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Dropped 41 points after this happened...

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Revelate
Moderator Emeritus

Re: Dropped 41 points after this happened...


@Anonymous wrote:

When I paid off my installment loan my TU dropped from 821 to 788, and EX dropped from 804 to 771. It's annoying, but since the scores are still strong I'm not going to fret over it.


Out of curiosity why haven't you played the installment reindeer games?




        
Message 11 of 16
Anonymous
Not applicable

Re: Dropped 41 points after this happened...


@Revelate wrote:

@Anonymous wrote:

When I paid off my installment loan my TU dropped from 821 to 788, and EX dropped from 804 to 771. It's annoying, but since the scores are still strong I'm not going to fret over it.


Out of curiosity why haven't you played the installment reindeer games?


I actually already have another installment loan that hasn't yet reported. Promise Financial, new kid on the block who's still working on getting set up for reporting. I'm 8 payments in to it so far. I'll wait and see what kind of impact it has.

Message 12 of 16
MrBenchMark
Member

Re: Dropped 41 points after this happened...

What I find interesting is how since I've kept track of my FICO scores I paid one installment loan off back in 10/2013 at the same financial institution I paid the one in question off BUT it didn't have any effect on my credit score, negative or positive; it merely reflected that an account listed on my credit report had been updated. Now, it may be worth mentioning that at that time I did also have the installment loan in question as well and paying on it at the time I paid it off, so maybe because I still had another installment loan active, that may be the reason my score remained uneffected. 

 

Thoughts? 

Credit Scores as of 4/11/16

Experian 780
TransUnion 813
Equifax 779
Message 13 of 16
Anonymous
Not applicable

Re: Dropped 41 points after this happened...

so maybe because I still had another installment loan active, that may be the reason my score remained uneffected. 

 

That would be the reason.

Message 14 of 16
SUMRFUN
Established Member

Re: Dropped 41 points after this happened...

"Intra-statement balance"...Does this comprise of, basically, whatever charges/transactions you rack-up before the statement closes...an if so, would an account be considered profitable to the card issuer if the customer was charging 20-30% of the credit limit during the period and paying the balance off before the statement closing date. Just need some clarification.
As of 7/22: FICO EX-794 EQ-792 TU-798
Total Credit Limits $255K = Credit util 1% overall AAoA 5.2 years...All thanks to the forum!
Message 15 of 16
SouthJamaica
Mega Contributor

Re: Dropped 41 points after this happened...


@SUMRFUN wrote:
"Intra-statement balance"...Does this comprise of, basically, whatever charges/transactions you rack-up before the statement closes...an if so, would an account be considered profitable to the card issuer if the customer was charging 20-30% of the credit limit during the period and paying the balance off before the statement closing date. Just need some clarification.

Yes definitely. Big money every time you swipe a card.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 16 of 16
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