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Old 11-28-2010, 07:38 PM
 
Location: Denver, CO
2,275 posts, read 4,602,409 times
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If I close my credit cards, how long will it take for my credit score to drop to zero, assuming it is around 800-something now? Please don't lecture me about how important my FICO score is. I'm finished borrowing money.
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Old 11-28-2010, 07:42 PM
 
Location: north of Windsor, ON
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I thought the minimum score was 300.
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Old 11-28-2010, 08:12 PM
 
Location: Columbia, California
6,663 posts, read 26,706,601 times
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I would think death would bring a 0 score, so probably overnight as a minimum time.
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Old 11-29-2010, 08:51 AM
 
1,403 posts, read 3,161,733 times
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Quote:
Originally Posted by whoisjongalt View Post
If I close my credit cards, how long will it take for my credit score to drop to zero, assuming it is around 800-something now? Please don't lecture me about how important my FICO score is. I'm finished borrowing money.
This question is kinda like "If a tree falls in the woods, does it make noise?"

If you don't have any credit lines open, why do you care what your FICO is? The "take home" is that you don't have any credit lines open....right?
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Old 11-29-2010, 11:33 AM
 
Location: Boise, ID
8,043 posts, read 24,252,402 times
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There is no "0" score. There is from 350 to 850 (I think), and "no score available". I assume you are saying how long before you have a "no score". I would say probably around 7 years from when you close the last card (and pay them off). But it could be longer. If you have utilities in your name, or rent an apartment (or have a mortgage, obviously), those might report, which would keep a report active.

Point is, credit cards are not the only thing that appears on your credit.
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Old 11-29-2010, 12:02 PM
 
Location: southwestern PA
20,419 posts, read 38,439,064 times
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Quote:
Originally Posted by whoisjongalt View Post
I'm finished borrowing money.
Then your credit score doesn't matter...
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Old 11-29-2010, 12:12 PM
 
Location: Buffalo Metro Area
33 posts, read 63,685 times
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If you mean how long will it takes your credit to sink to the bottom after you close all your accounts and assuming they are in derogatory status well that will depend,creditors will start reporting derogatory delinquent after sixty days of non payment,then 90 then 120 until they charge off so it will slowly go degrading, it will take some time for your credit to go to the bottom.
As opposed if you willingly close your accounts with no balance on it then it will just stay as where it is for as long as no derogatory information is reported or until any good tradeline age and falls from your report.
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Old 11-29-2010, 01:07 PM
 
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Its not about borrowing money, its about interest rates on insurance (insurance run your scores to see if you are a "risky" person) you can rent an apartment or anything for that matter, 60% of employors run credit reports now, you can never work near money (bank or cashier), can't open a bank account now, FICO isn't only about borrowing or not borrowing. Its ran for almost everything now. I am a HUGE Dave Ramsey fan, all about not borrowing money ever again, but I own a credit restoration company and I keep a healthy credit score BECAUSE I need it to open an account, be in business, most of my clients need credit restoration because they are now looking for jobs. Just FYI
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Old 11-29-2010, 02:11 PM
 
Location: Los Angeles area
14,017 posts, read 18,068,306 times
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Default Credit Freezes

Several years ago I put a freeze on my name at all three credit bureaux as a security measure, as I had turned 60, my townhouse was paid off, I have a good credit card with no annual fee, and I have no plans to ever purchase other property. (I pay cash for cars). If for some reason I need to borrow or get another credit card, I'll just have to undo the freezes, although the chances of my ever having to do that are close to zero. Thus right now at age 66 I have said goodbye to owing money to someone else forever. (I pay my credit card in full every month).
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Old 11-30-2010, 04:58 PM
 
Location: San Antonio, TX, USA
5,142 posts, read 11,617,824 times
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Quote:
Originally Posted by whoisjongalt View Post
If I close my credit cards, how long will it take for my credit score to drop to zero, assuming it is around 800-something now? Please don't lecture me about how important my FICO score is. I'm finished borrowing money.
Never say never. You never know. Prepare for the worst and expect the best!
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