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cjmcnur

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I really need to know why my score just went from 746 to 717
The only thing I've done is close a credit card. I don't understand the 30 point drop. How long will it take to go back up?

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Two things could have happened and you should be able to analyze this yourself quite easily.

First, when you closed the credit card you lowered the total count of your credit limits thereby increasing your credit utilization. In turn, lowered your score.

Then, if the card account was older than your average account length it also reduced the length of your credit history. Again, lowering your score.

Each month your length of credit history increases so doing nothing will eventually raise your score. You cannot correct the damage done abount your credit limit decrease, but you can request a credit line increase from any other credit card accounts that you presently have a good history with. If you get a credit limit increase it will increase your score.

Since the weight of the credit limit is much more than the length of credit your score increase will take whatever time it takes to return your credit utilization back to where it was prior to closing the account. Ask for a credit limit increase or pay off more debt on other cards. A combination of both is best.

Good luck!

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