Refi lowered my score 46 points ?!?!

[Andy77]

I still can't quite wrap my head around my massive point drop on myfico.com.  Before I re-fi'd my car my my fico equifax score was 693.

After I paid off one loan and refi'd my score dropped to 647.

WHY is this causing such a massive drop ??

I added no new debt.

I am very upset

[Remember0]

Seems like too big a drop for just a closed loan and new one. I'd pull your report to make sure something else isn't going on...

Also if the only difference is the refi, your score will probably soon recover as the new loan ages (AAoA). Still I don't see a 40 point drop coming from just the new loan. Has the new loan even reported yet?

[Andy77]

Yes it has reported.  I saw one bulleted item on myfico that was lowering my score was the fact that my installment loan, meaning car loan, is too high, whereas before I refi'd I did not see that bulleted item, as I was paying on that original loan for over a year.  

I am guessing that, and the AoAA got screwed up because I added this new car loan, too.  I also added one new credit card at the same time, but only one INQ for both prodcuts.

Just hard to believe a refi car loan, one INQ, and one credit card made my score drop 46 points

[Remember0]

Probably some bucketing effect too. You're most likely in a new FICO bucket.

Also that bullet point is useless. Installment Util doesn't matter much at all, if any, for FICO.

Give it some time, it'll recover just fine.