LOST 30+ Points in one swoop, WOW!!!!

[Steveomatic]

So I am purchasing a new home and in order to close on the house my mortgage copmpany required me to close out my bank credit card. I only owed a few dollars on it with a $3200 limit but they still required it. Thankfully I am fully approved for my house and I close this week, but I just got a MyFico alert that showed my score dropped 31 points due to closing out my bank credit card! I am amazed that doing this crushed my score by so much! Is this normal? I have worked so hard to build a great score so this just hit me lke a punch in the stomach.

All opinions are welcome.

Thanks,

Steve

[takeshi74]

It really all depends on how the various factors add up and impact your existing credit.  Was the card your only revolving account?

[Steveomatic]

Thank you for the reply. I understand the mechanics behind it all. I was just surprised by how many points it affected my score.

[gdale6]

Next time I would tell the lender to take a hike and find another one. These guys have no idea how Fico works and they give outrageous advice.