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Credit score lowered after removing a 14 year old account???

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JayTea7
Established Member

Credit score lowered after removing a 14 year old account???

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.

Message 1 of 13
12 REPLIES 12
GatoradeZeroGuy
Valued Contributor

Re: Credit score lowered after removing a 14 year old account???


@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?

Starting FICO 8:

Current FICO 8:

3/6, 5/12, 14/24

Message 2 of 13
JayTea7
Established Member

Re: Credit score lowered after removing a 14 year old account???

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. 

Message 3 of 13
Bmom
Contributor

Re: Credit score lowered after removing a 14 year old account???

Did the 14 year old account have negatives on it? If it did not, you should have kept it. 

EQ 784, TU 700, EX 683
Mortgage 5, 4, 2: EQ 783, TU 683, EX 661

Starting (started months ago, checked scores after some improvements): EQ 599, TU 653, EX 672
Mortgage 5, 4, 2: EQ 592, TU 657, EX 639
Message 4 of 13
JayTea7
Established Member

Re: Credit score lowered after removing a 14 year old account???

I don't think so and I'm not sure if I paid the bill off. How would this affect me other than a score?

Message 5 of 13
SouthJamaica
Mega Contributor

Re: Credit score lowered after removing a 14 year old account???


@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.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 6 of 13
markbeiser
Established Contributor

Re: Credit score lowered after removing a 14 year old 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.

Back to gardening until Late February 2025.
Current FICO8:
Message 7 of 13
Horseshoez
Valued Contributor

Re: Credit score lowered after removing a 14 year old 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. 


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.

I categorically refuse to do AZEO!
Message 8 of 13
rosco75
Regular Contributor

Re: Credit score lowered after removing a 14 year old account???

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. 


Message 9 of 13
Brian_Earl_Spilner
Credit Mentor

Re: Credit score lowered after removing a 14 year old account???

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? 

    
Message 10 of 13
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