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Deeokay

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Impact of credit card account closed by Creditor?
I've received a letter saying that my oldest credit card is being closed due to inactivity...I received no warning whatsoever, and when I called I was told there was nothing I could do to keep it open! I haven't found any answers as to either keeping my credit score from dropping, or how to repair that drop other than "...over time" and waiting for enough time to pass for it to repair itself. I've been working so hard for so many years to recover from an awful credit history (thanks to my ex-husband) and am absolutely devastated over this whole thing! Does ANYONE have any positive news/advice for me?

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If your scores going to drop because of this? Then it's going to drop regardless what you do after the fact, and there isn't any repairs you can do to reverse the affect...However, that's assuming your scores are going to drop and drop a lot by the way you post... Few things to consider, First, In FICO scoring models, they uses both your open and closed accounts for your age/average age of credit, and account closed in good standing can last up to 10 years from when it's closed, so your age/average age of credit won't change under FICO scores for next 10 years. Second, How many other revolving accounts do you have? To some extend, the more you have? less score drop there will be when one account is closed, the scoring effect from closing one account isn't the same if you have 10 other open accounts versus 2 open accounts remains. Third, How will it change your overall utilizations? If it's not going to be noticeable difference then your score won't be affected much if any at all. Fourth, How much less overall credit limit you have now, if it reduced by 3/4? Then yeah your score might drop few points, but if it's like 5~10% less? Then I highly doubt your score would drop...I have closed 4 credit cards with-in 18 months period, none of time my score dropped either from VantageScore here or from FICO scores. Sure many people believe your score will be affected from closing a credit card but it's highly dependent on One's credit profiles, even if it dose drop, it will recover soon enough and if you aren't looking to apply for credit in next 3~6 months? Then scores don't really matter as no one is looking at it.

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