Why would closing Credit One drop my score?

[Anonymous]

And I am not talking about for credit history purposes, but my fico score dropped 2 pts and this was the reason

CREDIT ONE BANK

• Amount
• $0.00

• Status
• Paid loan

Mind you, I NEVER had a single late payment and they begged me to stay, but I did not want to pay the upcoming annual fee and just used this card to help get back on track.

What gives?

[baller4life]

Was that your only cc?

[baller4life]

Never mind. I'm mobile and couldn't see your cards in siggy. The only thing closing the Credit One affected was your util. Which is probably the 2 pt drop. It will rebound.

[Anonymous]

Ok, awesome! thx!!!

[pizzadude]

Yep, the only time your FICO score would drop upon closing a CC would be if your revolving utilization increases.  Also it's 2pts which is a less than 1% change.

Take a look at this sticky thread:

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=117125&jump=true

[SunriseEarth]

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@pizzadude wrote:

Yep, the only time your FICO score would drop upon closing a CC would be if your revolving utilization increases.  Also it's 2pts which is a less than 1% change.

Take a look at this sticky thread:

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=117125&jump=true

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+1.   Likely a drop in UTIL.   Just lower UTIL on your open CCs and you'll be fine.  And good riddance to CreditOne!