@CH-7-Mission-Accomplished wrote:WHY are we no longer able to go back and edit our typos? I hate this. Is it because some people, when deciding to leave myFICO decided they didn't want their old posts to help the site, so they just went back and deleted them all? This is beyond frustrating.
you can? @CH-7-Mission-Accomplished
I was able to on this post?
sometimes there's errors, you just have to hit submit again and it goes through
@CH-7-Mission-Accomplished wrote:WHY are we no longer able to go back and edit our typos? I hate this. Is it because some people, when deciding to leave myFICO decided they didn't want their old posts to help the site, so they just went back and deleted them all? This is beyond frustrating.
I have no trouble going back and editing my posts.
@Klineact wrote:Just an update on this I think the culprit was the paid off $26 charge last month. This month I let a $157 balance report in addition to the other $1700 I have on one of my cards now and somehow my score went back to where it was before. Seems like it is not a good idea to have a bunch of zero balances. You need to have a couple cards reporting I guess? IDK just weird that I had a balance report and my score goes up. Crazy.
It's known as the "all zero penalty". FICO doesn't like it when there's not a balance reporting. To get the maximum FICO score, you let one card report a small balance, then pay if off after it's reported. (This does not work with a Chase card, as Chase reports a zero balance whenever it happens.)
@CLabuser wrote:any loss in total credit limit is a loss of points, this is credit 101, never close cards.
Increases and decreases in total credit limit don't inherently give or take away points (only if the loss of credit limit changes your utilization percentage in a way that crosses a scoring threshold. Closing the account in itself doesn't hurt your score either unless it changes your percentage of accounts with balances in a manner that crosses a threshold either. Let's say John Doe has 6 cards, each has a $5k limit, all in good standing. They normally report a statement balance of $1000 on one card and balances of $0 on the other 5 cards. In this scenario John Doe has $30k TCL, 20% individual utilization on one card, and 3.3% aggregate utilization. They decide to close one of those cards and now have $25k TCL , 20% individual utilization on one card, and 4% aggregate utilization. While the TCL is lower, the closed account will continue to age and remain on their report for 10 years ,and their FICO 8 scores (most commonly used model) will not change. Others may be able to explain better than my example, but the point is closing a card does not inherently have a loss of points. It all depends on how that closure impacts your utilization % and your % of accounts with balances. In the example I used the only way the score could change is if some other scoring factor changed (scorecard change after crossing an aging threshold, derogatory falling off, etc.).
