40+ drop in score after closing 2 AMEX cards!

[Anonymous]

I was irritated at AMEX a couple of months ago for denying charges while I was traveling (guess I didn't call and let them know or something).  I had several accts with them, so I closed two accts (my blue card and my green card that I never used).  I did keep my platinum card open since I use that card quite a bit and want to keep at least 1 amex card active.  My Experian report shows a huge drop in score from 676 to 632 and the only thing I can see impacting it is my two amex cards that I closed.  Only have a balance on one other credit card that actually decreased in balance.  I have other cards with high limits that I do not use and have zero balances.  I guess it could be my utilization, but this seems like an extreme drop in score even if my utilization when up a little.  Has anyone else had this problem when they have closed amex cards?  I am hoping this is temporary and my score will go back up.  This is my lowest score anyways and I am not too too worried, it is just irritating. 

[Anonymous]

Utl could be it along with the % accounts w/ balances / open accounts

[Anonymous]

Or you may have nuked your two oldest accounts and lost some history there, too.

[UpNComing]

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TheNewWorldMan wrote:
Or you may have nuked your two oldest accounts and lost some history there, too.

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I thought the history stays until ten years after they are closed.

[Anonymous]

You are correct-

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UpNComing wrote:

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TheNewWorldMan wrote:
Or you may have nuked your two oldest accounts and lost some history there, too.

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I thought the history stays until ten years after they are closed.

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[Anonymous]

No, these accounts were not very old...only a few years old. I kept my oldest Amex open. I guess it must be utilization, which is funny because I never used my green card and I cannot see a high limit on that on my reports and then my blue card was a revolving that had a limit of 6k. So, perhaps it is utilization, but that seems like such a huge hit.

[Anonymous]

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@Anonymous wrote:
No, these accounts were not very old...only a few years old. I kept my oldest Amex open. I guess it must be utilization, which is funny because I never used my green card and I cannot see a high limit on that on my reports and then my blue card was a revolving that had a limit of 6k. So, perhaps it is utilization, but that seems like such a huge hit.

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How many other revolving accounts do you have?

[ficonovice]

Util is a huge part of your score. I've taken a 30 point hit going from 8% util to 24%. Scores are still very solid and I've stopped going crazy seeking the highest score. Now if they drop another 30 and another 30 then I'll worry!!

[haulingthescoreup]

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@Anonymous wrote:
No, these accounts were not very old...only a few years old. I kept my oldest Amex open. I guess it must be utilization, which is funny because I never used my green card and I cannot see a high limit on that on my reports and then my blue card was a revolving that had a limit of 6k. So, perhaps it is utilization, but that seems like such a huge hit.

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Compare the FICO score report before the drop with your current one. What was listed as positive and negative on screen 2 on the older one, and what's on screen 2 now?

Another possibility is that during this time, either your average or your oldest account history had a birthday, and you're in a new bucket. Check your dates.

[Anonymous]

Why did you have both a green and a plat? I assume they were waiving the fee on one of them.