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Closed a store card after 3 years and my score dropped 40 points - anyone had this backfire?
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nathan_kim14d ago
That "average age of accounts by a lot" part. Brutal.
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kelly_rivera14d ago
Losing that store card probably cut your average age of accounts by a lot, especially if you only had a couple other cards. That 40 point drop sounds about right when the credit mix changes too - maybe it was your only store card and now the system sees you with just bank cards. I've seen people say their scores bounced back in 2-3 months as long as they kept the other accounts in good shape. The real kicker is if it was your oldest account, then that average age hit hurts way more than the 40 points. Paying down other balances or asking for a small limit increase on another card could help speed up the recovery.
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finleym3714d ago
Yeah the "system sees you with just bank cards" part is something people don't think about enough. Store cards and gas cards actually weigh differently in that credit mix calculation than regular Visa or Mastercards. So losing that one store card can mess with that specific category more than people realize.
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Exactly this. Store cards and gas cards are basically a different beast in the system. Losing one of those can make your credit mix look less diverse, even if the rest of your cards are fine. Took me a while to realize how much that specific category mattered.
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