@HigherFico wrote:
I have a card that is closed that I was going to pay off immediately...can I just pay them off within the next three months and put more money onto the other cards?
I'm not sure if my utilization is affected since I am close to the max on this bank of america card BUT it is a closed account and I just found out BofA will not be reinstating it. I wanted to maybe concentrate on the open accounts that are in good standing and not rush with the closed maxed out bank of america card.
Is this the same BoA account you mention in this thread http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Is-settling-CC-accounts-okay-in-order-to-star... where you said: BofA said they will restore my account once it is paid?
As far as whether a closed card is figured into utilization it depends:
- If a closed CC account with a balance continues to report the original credit limit, then both the balance and the CL of the closed account will be used in the utilization calculations.
- If a closed CC account is reporting a zero CL, even if there is a balance on the CC, the card will not be included in the calculations.
- If a closed CC account is reporting a non-zero CL but has a zero balance, the card will not be included in the calculations.
- If a closed account reports a CL that is equal to the balance (balance chasing), then this will be included in the calculations. This is the worst-case scenario with regard to utilization.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Starting Score: 520