Closing A Credit Card and Credit Scores

[Avid Reader]

I've always been under the impression that it's better to leave cards open (after you've finished with them...) for your credit score, and that it certainly wont help your credit by closing it. About 9 months ago Chase got paranoid and closed down all my cards (and a bunch of other peoples too...). The credit lines lost were about 45k just on the personal cards. I was sure my score would dip from the lost credit and the cards being closed by the issuer vs. consumer. Now since I'm signed up with Score Watch from myFico I get an alert whenever there's a change in my score, and lo and behold every time my report was updated with a closed account (It did not post all at once) my score went up!! In total it went up about 20 points or so. Apparently there is something in the Fico formula were they don't want to see too many accounts and or possibly too much credit on someones hands. Bottom line this does play a role in the score. Lets here from the experts.

[Mikeoracle]

Slightly off topic, I also just signed up to score watch from myFico but it asks me for a Target score to email me when it hits that. How can I set up  an alert for any change?

[Mikeoracle]

I've always been under the impression that it's better to leave cards open (after you've finished with them...) for your credit score, and that it certainly wont help your credit by closing it. About 9 months ago Chase got paranoid and closed down all my cards (and a bunch of other peoples too...). The credit lines lost were about 45k just on the personal cards. I was sure my score would dip from the lost credit and the cards being closed by the issuer vs. consumer. Now since I'm signed up with Score Watch from myFico I get an alert whenever there's a change in my score, and lo and behold every time my report was updated with a closed account (It did not post all at once) my score went up!! In total it went up about 20 points or so. Apparently there is something in the Fico formula were they don't want to see too many accounts and or possibly too much credit on someones hands. Bottom line this does play a role in the score. Lets here from the experts.

I am not such an expert yet but maybe it has to do with the fact that on the credit report Chase doesnt show the credit limit (in your score watch account check out the power report and under each account summary you can see outstanding balance etc... Amex shows what your CL is but Chase doesnt) So when the cards get canceled maybe it didnt affect your overall open credit vs debt ratio?

[Avid Reader]

It emails you ANY activity on your report even when there is no change in score (like a new account added, or when a previously dormant account becomes active) The target score is just another thing they will notify you about when you reach it. I've been very happy with them. Also, don't pay the ten bucks a month, there is almost always some promo for 25% off or something.

[Smirk]

Been using score watch for 2 years paying 99 a year and very happy, I figured out that I got an email every month around the 14th so the past 2 months I made sure my cards were paid off then (I usually have my cards fullish) and lo n behold it went up.

By me whenever there was a score change it gave a reason, what reason did it give when it went up those few points?

[elikay]

All these are usually FACO anyway. So not extremely accurate.

[Avid Reader]

I am not such an expert yet but maybe it has to do with the fact that on the credit report Chase doesnt show the credit limit (in your score watch account check out the power report and under each account summary you can see outstanding balance etc... Amex shows what your CL is but Chase doesnt) So when the cards get canceled maybe it didnt affect your overall open credit vs debt ratio?

Pretty sure it was showing my full CL in the report.

By me whenever there was a score change it gave a reason, what reason did it give when it went up those few points?

Just that: "an account you previously had open has been closed".

[Avid Reader]

All these are usually FACO anyway. So not extremely accurate.

Actually FICO.

[Smirk]

All these are usually FACO anyway. So not extremely accurate.

the webiste is myFICO.com so.....

[moe]

Been using score watch for 2 years paying 99 a year and very happy, I figured out that I got an email every month around the 14th so the past 2 months I made sure my cards were paid off then (I usually have my cards fullish) and lo n behold it went up.

By me whenever there was a score change it gave a reason, what reason did it give when it went up those few points?

how do i get these cheap offers for a Myfico.com account?

[Mikeoracle]

how do i get these cheap offers for a Myfico.com account?

Just do a google search for myfico coupon codes.

[moe]

Just do a google search for myfico coupon codes.

i get 25% off with those. is there any major codes to get cheaper?