A 4-pt drop on Equifax for Updated Account

Anonymous · ‎05-09-2015

There was a four point drop on my Equifax. Chase updated my balance(which went DOWN). This is one of my revolving payments(auto loan). Why would the balance dropping for paying on time make my score go down?

Anonymous · ‎05-09-2015

Keep in mind that your score can fluctuate monthly on any or all CRA's. With it being only 4 points - I would say you have nothing to worry about. I remember when I was rebuilding my credit, I saw it go up and down for a while. Nothing big, from a couple of points to 6 or 8 points. It leveled out after time.

Here's one - When I sold my house and paid it off back in January 2014, I lost between 10-12 points on all three bureaus. That's 30 - 36 points for being a great paying customer. You would think since the balance dropped to zero it would have went up - not in the credit world. lol

Anonymous · ‎05-09-2015

Auto loans are not revolving, they are installments. Balance changes on an installment account does not affecr scoring except when it goes below 50%

gdale6 · ‎05-09-2015

@Anonymous wrote:
Auto loans are not revolving, they are installments. Balance changes on an installment account does not affecr scoring except when it goes below 50%

And this may or may not be true if you have a BK on file. I saw no increase in score (fico 8) paying a single personal loan open below 50% with my BK on file. I have not opened another one post post my BK.

Anonymous · ‎05-09-2015

@Anonymous wrote:
Auto loans are not revolving, they are installments. Balance changes on an installment account does not affecr scoring except when it goes below 50%

Okay, excuse me-installment. And I'm telling you that I have an alert on here that myFICO went down 4 points on a balance change. I pay for the services on this site which alert me anytime my score drops, there's an inquiry, etc. The balance went down a few hundred dollars.