I ran into a strange thing and thought I would put it out here to see if anyone had any insight. I recently got a new capital one Savor one( hasn't reported yet) so thought I would just kill off the secured cap one I had with a 700 limit and 0% utilization. It did not take CapOne but a couple of days to report it as closed( not sure why they can do this but take several months to report a new card, but I digress on this rant). I received an 8 point drop on my EX when this happened. It hasn't reported to the others yet that I can tell. This struck me as odd as I was not expecting any type of drop. Losing this 700 only made a small change in my utilization less than a percentage point and it did not cause it to cross any thresholds. This was my oldest credit card at about a year old, but not my oldest account by 12 years. It also should not have lowered my average age as I understand even closed tradelines contribute to it. I can't pull a report right now to go over it with a fine tooth comb, but this struck me as odd.
Can anyone else think of anything that may have caused this one with this information? I started to wonder if there is some sort of score factor based on the length of revolving credit, but do not remember reading anything about that around here. It also did not change the ratio of revolvers reporting a balance as it was 0 and there is only a balance on one of my cards at about 20 % utilization. This would take the number of cards in my name to 2 reporting at the moment, but I am an AU on one of my wife's card that is at 0 too, so perhaps number of the revolvers does not get counted on AU as if that was not counted then I would have gone from 33% reporting a balance to 50%. Just can't figure it out and hopefully, when I can get my reports next weekend, I will be able to tell. I'm not really concerned about the 8 points as I have nothing coming up, but just curious.
It wasn't the HP as I already took that hit several weeks ago when I applied. It took CapOne a while with verification before they approved me and sent the card.
Possibly the hit to AAoA and AoYA as the timing appears to be in line with Cap1 reporting the new tradeline. Have they reported it yet?
The new one is not there yet at least according to TU and EQ through Credit Karma, but I have not gotten a notice on my fico monitoring for either of these, just EX so that is a possibility so that would explain it if the new account already hit. I don't think that is the case as I just got a notice from CK that the account was closed on TU too, but I don't see the new one. I do see its reporting average age of open accounts now at 7 months which is a month down from what it was.
This won't be the same on Fico as my AAoA on those have been between 7-8 years depending on the CRA. I'm not sure if Fico takes the average age of opens into account or not.
50% revolvers reporting a balance has always been a ding for me at least on EX FICO 8, and 8 points sounds about right (was like -7 when I tried FWIW on my then scorecard).
It's sounds like that's the issue here if the new account hasn't reported, easy test assuming you can is simply to pay another revolver to $0 and see.
I'm starting to think this is the number of revolvers. I just got an alert on TU and it went down 7 points too. I'm going to guess EQ will be similar. Either that or total available credit, that was the alert for TU. I should get it all back once the other card reports and may even get more back as my total available will go from 31300 to 40,600 once that one reports. Of course, I'll take a ding on my youngest then too so it may be muted.