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jnangle

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Credit Card with NO discrepancies showing on my report?
I've recently noticed a credit card that I paid on time, no late payments and closed out by me, has recently showed on my report bringing the numbers DOWN? WHY? This makes ZERO sense! Anyone have insight as to why?

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When you close an active account, this causes a reduction in your overall score.   This is contributed to many factors.  First, only current accounts are computed in your credit score.  Closed accounts in good standing are not computed.   The closing the the account will impact the average age of accounts.  The longer you had the card, the hard it hurts your score when that date is taken out of the computation.   Lastly, is your credit line.   You no longer have this item in your credit line thus, it means the amounts you owe on other cards has the potential to reflect an increase in your utilization.    Credit cards are best left open forever.

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