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bz41bh

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Target Visa sold their credit accounts to a new bank and it lowered my credit score 45 points!?
I have been monitoring my credit here for a few months now. One day recently, there were 2 activities on my Target Visa reported the same day. Target sold their Visa accounts to another bank. The way it looks to be reported is that my line of credit went from $3300 to $0 on one account, and one other account (my same one) increased the credit line from $0 to $3300. Also around the same time, I made the final $200 payment on a credit union personal RV loan and the loan account was closed. All of that totaled a change (reduction) in my credit of 45 points, from 695 to 650. That seems unbelievable - nothing else changed during that time, other than payments being made to mortgage and student loan as usual.

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The length of credit history has a great portion in the credit score. It seems to me that you were reported as closing an old account (your Target Visa) and opening a new account. The new account should have the same opening date as the old one, so that the length of credit history does not get affected. But some bank during transfer doesn't do that.

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thanks

Thanks for the reply. The records on this site show the new account has an "open" date of 1998, so at least they took care of me there. I wonder if the one record of the limit reducing to zero on the sold account was what did it.

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