Bad Credit Repair Discussion Forum - View Single Post - How long will a 1 x 30 day late effect my credit?

stargazer0725 · 09-14-2007, 11:13 AM

I hate to tell you Perfectmax, but closing the account was probably NOT the way to go.

FICO is based partially on how long your credit history is, as well as your debt/available credit ratio (among other things). So closing accounts hurts 2 ways: It shortens the length of your credit history, and 2) It takes away from your available credit balance, thereby making your overall debt/credit ratio much higher.

FICO is fickle and varies per individual, but I'd probably look for another dip in the score once the closed account notation hits before it gets better over the next six months/year of on-time payments.

(Hey, Hannah, looks like you posted while I was composing!)

09-14-2007, 11:13 AM	#3 (permalink)
stargazer0725 Elite Member Join Date: Jul 2006 Posts: 435 Casino Cash: $351450	I hate to tell you Perfectmax, but closing the account was probably NOT the way to go. FICO is based partially on how long your credit history is, as well as your debt/available credit ratio (among other things). So closing accounts hurts 2 ways: It shortens the length of your credit history, and 2) It takes away from your available credit balance, thereby making your overall debt/credit ratio much higher. FICO is fickle and varies per individual, but I'd probably look for another dip in the score once the closed account notation hits before it gets better over the next six months/year of on-time payments. (Hey, Hannah, looks like you posted while I was composing!) __________________ Quoted from roybean at IC, "you don't need case law...it is written, so let it be done."