OK, I closed my Mercury starter card which was opened back in 2015 while still in rebuild mode. I have much older accts still on record. FICO alert States " Change of descripters on credit account "closed by consumer" is the change in descripter. This was a clean account. Closing it costed me 6pts so far on EQ. The others haven't reported yet. I didn't realize closing a starter card would cost 6 pts if any...I still have 8 open cards reporting. 2 cards are older then the one I closed. Hopefully I'll get some pts back when my 4 year old collection which I PFDed falls off in the next couple weeks.Dang! Live & Learn....
Never Give Up!!
Did it impact your overall utilization much? That could be at issue.
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(+151)I don't think so. The last 2 months I gain $2200 Cli w/nfcu..$2000 Cli w/disco... and a New Csp $6200 sl. I practice Azeo with 1% bal. The acct I close had a limit of $1215.00...
@SweetCreditObsession wrote:Did it impact your overall utilization much? That could be at issue.
The new CSP reporting would seem like a more likely culprit to me than closing the Mercury card.
Received the CSP last week. Acct not reporting as of yet. The Inq's reported 2 weeks ago.
@Zoostation1 wrote:The new CSP reporting would seem like a more likely culprit to me than closing the Mercury card.
@Eric958 wrote:Received the CSP last week. Acct not reporting as of yet. The Inq's reported 2 weeks ago.
@Zoostation1 wrote:The new CSP reporting would seem like a more likely culprit to me than closing the Mercury card.
My CSP, opened late last month, started reporting right about the same day as I got the card, if not a few days before.
@Eric958 wrote:I don't think so. The last 2 months I gain $2200 Cli w/nfcu..$2000 Cli w/disco... and a New Csp $6200 sl. I practice Azeo with 1% bal. The acct I close had a limit of $1215.00...
@SweetCreditObsession wrote:Did it impact your overall utilization much? That could be at issue.
Probably it.
@Eric958 wrote:
OK, I closed my Mercury starter card which was opened back in 2015 while still in rebuild mode. I have much older accts still on record. FICO alert States " Change of descripters on credit account "closed by consumer" is the change in descripter. This was a clean account. Closing it costed me 6pts so far on EQ. The others haven't reported yet. I didn't realize closing a starter card would cost 6 pts if any...I still have 8 open cards reporting. 2 cards are older then the one I closed. Hopefully I'll get some pts back when my 4 year old collection which I PFDed falls off in the next couple weeks.Dang! Live & Learn....
Merely closing a card, in and of itself, would not cost you points. A resulting change in utilization, or the loss of a zero balance reporting, might, but not the closure, and not the recharacterization of the closure.
Thanks all.. I’ll give it a couple days to see if anything changes on my reports. So far the only alerts I’ve received were for the “Descripter “ and “ acct update “ for that acct on EQ. Thanks again E..