A credit card company can close your account. While the exact phrasing varies from agreement to agreement, they can close your account without a notice, or even a particular reason. To give you an example, here's what Chase says: " Sometimes we close accounts based not on your actions or inactions, but on our business needs."
Keep in mind, this very rarely happens, as they usually want your business. As far as why your score goes down, it's because your overall credit utilization changes. Your score would go down even if you'd request to close the account yourself with 0 balance.
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