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Additional Details
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Additional Details
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Answer chick | I just paid off my car loan and a credit card. But my FICO score dropped 32 points, why? I'm paying my debt! |
I'm paying off all my credit cards, not closing them. But I want $0 balances on them. I paid off my car 6 months early, I never missed a payment and I was never late. Why would I be punished for doing the right thing? How could my score drop that way? Shouldn't it go up??? Should I not pay my debt off? I'm discouraged now. Shell shocked is more like it.
Additional Details
I'm set up for Equifax's Score Power program. It alerted me of the drop, but also showed my vehicle payoff. I thought a paying off my vehicle early would help me, not hinder me. |
 |
 
Marcus
 |
you got some good replies already and here's some in depth reading, should you need it:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
good luck! |
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stopccdebt
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First of all, you did nothing wrong. You made a good decision based upon your need to save money in your finances.
The likely reason for the drop in your credit score is the practice of classifcation or grouping of consumers by the credit bureau. Sometimes, your actions can move you from the top of one class, to the bottom of the next highest class. Because of some overlap, your actual score may dip.
You shouldn't worry if this is the case. Your score will likely come back up some. Also, if you are examining your FICO score that you purchased, that score is not the same as your actual credit score. Your actual score that lenders see could have gone up. |
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Amanda H
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I dont think you got dinged for paying early-- just that now you have one less account on your file as a 'current' or 'open' account, and the credit bureaus like to see you CURRENTLY paying things responsibly.
Someitmes it DOES raise your score to pay off loans-- it just varies and doesn't seem super clear to me. Good job on not closing the cards though-- very smart move. |
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smiley0_1_1999
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If you want to learn more like myself, subscribe to Truecredit.com. They have information on how to raise your score, what to do and what not to do. It has helped me get a better understanding on how the whole thing works. They can even show you how dispute errors on your credit report. |
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optionnumber8
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go get another low interst loan and pay it off on time but not earlier. they hate when you pay off too fast cause they lose money. the good thing is you payed it off and are debt free for now but creditors like to see some debt that is paid on time not early. 32 points is not a lot it will vary some in the course of your life. keep using your credit cards to buy stuff and pay off monthly that will help your score too. an active credit which is being paid off regular is better than lump sum payments. Go to the bank or local credit union or trust company where they not too busy and talk to them they love to answer questions and basically do nothing but gloat that they know something. look at it as a imfo service at your disposal |
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carburater73
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You paid off your debt early for one. Its screwy but they want to see you pay stuff off on time, not early. Keep up the good work with paying off your debt it will help you to have those positives. Remeber that each time you apply for credit or check your credit it drops your score, so be careful.
I wish you luck. |
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MJ
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There is a lag in reporting of payments/balances on credit bureaus. Therefore your score may reflect info that is a couple of months old, without the payoff info. That's assuming that you just pulled your score and just made your payments. But unless your available credit dropped (like closing an account/lowering credit limit), just based upon your paying off debt timely, your score should go up. Most everyone else here answered you correctly, but what most people fail to realize is that credit bureaus have no interest in your score being higher. Remember that lenders charge more when you have a lower score. Who pays the credit bureaus for their services? Lenders! |
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leog7one
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Congrats on paying your car off!!!
Anyway you did nothing wrong, a thing is that if I can ask...Do you have Credit Card debt?? If so, are your balance's over 40% of your credit Limit.. If so that can be the cause of your score drop. What lots of people dont know is that even if you pay your cards on a timley basis, if your balances are over 40% of available credit is does effect your score negatively.
If not, it does take the SCORE to reflect the payoff about 2 months. Most people think it does this automatically. IT DOES NOT!!! So you should see an increase in your next report. :) |
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NETTA M
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It will go back up. Don't close your cards either use them at least once every six months. How long had you been paying on your car? Sometimes paying things off too early can hurt you, I owe another 3K on my car and was told to continue making monthly payments instead of paying it off. I joined Truecredit last month, and I love it, it tells you what you can do to help your score. |
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albanocontracting
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when you pay off loans and do not close them you are a risk that you can spend it all.so close them down too much credit
is bad. |
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