Yes, because it would lower you available credit so it would lower your score.
This happened to my brother, but he has a balance that he thinks that they will demand and is not going to be able to come up with the big amount of money all at once.
Hi H1148
If the credit card issuer closes your card, the payment history will no longer be available in your credit report, and since this payment history constitutes about 35% in your credit score, your FICO score will definitely get lowered. So you should always use the credit cards for making at least the monthly utility payments and repaying them back within the interest free grace period. This will not only help you to avoid closing the credit card by the grantor, but also help you to build up a good credit history.
Yes, because it would lower you available credit so it would lower your score.
This happened to my brother, but he has a balance that he thinks that they will demand and is not going to be able to come up with the big amount of money all at once.
Yes, FICO may go down. It has nothing to do with available credit, but with utilization of credit or ratio of balance to available credit.
that is what I meant you are taking that away, I got my words a little jumbled up.
Sorry, Madam!
No offense meant.
THANK YOU
THANK YOU FOR ALL YOUR QUICK RESPONSES. THAT CERTAINLY
ANSWERS MY ?
Glad to be of help, hope you will consider staying with us on the forums.
It can drop your scores if you had some history built up with it over the years..
Hi H1148
If the credit card issuer closes your card, the payment history will no longer be available in your credit report, and since this payment history constitutes about 35% in your credit score, your FICO score will definitely get lowered. So you should always use the credit cards for making at least the monthly utility payments and repaying them back within the interest free grace period. This will not only help you to avoid closing the credit card by the grantor, but also help you to build up a good credit history.