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Contributor
wche
Posts: 114
Registered: ‎01-29-2013
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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: 5K | Citi Forward: 8.6K | Chase Freedom: 10K | Discover IT: 7K | Amex BlueSky: 12.4K | Chase IHG: 5K | Sallie Mae: 9K | Chase CSP: 8.4K | Barclays Rewards 3k

TU FICO 771
Established Contributor
bahbahd
Posts: 729
Registered: ‎08-12-2011
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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.

Contributor
wche
Posts: 114
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: 5K | Citi Forward: 8.6K | Chase Freedom: 10K | Discover IT: 7K | Amex BlueSky: 12.4K | Chase IHG: 5K | Sallie Mae: 9K | Chase CSP: 8.4K | Barclays Rewards 3k

TU FICO 771
Regular Contributor
mmmlive1999
Posts: 131
Registered: ‎12-18-2012
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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: 06/06/2012:FAKO TU 585/EQ 472/ EX 561
Current Score: TU98 688/TU08 644, EQ5.0 679/ EQ 680 (Cap1),
EX 652(Chase)/EX08 655

Goal Score: 700 by 12/2014
CC:Cap1 Venture-$3300, Quicksilver-$1750,Chase Freedom-$2200
Store Cards: Vic.Sec -$450, Walmart-$500 ,Gap $400( as of 3/28/2014)
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
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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.


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