Understanding FICO® Scoring

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tmbr10
Posts: 83
Registered: ‎04-06-2012

Re: Auto Loan Paid off :) What's FICO going to do?

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‎07-06-2012 04:27 PM

llecs wrote:

IME, I paid my one and only installment off (also a car). EQ increased 7 and TU FICO decreased 5. This was measured by pulling scores daily until it updated. There were no other changes.

 Nice Bump! I would gladly welcome a 7 point increase but would be totally disappointed if I receased any decrease.

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Contributor
tmbr10
Posts: 83
Registered: ‎04-06-2012

Re: Auto Loan Paid off :) What's FICO going to do?

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‎07-06-2012 04:28 PM

"I was in similar territory between February and May.  Mine was an 11-pt bump due to paying off the auto loan.  Welcomed heartily."

 

Nice Bump!

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myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

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