Car Loan Paid in full by refinance and scores plummmmmetttt?!?!?

[Anonymous]

My Sandanter Auto Loan was my longest revolving open account at 17 months (all current, no misses) at 380 a month, really high interest loan.  I chose to refinance with cap one (didnt get that great of a APR but better than Sandanter).  Loan was paid in full and reported today to all CRA;s, My EQ went from 661 to 640 and EX went from 662 to 634, TU stated the same (SO FAR)... no other reasons for scores to drop, why would they do this on myfico?  The loan was paid in full, i thought that would look good.  The new Cap One Auto loan has yet to report.  Makes no sense, I am in panic mode.  Thoughts?  Answers?

Thanks community for your thoughts and answers!

[gdale6]

if its your only installment loan you always lose Fico points when the last one closes, over time you will get them back.

[Anonymous]

Thank you for responding, should claify i have cap one cards (2) that have 8 months each (high utillization but it has been that way for a couple months), express jcrew overstock (only 1 month no balances) and a student loans through fed loan for about 8 months...no bads on any of them....stilll taking such a plunge?

[sarahlee7]

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@Anonymous wrote:

Thank you for responding, should claify i have cap one cards (2) that have 8 months each (high utillization but it has been that way for a couple months), express jcrew overstock (only 1 month no balances) and a student loans through fed loan for about 8 months...no bads on any of them....stilll taking such a plunge?

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You have a thin file.....changes good or bad, will affect a thin file more than a thick file.  You don't have much 'padding' to absorb changes in your file.

High utilization on those 2 CapOne cards is not good either.  What exactly is the 'high' utilization on those cards and what is your overall utilization?

[Anonymous]

Cap One utilization is at around 80 percent (I know that is terrible but it is nothing new on my report), overall utilization is at 25 percent.  

[gdale6]

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@Anonymous wrote:

Thank you for responding, should claify i have cap one cards (2) that have 8 months each (high utillization but it has been that way for a couple months), express jcrew overstock (only 1 month no balances) and a student loans through fed loan for about 8 months...no bads on any of them....stilll taking such a plunge?

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Not as big of a plunge since you have the SLs they are installments too. I suspect the closing of the older loan plus the high util is what caused the plunge with the high util taking a bigger part of the decrease.