- Centurion Member
- Posts: 538
- Joined: Fri Mar 09, 2012 9:29 am
- Location: San Francisco, CA
You really need to learn more about how FICO scores are calculated. Its a formula and not some person looking over your shoulder. Ask any credit expert and they will say NEVER close a card unless there is a reason outside of lack of use (annual fee, etc.). In the case of the original poster, I can say for sure it will harm his FICO score. I just don't know how much. You don't ever seem to refute this. You just say over and over that a non used Zales card must be bad with no basis. Also, do you understand how credit reports work? The Zales card will be on his credit report for a long time to come whether or not it is open or closed. Even if I buy your argument that a person looking over the credit report has some beef with Zales, the only difference the underwriter would see is that there is an open or closed Zales card. Does that really buy you any credibility with underwriter? Thank God this applicant has better taste in jewelry now and closed that awful Zales account.
In any case FICO score wise, he can be harmed heavily:
1) Utilization: He only has one other revolving credit line: Chase. If limit on that card is 1k too, he would decrease his overall revolving line by 50%. Whatever the percentage, a reduction hurts if any cards report a balance (which they often do even if you PIF). Utilization is 30% of FICO score and you can lose 100 points easy from this.
2) AAoA: Do I need to repeat myself here? Also a big FICO factor at 15%.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k