Well friends, NOTHING has changed on my Experian report for 21 days. No new inquiries, balance changes, accounts, NOTHING. But today my score went down 46 points! WTF?!!!!
Hey, Shit mine dropped 31 points after i decided to close and pay off two accounts (Nextcard and Aria). I am so pissed. No new inq. or anything. I am in the same boat. Piss me off !!! Sean
Sean: Paying off accounts helps your credit scores, but when you close them, it hurts. Scoring systems like to see OPEN accounts even those with a zero balance. They also like to see a very low % of your credit limits (ratios) used both on individual accounts and total. When you closed these accounts, you could have made major impact on those ratios... That is most likely the change in your score.
Thanks Kev. I appreciate your advice, I suppose I could have kept both cards open with a zero balance and cut them up. Nextcard just really pissed me off with their APR games ( No late pays and they still jacked up my APR) that I really wanted to wash my hands clean of that company. Thanks again for the advice. Sean
I think you just answered a question I have not been able to find an answer to: I have a closed account, 9 months old, no late pays. It was an auto loan. The account was closed because we refinanced the loan at a lower interest rate and at a better lender. So it sounds like you feel this will hurt me, hot help me. I was hoping to get the 12 month boost from the account, because it is positive. That may account for a big drop in my score, but that is really unfair!
