Up 30 points for almost nothing

I opened a line of credit that (secured by savings). Very long story, but I closed the same month it was opened.

It showed on EQ today, reported as revolving, opened and closed same month, $0 limit $0 balance, closed at consumer's request. Score goes up 30 points for an account that was never used and opened only a few weeks.

While I am HAPPY for the extra 30 points, I just don't get the FICO score system.

 

Did a little research and it has to do with mix of credit. Now one of my top positive reasons for score is "You have established bank/national revolving credit obligations being reported".

I had revolving credit before this, a capital one unsecured for $400. It seems like the scoring system does not recognize "subprime credit cards" as "established bank/national revolving credit obligations." In the list of bank/national revolving credit are listed cc companies AMEX, DISCOVER, VISA......I thought my cap one counted as revolving visa, but I guess not.

 

Before the revolving account from my bank was reported, I had Cap One and few department store's revolving being reported. Now with the bank reporting the revolving account, my score has gone up 30 points and a new reason score has been added to my positive factors "You have established bank/national revolving credit obligations being reported".

My score went up because I have established a revolving account with a bank, albeit closed with a one month history. I think the scoring model does differntiate between revolving accounts that are from department stores, Cap One, and banks (meeting certain criteria). While you may be given points for the presence of revolving accounts, I think if you had the right revolving account (one from AMEX, DISCOVER, or a bank meeting certain criteria) your score will go up, as mine did.

This is my just my opinion.

 

According to the new top factor code "You have established bank/national revolving credit obligations being reported"

The summary of this reason code is:

I know that Cap One not reporting limits will hurt (and the summary says if no CL is reported it will hurt), but Cap One limit has been reporting the credit limit on my EQ report.