@Anonymous wrote:How is it possible that I closed a Spirit card account with a $1,000 limit and TU and EX both dropped 20 points this week? There was no balance, I just closed it to avoid the annual fee.. The only other event this month is that I paid off about $40,000 on five cards to get all balances to zero...but that should be a good thing?
How do I find out the exact reason for these drastic drops? Now all three are in the 750 range and simulator says they should all go to 780+ after all the zero balances kick in...
Did you get a huge score boost from this? What was your total utilization, all open credit card balances divided by total credit lines on all credit cards?
If so, then the score is still in play and the closed card is probably just one of the coincident triggers for a number of recent recalculations.
@Anonymous wrote:as each of the five cards has registered as "paid" in full, they have gone up an average of 8-9 points each, but why would it go south 19 points? we did pay off our mortgage and helo in full also last month, not sure why that would be bad?
So you gained 50 points in a short time period, and then lost 19?
Sounds like noise in an upward trend. Give it more time with this pattern to stabilize some more. That is a lot of change in your file, in a short time, and FICO does not do well with being shocked like that.