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In reply to the discussion: How many credit cards do you have? [View all]Jedi Guy
(3,290 posts)10. Your credit utilization dropped so your score did as well.
If you pay your credit card off in full every month and never revolve a balance, it has no impact whatsoever on your score because as far as the bureaus can tell the account isn't being used.
As for the mortgages, when a trade line is paid off and closed, it can result in a drop in your score because your utilization dropped, but also just because the trade line is closed. The longer the trade line has been active, the bigger the potential impact when it's closed. Closing a credit card that's been open for a year will have way less of an impact than a 20-year-old mortgage. Not a perfect comparison since it's secured vs. unsecured, but still.
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Fair point, but the Nigerian bank I'm in touch with says not to reveal it...
brooklynite
Jul 2021
#3
I've lost track, but only one has a balance and that's paid off in full every month. Most are
Vinca
Jul 2021
#7
Thanks. I appreciate the information. Never thought I'd be penalized by the credit reporting
Vinca
Jul 2021
#34