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closing cards and effect on credit score

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mongstradamus
Super Contributor
‎03-07-2014 07:23 PM
‎03-07-2014 07:23 PM

closing cards and effect on credit score

I closed an few secured cards I had since I was able to be approved for bcp,IT,and freedom. Just got an message from score watch saying my fico score went down an few points. The limit on the secured cards was really low, I didn't think it would effect my overall utilization. How long does it usually take for my scores to recover from these closed cards?



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
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myjourney
Super Contributor
‎03-07-2014 09:03 PM
‎03-07-2014 09:03 PM

Re: closing cards and effect on credit score

@mongstradamus wrote:

I closed an few secured cards I had since I was able to be approved for bcp,IT,and freedom. Just got an message from score watch saying my fico score went down an few points. The limit on the secured cards was really low, I didn't think it would effect my overall utilization. How long does it usually take for my scores to recover from these closed cards?

IMHO 

Probably rebound by next month since UTL has no Fico memory 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
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