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I think I did something stupid...

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JLL2104
Contributor

I think I did something stupid...

I recently applied for a loan with the bank I’ve done business with for years. I decided I didn’t want the loan and immediately voided or closed out the loan.
Problem is, it shows as a new account. Although it’s closed and paid as agreed, did I do something stupid and how long until the effects are gone??
FAKO dripped about 17 points. FICO dropped about 2
Should I just chalk it up as experience or is there anything else I could/should do?
Message 1 of 19
18 REPLIES 18
Remedios
Credit Mentor

Re: I think I did something stupid...


@JLL2104 wrote:
I recently applied for a loan with the bank I’ve done business with for years. I decided I didn’t want the loan and immediately voided or closed out the loan.
Problem is, it shows as a new account. Although it’s closed and paid as agreed, did I do something stupid and how long until the effects are gone??
FAKO dripped about 17 points. FICO dropped about 2
Should I just chalk it up as experience or is there anything else I could/should do?

 

Yeah, just move on. Dont worry about Vantage score 

 

Anyway, the only "damage" you did is dropping AAoA, which may or may not have happened depending on how many other accounts you have and their age. 

 

I dont think you did anything stupid, but learning experience for sure. 

Message 2 of 19
coreysw12
Valued Contributor

Re: I think I did something stupid...

Agreed, AAoA and the inquiry(s) are the reason your score took a hit, but in a few months those things won't be that relevant anymore. In 9 years, this mistake might even end up helping your scores, at it will be a pretty old account by then Smiley Very Happy

    Total Loan Balance: $43k / $65k


    Total SL: $78k

United 1K - 725,000 lifetime flight miles    |    Chase Status: 4/24
Message 3 of 19
sarge12
Senior Contributor

Re: I think I did something stupid...


@JLL2104 wrote:
I recently applied for a loan with the bank I’ve done business with for years. I decided I didn’t want the loan and immediately voided or closed out the loan.
Problem is, it shows as a new account. Although it’s closed and paid as agreed, did I do something stupid and how long until the effects are gone??
FAKO dripped about 17 points. FICO dropped about 2
Should I just chalk it up as experience or is there anything else I could/should do?

Probably not too bad....but I mainly came here because it said the same thing I say almost every day...I think I did something stupid....

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 4 of 19
sarge12
Senior Contributor

Re: I think I did something stupid...

If you ask they will probably get it removed for you.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 5 of 19
JLL2104
Contributor

Re: I think I did something stupid...

Ask who Sarge? The bank or credit bureau?
Message 6 of 19
sarge12
Senior Contributor

Re: I think I did something stupid...


@JLL2104 wrote:
Ask who Sarge? The bank or credit bureau?

The bank....They are the ones who sent it, you could dispute the info at the CRA's and I doubt the bank would take steps to keep it there, and once disputed if the bank did not respond within I think 30 days the CRA will remove it.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 7 of 19
sarge12
Senior Contributor

Re: I think I did something stupid...

The loss in points is probably due to the inquiry though, and the inquiry will remain even if denied credit. The account can be removed, but the inquiry can't, but it's effects on score will only remain a year, and wont be on the report at all in 2 years.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 8 of 19
coreysw12
Valued Contributor

Re: I think I did something stupid...


@sarge12 wrote:

The loss in points is probably due to the inquiry though, and the inquiry will remain even if denied credit.


Ask them to remove the inquiry, too.

 

You have a relationship with this bank outside of just this loan, so they may be willing to help you out. Can't know if you don't ask.

    Total Loan Balance: $43k / $65k


    Total SL: $78k

United 1K - 725,000 lifetime flight miles    |    Chase Status: 4/24
Message 9 of 19
sarge12
Senior Contributor

Re: I think I did something stupid...


@coreysw12 wrote:

@sarge12 wrote:

The loss in points is probably due to the inquiry though, and the inquiry will remain even if denied credit.


Ask them to remove the inquiry, too.

 

You have a relationship with this bank outside of just this loan, so they may be willing to help you out. Can't know if you don't ask.


I am not really sure the bank can remove an inquiry, at least I have never heard of it unless there was ID theft. If banks could, they may tell customers we will run your credit and if not approved remove it.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 10 of 19
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