Understanding FICO® Scoring

[PianoGuy]

I guess I still don't understand the process. Why would my score go down when I didn't do anything different?

I am trying to buy a house, this isn't helping.

Got a notice that my score had dropped 7 points, supposedly because of "heavy use of revolving credit".

Except, I didn't have any heavy use and in fact have been continuing to pay down balances.

The only thing I did do was close an account I no longer use, one that was in good standing.

Here is what FICO shows:

ELAN FINANCIAL SERVICES (XXXXXXXXXXXXxx97) Show/Hide Details

Account opened: 12/2010 Description:Account closed at consumer s request Closed or Paid Account/Zero Balance Amount in H/C column is credit limit   Previously reported Newly reported Balance: $0   Past due: $0 $0 Status: Pays account as agreed Pays account as agreed Last activity: 12/1/2011 12/1/2011 Description: Credit card Amount in H/C column is credit limit Account closed at consumer s request Closed or Paid Account/Zero Balance Amount in H/C column is credit limit

[Shogun]

You decreased your available credit and raised your util.  I take it you have some revolving debt. 

[llecs]

SW alerts can be a hit or miss because it grabs the latest score and makes an assumption that the score change was caused by whatever reason they throw out. However, in your case, I think they are spot on. Once you close a CC, then the balance and the CL are forever removed from your CC util. So, if you have any balances reporting whatsoever on any other CCs, then your utilization increased and score decreased when the account reported as closed. If you pay down your other CC balances you'll find that the score will rebound without any memory of the increased util.

ETA...slow typer disorder affects 10 million people worldwide. I'm one of those.

[Shogun]

I beat llecs to a post!   Now that's cause for a happy dance!!!!