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tiredofcreditdrama

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Score decrease?
Two of my credit card companies were bought out by another. Now they are listed as two NEW credit cards, hence dropping my score by more than 20 points. As I did NOT open two new cards, when will my score revert? Will my score revert? Why does my score suffer when I had nothing to do with this buy out? How can I fix this?

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You will have to wait it out...

That is one of the deveous things big companies can do to consumers when laws aren't written or enforced to provide adequate information to their customers.

Basically what happened is that your overall credit history has been reduced because they closed those old account and opened new accounts. (All credit acount years divided by the Total Amount of Credit Accounts = Overall Credit History). Credit history is  a small part of your score, but it is a part of it.

I would advise you to pull all of your reports individually (no 3 in 1 reports) and make sure that your 'closed' accounts state that: "Your account has been closed due to transfer" or something of that sort. If it is stated by any of those accounts that the "account closed by the company's request", then you need to call them to change that. You do NOT want to have any credit accounts closed by the company's request. That hurts your credit report. It makes you look like you couldn't pay your debts.

Anyway, assuming everything is proper on your report, then unfortunately you will have to suffer through waiting to accumulate more credit history.

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