@Reighn9 wrote:
I paid off my auto loan 4 or 5 months early and my credit scores dropped-EQ 23 points and EX 15 points. I haven't heard from TU yet. My scores had just started moving above 675 and more as I was paying down cards. I had been having trouble with my high car payment and the company, who I had a long, strong relationship with, refused to refinace to a lower payment a few months ago. I didn't know paying off a loan with good payment would drop a credit scrore. The CRAs keep complaining about the loan balance being too high.
This is common, FICO scoring is interesting stuff. I think you will find over the next few months you will get some of those points back. If you go to the fico score forum they suggest doing a installment loan to increase scores so if you want all of those point back you might want to look at that post. Many do a secured loan through a credit union, pay all but 5% or so off right away and let the loan report for months or years to bump up their scores.
