan" and the report implies it was.

[Anonymous]

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@RobertEG wrote:

Was it a revolving line of credit?

If so, it was not a "loan" and the report implies it was.

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It was a credit card, just wasn't sure if it being reported as such is bad and if I should dispute it or if it's irrelevant. It was actually my first credit card I got after I started rebuilding in 2014, had about 14 months or so of positive payment history but does seem weird to be showing up that way.

Maybe it'll change again, I've seen weird things happen that corrected themselves before.

[Anonymous]

I'll give a comparison because I just closed my Credit one card this month. The alert shows my EX status as "Closed at consumer's request."

[CreditDunce]

Is that a FICO 08 score?   FICO 08 isn't used in mortgages.  Your mortgage scores may not have been affected the same.

Closing a card doesn't directly affect your FICO score.  What probably changed was your overall utilization went up without the closed card.  The % of open cards reporting a balance could also have changed.  You shouldn't have any problem regaining the points by micromanaging your CR before it is pulled for the mortgage.  Just make sure one card is reporting a small balance, all of the rest should report a zero balance.