@Anonymous wrote:
I get my experian, transunion, and equifax FICO score from open credit cards - they all 3 went down. I only included vantage in my post because it also went down just as the actual fico scores did. My credit report itself from 2 of the bureaus shows the average age of accounts is 6 months lower and the oldest account is 6 months newer. They both still SHOW the capital one account I closed, but they show it as closed and they're not counting it for age.
Lest you think the scores went down because of my spending or the overall credit limit drop, that is not the case also. One card raised my limit from $2600 to $4700 and another card raised from $1900 to $2700 the same time, and my overall balances went down a bit. I only lost a $700 limit from the closed account. My fico scores dropped about 20-25 points.
It's not a big deal, in 6 months this will have fixed itself and i'm still saving money on the yearly fee plus I got my deposit back already. I didn't come back here to complain or say you're all wrong or to argue anything.. i just wanted any future person to be aware that if the length of the account being open is critical for them, they may want to wait on closing it.
Not trying to disagree with your opinion, but I will disagree with your statement - closing your old account makes NO difference in Fico scoring as long as it does not affect utilization or your "ideal" number of open and positive tradelines (3+). FICO scoring looks at your average age of account as open and closed tradelines from the last 10 years, including open current accounts. Vantage scores look at only current open accounts (from what I understand).
Installment including cars and credit cards are weighed differently so if your secured card was scored as an installment account (it's possible you'd have to check your report), yes you would lose points for no longer having that mix (installment and revolving) very much like paying off a car loan will ding your score if you have no other installment loans.
