I'm confused

[Anonymous]

Ok so I checked my score a couple weeks ago and had 693 I paid off a 90,000 morgatge so here I wait to see my score go up Today I checked and it shows that it was paid off but my score stayed the same? Why? I thought my score would have gone up

[laz98]

did you buy a new score?

[MarineVietVet]

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@Anonymous wrote:
Ok so I checked my score a couple weeks ago and had 693 I paid off a 90,000 morgatge so here I wait to see my score go up Today I checked and it shows that it was paid off but my score stayed the same? Why? I thought my score would have gone up

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Hello and welcome.

Is this your only installment loan? Even though closed accounts are still looked at as part of your credit mix they are not given quite as much weight as open accounts. This might be why your score didn't move. Trying to figure out why scores do certain things is often a futile, frustrating effort.

But try to look at this from a different angle. You now have one less debt and IMO (In My Opinion( that is always worth more than a few FICO points.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

What do you mean buy a new score? I just got myfico a few days ago

[Anonymous]

Well I had 2 morgatges now I'm down to 1

[MarineVietVet]

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@Anonymous wrote:
Well I had 2 morgatges now I'm down to 1

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It's not unusual to not have any score movement or very little when an installment loan is paid off.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[laz98]

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@Anonymous wrote:
What do you mean buy a new score? I just got myfico a few days ago

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where are you getting your scores from?

i mean, did you buy all of your scores that you are comparing from here?  for example, if you bought your score here 2 weeks ago, it would not update automatically, you would have to buy a new one.  (i know you said you bought a new one, i'm just giving you an example of what i'm talking about.)  that's why i was asking if you got your scores here, so i would know if you got an updated report somewhere else, & you thought that the score would change here. 

anyway, like another poster already said, installment loans don't typically change your scores dramatically, so there's always the possibility that it won't change at all, depending on what other changes in your credit have occurred.

[Anonymous]

ok lol thanks i guess ive learnd a lil bit about credit scores and depending what you want to do your score isnt your score

i have credit mon through my bank that gives me all 3 scores and they were all up around 725 or so I said great

im gunna refinance then they pulled the score and it was 680 so then i was told there is like 50 different companys that play games with your score

and it would be dif depending on if i got a credit card or a car or a house seems to me your score is your score why play with it

GGRRRRRRRR

[haulingthescoreup]

Well, your score isn't your score, I'm afraid. It depends on which scoring formula is used. More to the point, you need to know the score that your lender is using.

Most of the time (certainly not always), that's a FICO score.

It's very very (very very very very very) unlikely that your 3-in-1 monitoring system through your bank is giving you FICO scores. Instead, they're what we call FAKO scores, which are an awesome method for monitoring services to make money off of confused consumers.

It's like having two bathroom scales. One gives you one weight, and one gives you a different weight. You need to find out which scale matches the weight that your doctor will be scolding you about. The credit score version of that bathroom scale is (generally) FICO scores.

[guydiver]

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@haulingthescoreup wrote:

Well, your score isn't your score, I'm afraid. It depends on which scoring formula is used. More to the point, you need to know the score that your lender is using.

Most of the time (certainly not always), that's a FICO score.

It's very very (very very very very very) unlikely that your 3-in-1 monitoring system through your bank is giving you FICO scores. Instead, they're what we call FAKO scores, which are an awesome method for monitoring services to make money off of confused consumers.

It's like having two bathroom scales. One gives you one weight, and one gives you a different weight. You need to find out which scale matches the weight that your doctor will be scolding you about. The credit score version of that bathroom scale is (generally) FICO scores.

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+1