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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?
@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.