@JayTea7 wrote:Hello, I had a closed account on my Equifax that was 14 years old(synchrony bank). I disputed due to age. It was removed recently and my score lowered 53 points. Why?
I'm still a little new at the credit game so I'm trying to learn. I have no negative marks or anything. This closed account was the last of the crap on my CR.
that account and its age were most likely helping your credit, not harming it
still, 53 points is a bit much though, where did you get your score and what are the other accounts on your credit report?
any negative information?
@JayTea7 wrote:Hello, I had a closed account on my Equifax that was 14 years old(synchrony bank). I disputed due to age. It was removed recently and my score lowered 53 points. Why?
I'm still a little new at the credit game so I'm trying to learn. I have no negative marks or anything. This closed account was the last of the crap on my CR.
Perhaps it was your oldest account. Losing your oldest account hurts your scores.
It increased your average age of accounts. Lowering your average age of accounts hurts your scores.
There was no point in disputing the account.
@JayTea7 wrote:Someone told me that it would help my score if I had it removed. I wasn't sure. Now I know lol. I have nothing negative on my CR. I have one credit card 3 months old and a personal line of credit through my bank for 2 years. Both are paid off. My TU score is 701. My EXP score is 717. My Equifax score is now 681. I got my Equifax and TU score from Credit karma which I know can be off. Myfico score is still 771.
If those are the only accounts on your credit report, you went from an age of oldest account of 14 years, and average age of credit of over 5 yearrs, to an age of oldest account of 2 years, and an average age of accounts of just over 1 year.
@JayTea7 wrote:Someone told me that it would help my score if I had it removed. I wasn't sure. Now I know lol. I have nothing negative on my CR. I have one credit card 3 months old and a personal line of credit through my bank for 2 years. Both are paid off. My TU score is 701. My EXP score is 717. My Equifax score is now 681. I got my Equifax and TU score from Credit karma which I know can be off. Myfico score is still 771.
Not only off, but WAAAAAY off for some folks; I would strongly recommend you ignore any scores from CreditKarma as they are Vantage 3.0 scores and not FICO scores.
Wait.....so that 14 year old account had no lates or negatives but yet someone told you that you should remove it? Whoever that person was needs to have a chancla tossed at thier face.
Closed accounts aren't factored into vantagescores. The score drop was something else. Being vantagescores, prob change in utilization. Do you have a balance that went up?
