Reply
Regular Contributor
Posts: 135
Registered: ‎01-29-2013
0

Paid off student loans dropped my CK score?

Hi everyone,

 

I had a 19k DOE student loan for 4 years. I paid it off last month and it finally posted on my CR today. I updated my CK score and it dropped from 754 to 730....why is that? Is it because my AAoA is now decreased? 

 

Thanks for any input!

BOA Better Rewards | Citi Forward | Chase Freedom | Discover IT | Amex BlueSky | Chase IHG | Sallie Mae | Chase CSP | Barclays Rewards | Banana Republic Visa

Established Contributor
Posts: 731
Registered: ‎08-12-2011
0

Re: Paid off student loans dropped my CK score?

[ Edited ]

The paid off SL is not responsible. If the account is in good standing with no missed payments or declaratory comments. This account should stay on your credit reports as a positive account for 10 year, only benefiting your FICO score and over all credit profile. AAOA for paid off vs still paying SL is the same. The age begins at the disbursement date.

 

There could be something else negative on your account that you are not seeing right away.

Regular Contributor
Posts: 135
Registered: ‎01-29-2013
0

The only thing that changed was "4 accounts have been clo...

The only thing that changed was "4 accounts have been closed," which are the 4 loans I had on my account. Everything else remained the same, yet my CK score dropped 24 points...

BOA Better Rewards | Citi Forward | Chase Freedom | Discover IT | Amex BlueSky | Chase IHG | Sallie Mae | Chase CSP | Barclays Rewards | Banana Republic Visa

Regular Contributor
Posts: 225
Registered: ‎12-18-2012
0

Re: Paid off student loans dropped my CK score?

CK score is  what we call FAKO. It is a fake score sold to consumers and is not used by lenders, you are honestly wasting your time looking at it because it fluctuates wildly every time a payment is made.

If you want your true Transunion score( FICO) you can obtain one from a lender or this site

 

On the CK site I have found the Vantage Score to be the closest to my real FICO, but it is not that way for everyone. :smileywink:


Starting Score: 6/6/12: TU 585/EQ 472/ EX 561
Current Score: TU04 751, EQ5.0 694/ EXv2 675
Goal Score: 700 reached 2/6/2015!!! New goal 800
Cap1 Venture-$4300, QS-$4750,Chase Freedom-$4500,Discover IT - $8100
Store Cards: Vic.Sec -$1650, Walmart-$3150 ,Gap $1600( 5/18/2015)
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Paid off student loans dropped my CK score?


mmmlive1999 wrote:

CK score is  what we call FAKO. It is a fake score sold to consumers and is not used by lenders, you are honestly wasting your time looking at it because it fluctuates wildly every time a payment is made.

If you want your true Transunion score( FICO) you can obtain one from a lender or this site


+1....Their FAKOs factor in stuff that FICO doesn't. I doubt oyur FICO dropped. If most of your TLs are reporting balances, I'd argue you probably experienced a small increase as FICO is concerned.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.