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Al ittle over a month ago I paid off a loan that I had for 18 months. Last week I received alerts that my scores dropped across the board, EX 12 pts, TU 10, and EQ 3. I didn't think my scores would drop like that, especially since I have 3 other installment loans still reporting.
Also, after after applying for and being accepted for 2 CU cc's this week, I received an alert from EQ that I had a 3 pt increase. Is this because I replaced the paid off installment with another line of credit?
Can anyone explain what happened here??
@Anonymous wrote:Al ittle over a month ago I paid off a loan that I had for 18 months. Last week I received alerts that my scores dropped across the board, EX 12 pts, TU 10, and EQ 3. I didn't think my scores would drop like that, especially since I have 3 other installment loans still reporting.
Also, after after applying for and being accepted for 2 CU cc's this week, I received an alert from EQ that I had a 3 pt increase. Is this because I replaced the paid off installment with another line of credit?
Can anyone explain what happened here??
What is your utilization like? Did the addition of the new revolving lines happen to pad your overall util causing a score increase? How many revolving TL's did you have prior to the 2 new ones?
I only had one cc at the time they dropped my score, SDFCU secured for 500, util under 10%. Like I said, I don't understand the drop, when I had other installment loans outstanding.
@Anonymous wrote:I only had one cc at the time they dropped my score, SDFCU secured for 500, util under 10%. Like I said, I don't understand the drop, when I had other installment loans outstanding.
Are the other two installment loans not far into the term? The increase on the CC side was because you now have 3 revolving TL's which is what's needed to optimize your FICO score.
No, all my other loans are older than this one.