Paid and Closed CC, score dropped

[kiea]

I know people said that if you closed an account it won't effect your credit score but I had the same issue last month when my school loan transferred to another company. It was my longest open account after it closed my score dropped 12 points. Looks like the same thing happened to you when you closed your longest open account.

[Anonymous]

Yea it really sucks...All 3 scores took a hit...Should have just left the darn thing open and paid the monthly fee.

[thornback]

This is so troubling. Perhaps there is, in fact, some truth to the "never close your oldest account" warning. I'd like to see others post DPs about this - indicating effects on scores after closing their oldest.

You'll get those points back in time - you shouldn't hold onto cards that require a fee to use when you have no use for them. That's just a waste of money. Don't beat yourself up over it...

[Anonymous]

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@thornback wrote:
This is so troubling. Perhaps there is, in fact, some truth to the "never close your oldest account" warning. I'd like to see others post DPs about this - indicating effects on scores after closing their oldest.

You'll get those points back in time - you shouldn't hold onto cards that require a fee to use when you have no use for them. That's just a waste of money. Don't beat yourself up over it...

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I guess so, as there have been no other changes.  I lost 10 points on Experian, 4 on Equifax and 15 on Transunion!  I think that's a little ridiculous...