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
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.