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Hello, just needed some opinions here. So, my 3 car loans have been paid off and I see my score dropped . Is this normal to see our FICO score drop after a car loan is paid off? Before the update on my Equifax, I also Disputed these car loans that they're all paid off to Equifax coz it took about 2 + months after they're updated on my Equifax CR that they're already paid off. I wonder if my Dispute has something to do with my score dropped . Thanks.
Sorry to hear, but yes, every week there are numerous posts here with the same situation. Scroll through the first couple of pages of headlines in this same forum, you'll se several.
Thus the call to the Mods to put a sticky thread "Paid off my car loan and my score dropped" just to make it more obvious
Thank you for the info
Took my hit today on my paid off car loan. Lost 9 points on EX.
Mine took 6 points down
It's been suggested (and good advice depending) that ahead of any installment payoffs like an auto loan or other installment to take out a shared secured loan with a Credit Union such as Alliant for one as an example, that way once your long/short term installment aka auto loan reached maturity your FICO punishment due to MIX OF CREDIT loss can be greatly minimized and avoid those drastic score crashes that everyday people come in here wondering what the heck is going on and Why Did My Score Drop After Paying Off My Loan scenario.