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How does a closed card affect scores?

Cjethompson2017
Frequent Contributor

How does a closed card affect scores?

Comenity is literally driving me nuts. I've done nothing but raise my scores these last few months, and they randomly decided to close one of my cards. How will this affect my scores? It has no balance on it.

5 REPLIES 5
SouthJamaica
Super Contributor

Re: How does a closed card affect scores?


@Cjethompson2017 wrote:

Comenity is literally driving me nuts. I've done nothing but raise my scores these last few months, and they randomly decided to close one of my cards. How will this affect my scores? It has no balance on it.


It will have no effect, unless the lost credit limit and your revolving balances are such that it would skew your aggregate revolving utilization.


Total revolving limits 663000 (585000 reporting) FICO 8: EQ 716 TU 742 EX 713

Message 2 of 6
Cjethompson2017
Frequent Contributor

Re: How does a closed card affect scores?

@SouthJamaica I don't think it will? The only account I have a balance on is at a 9% utilization. Everything else has a $0 balance.

Message 3 of 6
Dirge
New Contributor

Re: How does a closed card affect scores?

In April Comenity closed two cards of mine, a Wayfair with a $2k limit and J Crew with a $250 limit, both with zero balances. That left me with only one credit card, a $12.5k Capital One QS that generally has about $100 on it. Based on the Discover Credit Score Card score, my EX FICO8 went down 22 points one month,  6 points the next month, and up 2 points this  month. Discover has stopped offering me anything on its prequal page but the secured card.

 

This month the Score Card finally gave me an understandable factor: few accounts paid on time. This is a new comment since the two cards were closed. 

 

I know that these things aren't always accurate, but it looks like my scores will suffer for a while because of the closed accounts, even though the past payments are supposed to stay on my report. I can't apply for another card because I lost my job to a covid-related downsizing in May. 

Message 4 of 6
FlaDude
Established Contributor

Re: How does a closed card affect scores?


@Dirge wrote:

In April Comenity closed two cards of mine, a Wayfair with a $2k limit and J Crew with a $250 limit, both with zero balances. That left me with only one credit card, a $12.5k Capital One QS that generally has about $100 on it. Based on the Discover Credit Score Card score, my EX FICO8 went down 22 points one month,  6 points the next month, and up 2 points this  month. Discover has stopped offering me anything on its prequal page but the secured card. 


I'm pretty sure I've read here that you need at least three revolvers for optimum score, so it looks like you are getting hit with that penalty.

 

@Cjethompson2017 - How many open cards does the closure leave you with? If three or more, then you should be fine, if less, then maybe you'll lose some points.

 

Scores: March 21 FICO 8: EX 810, TU 808, EQ 813
AoOA: closed: 36 years, open: 25 years; AAoA: 11.8 years
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Freedom Unlimited, Chase Amazon, Chase CSP, Chase United Explorer, Citi AA Plat, Sync Lowes, Sync JC Penney - total CL 145k
Loans: Chase car loan (35k/6yrs 0.9%)
Message 5 of 6
Cjethompson2017
Frequent Contributor

Re: How does a closed card affect scores?

@FlaDude @Of course that card was card 3 😑🙄 but does it count since it's a store card? I only have store cards at the moment. I am looking into getting a navy federal card after we hopefully close on our house. I'll take whatever they want to give me. 😂 Also, wanted to give a quick update. I think it dropped my score about 4 points. But, I needed those 4 points. Lol. 

Message 6 of 6
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