Geez! What a hit!

[iv]

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@DaveInAZwrote:
Why should a cable company installing maybe $200 in equipment have access to my entire credit history? How much my mortgage is, how much my car loan is, how large my Amex CL is is none of their business. There should be something like a Chex system for utilities, alerting them to non or late payment, broken contracts, etc. That's all they need to know.

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That does exist... NCTUE is the big CRA in that market: http://www.nctue.com/Consumers

(Equifax-owned, I believe.)

[Gregory1776]

Pisses me off and will until my HP from Fios and Verizon Wireless falls off my report this summer. Wish I knew what I know now about credit!! I would have never gotten cable!! I don’t even use it! 😡

[babbles]

Holly Smokes!  Now my Transunion score to an 11 point hit for paying off a 20k loan on 1 April and my auto loan increased by $22, (not sure how, just made a payment within the last 2 weeks) what gives????  749-738, and always notice Navy Federal reports very quickly!

[Anonymous]

What type of loan reported closed and what was it's balance against the $20k original balance at the time you paid it off. Is the auto loan you're only other open loan? What is its balance currently and what was the original balance?

[babbles]

What type of loan reported closed and what was it's balance against the $20k original balance at the time you paid it off. Is the auto loan you're only other open loan? What is its balance currently and what was the original balance?

Sorry for the misspell and words missing.  My score took an 11 point hit but it was an installment loan that had a balance of $273 at time of payoff.  Original balance on the car was 31k (8158 payoff),  and my last loan is also 20k with a balance of $286 currently.  Those are my only installment loans.  Appreciate it!

[Anonymous]

So, to be clear here, you were at $8158 on a $31k loan (which you paid off) and you have $286 left on a $20k loan that you'll presumably pay off very soon?  If that's the case, I wouldn't think you would have seen a score drop, but rather a score gain from paying off the $31k loan, as your aggregate installment loan utilization dropped from around 17% to 2%, crossing the 8.9% threshold.  I would think you'd see a score gain of maybe 10-15 points here.  If you pay off that $286 and it's your only open installment loan, you stand to lose about 25-30 points.

[babbles]

The auto still has that balance out of 31k currently.

[Anonymous]

Gotcha, so what I said was flip-flopped and you still have the ~$8k balance on $31k and paid off the $286 on $20k?

[babbles]

Yes that’s correct, 286 left

[Anonymous]

You will likely see a 25-30 point drop then once you pay off that $286 and that loan reports closed since you don't have any other open installment loans.