OLD AUTO LOAN REPORTED...STILL WAITING FOR NEW LOAN

[cazz]

I had a car loan from 2010 that was recently paid off when i traded in my car for a brand new car. I had 1000 left on my loan after the trade in which wasnt bad but now my old car loan reported as a paid off balance which dropped my score 13 points.. im guessing because it was my only installment loan and one of my older accounts but im wondering that once my new car loan reports do you think that will give me a score bump???

[pizzadude]

Generally paying installment loans won't do much to your FICO score ~ It's likely that you'll regain the points fairly quickly, although it may not happen for a few months.

[cazz]

Well is it possible that i only lost points because it now looks like i have no mix of credit. So once my new auto loan reports it will put those points back and possibly a few additional points???

[ccnewcc]

maybe the 13 point loss is actually related to any inquires you incurred as a result of applying for your new loan.

[pizzadude]

The loan will still count in your mix of credit even if it is closed.

[cazz]

The inquiries showedup on my cr back in june when i bought the car.