OSome explain this: FCNB..closed my account..AS they went bankrupt. The status say "customer closed account". just checked mu equifax score: It dropped from 660 to 639?? why???????? its not a derog is it? thanks in advance!!1
The advice used to be that you should close accounts that were not being used. People have posted here that when doing that, they noticed a drop in score. This could be what you are experiencing. I think Fair Issac had an article published on this very issue but I can't find it right now.
Not knowing any more info, but this card being closed probably affected your account age or utilization.
Creditor goes out of business and end result is consumers FICO score is lowered thru no action of their own. Wonder if Fair Issac will make an allowance for that event.
Can't he do something about this? The way I read this post is "screwed" didn't close the account the credit grantor (FCBN) closed the account did... which is not "reporting 100% accurate info".
If you have a balance...the "CREDIT LIMIT" is no longer added with all your other cards...BUT the amount owed is added to your other card balances for F.I.C.O. scores...(DEBT TO CREDIT LIMIT RATIO) This is one reason you must ALWAYS pay an account in full BEFORE you close it.
Re: Re: Why was lowered I don't know what - that's why I asked. I understand that if "screwed" has a balance that balance will taken over by whomever takes over FCBN's accounts, but that what his credit report said. His cr implied that "screwed" closed when FCBN (the Creditor Grantor) did. That's what I meant, unless I'm completely misunderstanding the original post. And I do think "closed by consumer" would be better, but how would "screwed" go about getting this TL changed?
Re: Re: Re: Why was lowered Changed to what, it appears accurate? There could be two really good reasons why the score dropped, and they were both covered in this thread. 1) Age of accounts. If this was one of his/her oldest accounts, you lose points when the account closes. 2.) Ratio change. When the account is closed, the credit limit is no longer factored into the calculation, but the balance is. The score should rebound once the card is paid off. Not that I am a "professional", I am only speaking from experience.
Re: Re: Re: Why was lowered Ppl thnx for the info. Here more clarification: The card was secured, balance was 400, my deposit was 500. FCNB actaually paid me back. so as far as i am concerned, there was no balance outstanding. My CR also states a balance of zero. But still the score is down((.. BY the way what is fair isaac?...what options do i have??..any ofno would be helpful..i worked hard to pay bills on time etc...this sux!! thanks
