Nikki
Coconut Creek,#2Consumer Comment
Wed, December 17, 2008
First, when you opened the account, your credit score may have actually gone up because you have $2500 in open credit you haven't used. Looks good for the used balance to credit limit figures. If you close your account within a few months of opening, your credit score shouldn't be affected. The only thing it will do is bring your score back to where it was before you opened the account. The reason closing an account lowers your credit score is if you close an older account that is giving you good points. When an account is closed, it is no longer figured into credit scoring. So, if the account is giving you good points, and you close it, you are no longer getting those good points and your score drops. The 1 inquiry may only be a few points, or none at all. It depends on how much credit you have been applying for recently. It is not right that they lowered your limit so quickly. They probably did it en masse through the computer system. Lowered anyone who wasn't using their limit, not taking into account that the account was new.