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How can a car loan being paid off cause my score to drop and my wife's score to increase?

New Visitor

How can a car loan being paid off cause my score to drop and my wife's score to increase?

My wife and I have virtually identical credit reports except for one 30 day late payment on one account 5 years ago. Last week our auto lease was paid off and both my wife and I received a FICO score alert withim 1 minute of each other. My score dropped 7 points and my wife's score went up 8 points. All of our current accounts are in both names. How can this happen? Thank you
Message 1 of 3
2 REPLIES
Moderator Emeritus

Re: How can a car loan being paid off cause my score to drop and my wife's score to increase?

Was this yur only installment being reported?  Did your wife have another installment (you said virtually , not totally)
Message 2 of 3
New Visitor

Re: How can a car loan being paid off cause my score to drop and my wife's score to increase?

If your wife has even 1 more good standing account than you do on your report her score can go up. I would assume they were using the good payments on the auto loan to add good credit to your account. It is a balance between paid in full and wanting to see payments.
Message 3 of 3