Why did my score drop?

[Anonymous]

I had a chase card with only $195 left. i paid it off and closed the card/account.  I recieved an alert from MyFico that there has been a change and that my score has dropped today.  The only change i see was that Chase has reported that i have paid of the $195 and closed the account?  I thought that is a good thing?

[dragnldy]

When you closed your card, you lost your CL for utilization.  Do you have other open lines?  How much was your CL?  What do you have on your other lines of credit?

[Anonymous]

the credit card i closed was a chase card. i rolled it over to an advanta card afer the increased my rate from about 14pct to 29.99 with no valid reason given. the balance was $10000 and limit $24000. after rolling over there was a remaining $195 which i paid off.

the advanta card is 12pct fixed with no payments for 6 months. i have brought the balance down to $4500 from $1000 and the limit is $12000 on that one. however it is not yet showing my credit report as all this was one in the last 1 to 2 months.

i have in the past 6months paid off most of my credit cards (home depot with a crl of $23000, a home depot expot of about $5000, and the chase credit card that i rolled over with a crl of about $24000). i have only the advant with a crl of $12000 and it is not yet flected in my credit reports. should i open other cards? i dont use credit card much these days since my atm has a mastercard logo that allow it to be debited from my bank account. thanks thanks.

Message Edited by Dizz0NY on 04-12-2008 02:43 PM

[Anonymous]

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Dizz0NY wrote:
the credit card i closed was a chase card. i rolled it over to an advanta card afer the increased my rate from about 14pct to 29.99 with no valid reason given. the balance was $10000 and limit $24000. after rolling over there was a remaining $195 which i paid off.

the advanta card is 12pct fixed with no payments for 6 months. i have brought the balance down to $4500 from $1000 and the limit is $12000 on that one. however it is not yet showing my credit report as all this was one in the last 1 to 2 months.

i have in the past 6months paid off most of my credit cards (home depot with a crl of $23000, a home depot expot of about $5000, and the chase credit card that i rolled over with a crl of about $24000). i have only the advant with a crl of $12000 and it is not yet flected in my credit reports. should i open other cards? i dont use credit card much these days since my atm has a mastercard logo that allow it to be debited from my bank account. thanks thanks.

Message Edited by Dizz0NY on 04-12-2008 02:43 PM

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All those CC that you paid off, did you close them?

If so, and the Advant cards is not reporting, then you have no revolving credit, this is the reason for the decrease.

Even if they are still open, with the Advant not showing, you decreased your revolving credit.

[Anonymous]

yes i did close them. so when advanta shows up will it increase? will opening new cards even if i don't intend to use help as well?