Account Closure

[Anonymous]

Hello FICO Users, this is my first post. I have actually read many of the topics here for several years now, but never needed to post until now.

I have one CC account through HSBC which was for Sam Ash music stores. Sam Ash recently made a decision to drop HSBC and they are working with other companies to get a new program going for their customers. Since this CC could be used for Sam Ash it is now closed. Other than affecting my overall credit utilization how is it going to affect if at all my credit scores.

The limit on that card was $9300.00 which is now gone. I owed nothing on it seeing is how I kept it paid.

My current score are:

EXP: 730

EQF:736

TU: 746

as of 2 weeks ago when I checked them. The only bad marks on my credit are from a cosigned loan which has been closed for a few years now and I persoanlly haven't missed any payments.

Any information would be greatly appreciated, thank you.

[marty56]

Welcome to the forum.  The closed card won't have any effect on your FICO score other than util if you revolve balances.   I would also wtach the number of CCs that report a balance since you have one less open CC account.

[Anonymous]

Thanks appreciate the feedback.

[Jazzzy]

Hi...and welcome to the forums. It's always nice to see a reader of the forums start to participate. We can all help each other.

I agree that this shouldn't hurt you unless you let balances report on other cards. If balances report, the loss of $9,300 in credit line could raise your utilization percentage, which could lower your scores.

Also, you list all 3 credit scores. There are only a couple of places that consumers can get their FICO scores from Experian. They are not available for sale to the general public. You might want to make sure you are looking at actual FICO scores for EQ and TU, as FICOs are the scores most used by creditors. A lot of vendors sell "credit scores" that are not FICO scores and are meaningless when applying for credit.

[Anonymous]

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@Anonymous wrote:

I have one CC account through HSBC

Do you have any other CC's?

[Anonymous]

Thanks Lynette,

I only get my scores from 2 places, her from FICO or from my credit protection service so I know they are accurate, that's a good call though.

[Anonymous]

Hey beam good question, I had 8 now 7, I don't keep balances on all of them try to keep them paid down there are 2 which I am carrying a balance but always pay over what is due and on time. I usually only use enough to pay off the next month when I do use them.

Thanks for all the questions and input so far.

[Anonymous]

Your original question stated:  "Other than affecting my overall credit utilization how is it going to affect if at all my credit scores?"

There's probably not a score impact outside of utilization.  Do the math though, and be aware of what your overall utilization is before and after.  It looks like you just need to keep one eyeball on how many accounts report a balance.   Good luck.