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TraumaDrea
Valued Member

Question

I paid off my auto loan a few months early, thinking this would lower my DTI and my score would stay the same or go up a bit.  IT WENT DOWN like 5 points.  I would like to finance another car in the near future and I am trying to build my score back up, paying of my baddies, and using CC's less and paying them down.  Will my score recover soon?

Traumajunkie "I am not saying I want you to get hurt, I just want to be there when you do! "
Message 1 of 3
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pizzadude
Credit Mentor

Re: Question


@TraumaDrea wrote:

I paid off my auto loan a few months early, thinking this would lower my DTI and my score would stay the same or go up a bit.  IT WENT DOWN like 5 points.  I would like to finance another car in the near future and I am trying to build my score back up, paying of my baddies, and using CC's less and paying them down.  Will my score recover soon?


Yes, you should expect that your score will likely recover soon ~ also keep in mind that installment loan utilization is a much less significant component of FICO scoring than revolving utilization.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 3
socal88
New Member

Re: Question

Ditto on the revolving credit utilization the loan officer I talked to from my CU said that these are of the utmost concern to most banks. Even told me to bring my utilization down even more than the 25% I have it at right now. Pay down your cards and keep that low balance on one. That's what I'm trying to do currently as well. Best of luck
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