cancel
Showing results for 
Search instead for 
Did you mean: 

Help Score drop 34 points over night with NO CHANGE

Valued Contributor

Re: Help Score drop 34 points over night with NO CHANGE

1. You will regain HP losses at the 1 year mark to the day.

 

2. You will regain points when your AAoA crosses over known scoring thresholds.

 

3. You will see a decent gain (15-20 points) when the age of youngest account hit 12 months old, provided you don't reset it with new accounts before then.

Message 21 of 29
Super Contributor

Re: Help Score drop 34 points over night with NO CHANGE


@WarCulture wrote:
I have also seen a loss of 20 points discussed in regards to closing an account.

Closing an account doesn't actually impact any age of accounts factors, as closed accounts are considered and factored in equally to open accounts.  What I think you mean is an account falling off or being removed from a CR; depending on the account, it could certainly constitute a 20 point loss.  For example, if the account falling off is 15 years old and it's their oldest account and their next oldest account is only 5 years old, the 10 year AoOA drop could definitely constitute a significant score drop.  Just closing an account though (assuming it remains on one's CR, which it should) won't adversely impact FICO scores.

Message 22 of 29
Valued Contributor

Re: Help Score drop 34 points over night with NO CHANGE


@BrutalBodyShots wrote:

@WarCulture wrote:
I have also seen a loss of 20 points discussed in regards to closing an account.

Closing an account doesn't actually impact any age of accounts factors, as closed accounts are considered and factored in equally to open accounts.  What I think you mean is an account falling off or being removed from a CR; depending on the account, it could certainly constitute a 20 point loss.  For example, if the account falling off is 15 years old and it's their oldest account and their next oldest account is only 5 years old, the 10 year AoOA drop could definitely constitute a significant score drop.  Just closing an account though (assuming it remains on one's CR, which it should) won't adversely impact FICO scores.


Unless the loss of limit caused UTI to cross thresholds, which should have been anticipated (and fixed) before closing.
Message 23 of 29
Super Contributor

Re: Help Score drop 34 points over night with NO CHANGE

Right, closing an account can impact utilization indirectly, but it's important to understand that it isn't the age of accounts factor(s) being impacted by the closing of an account.

Message 24 of 29
Valued Contributor

Re: Help Score drop 34 points over night with NO CHANGE

That's for sure.
Message 25 of 29
Frequent Contributor

Re: Help Score drop 34 points over night with NO CHANGE


@BrutalBodyShots wrote:

@WarCulture wrote:
I have also seen a loss of 20 points discussed in regards to closing an account.

Closing an account doesn't actually impact any age of accounts factors, as closed accounts are considered and factored in equally to open accounts.  What I think you mean is an account falling off or being removed from a CR; depending on the account, it could certainly constitute a 20 point loss.  For example, if the account falling off is 15 years old and it's their oldest account and their next oldest account is only 5 years old, the 10 year AoOA drop could definitely constitute a significant score drop.  Just closing an account though (assuming it remains on one's CR, which it should) won't adversely impact FICO scores.


What if these accounts that were closed were less than 6 months old ?

 

Thank you All in advance



Message 26 of 29
Super Contributor

Re: Help Score drop 34 points over night with NO CHANGE


@VIPERLTDMYFICO wrote:


What if these accounts that were closed were less than 6 months old ?

 

 


Doesn't matter.  You can open an account and close it tomorrow.  9 days from now, 9 months from now and 9 years from now the fact that you closed that account the day after you opened it will have no relevance at all to your FICO scores compared to if it was still open.

Message 27 of 29
Valued Contributor

Re: Help Score drop 34 points over night with NO CHANGE

What if you close it in a fortnight?
Message 28 of 29
Frequent Contributor

Re: Help Score drop 34 points over night with NO CHANGE

If new accounts are posting then the AAoA dropped, which would definitely drop the score that amount of points. Mine went down about 25-30 when all my new accounts finally posted to my reports. Once the AAoA hit 2 years, my score jumped back up 20 points.

I am in the garden until next year!




Collections: 1 (medical-paid: $80)
Late Payments: 1 (30 day from 2013-GOODWILL GRANTED! 10/31--Should be deleted soon--Still waiting!)
Starting Scores (3/2018): 580 range
Message 29 of 29