I just paid off my truck a few weeks ago & upon being reported, this triggered a 39 point drop!
Is this a rebucketing thing & I will recover soon?? Good Lord....it dropped me to 640!!! I haven't had a score that low in YEARS!
I have 2 other loans.
Even if I didn't...are you suggesting I NOT make the final payment?
I don't have time to read a blog....sorry.
@MarineVietVet wrote:
@BungalowMo wrote:I just paid off my truck a few weeks ago & upon being reported, this triggered a 39 point drop!
Is this a rebucketing thing & I will recover soon?? Good Lord....it dropped me to 640!!! I haven't had a score that low in YEARS!
Hey Mo!!
It's been a very long time!! Good to see you again!
It's seems more and more that FICO 08 looks at installment loans in a much different way than older models. It seems to be very sensitive (and punishing) to no installement loans reporting.
But since you have other loans and if nothing else has changed I'd suspect rebucketing might very well be the culprit. Let us know what happens going forward.
You know me though; IMO paying off debt always trumps a few FICO points.
Hey!!!
Great to see you again too! 
I'm also hoping it's a rebucket thing. I'll keep you informed & see if over time the scores jump back up.
BTW....are your scores a photoshop, or should we all here be super GREEN with ENVY!!??
@BungalowMo wrote:I have 2 other loans.
Even if I didn't...are you suggesting I NOT make the final payment?
I don't have time to read a blog....sorry.
The whole reason I posted in the thread was to save you from reading the blog 
If you had not made the final payment, I would have suggested that you make the final payment. If the payment is due, the only option is to pay it. Missing a payment is a terrible idea.
39 points drop no matter what is huge, especially when your score is not in the top percentile and there is not a new derogatory item. But then again, as I'm sure many have recognized by now, FICO's scoring algorithms are not linear. I suppose "bucketing" is another way to put it.
@MarineVietVet wrote:
It's seems more and more that FICO 08 looks at installment loans in a much different way than older models. It seems to be very sensitive (and punishing) to no installement loans reporting.
Interesting observation. Now that you mentioned it, perhaps the reason my FICO 08 is 50 points higher than my FICO 04 is because of the one installment loan I have ...
@MarineVietVet wrote:But since you have other loans and if nothing else has changed I'd suspect rebucketing might very well be the culprit.
Agreed. Can't think of another reason really.
Tough to figure out. I paid off a car loan in Oct and took an 11pt drop. NFCU just started to report my new car loan today and recieved only an 8pt increase. These were on EX.
NFCU Visa 30k | NFCU Platinum 30k | Cap1 QS 12K | Cap1 QS 11.5K | Barclay MC 9k | Delta Gold Amex 30K | Discover IT 14K | CFNA FS 3200 | CareCredit 20k| Paypal Credit 5k |
@BungalowMo wrote:
@MarineVietVet wrote:
@BungalowMo wrote:I just paid off my truck a few weeks ago & upon being reported, this triggered a 39 point drop!
Is this a rebucketing thing & I will recover soon?? Good Lord....it dropped me to 640!!! I haven't had a score that low in YEARS!
Hey Mo!!
It's been a very long time!! Good to see you again!
It's seems more and more that FICO 08 looks at installment loans in a much different way than older models. It seems to be very sensitive (and punishing) to no installement loans reporting.
But since you have other loans and if nothing else has changed I'd suspect rebucketing might very well be the culprit. Let us know what happens going forward.
You know me though; IMO paying off debt always trumps a few FICO points.
Hey!!!
Great to see you again too!
I'm also hoping it's a rebucket thing. I'll keep you informed & see if over time the scores jump back up.
BTW....are your scores a photoshop, or should we all here be super GREEN with ENVY!!??
They are the real deal. I hadn't pulled all three scores in several years and so I bit the bullet in October to find out.
After I reached about 760 or so I decided as a hobby to play the "Tweak My Score" game just to see how close to 850 I could get.
I think though that many people don't believe they are real but I can't help that.
@BungalowMo wrote:I just paid off my truck a few weeks ago & upon being reported, this triggered a 39 point drop!
Is this a rebucketing thing & I will recover soon?? Good Lord....it dropped me to 640!!! I haven't had a score that low in YEARS!
Are there baddies on your report? I only ask because it was my belief that there was only one bucket for people with major derogs on their report. Of course, I don't know for sure, just a thought.
Ok...since this score drop was driving me absolutely crazy, I decided to purchase my report here for EQ. My heart SANK!!!!!!
Here is what shows on my FICO report under accts: The one above the flag is my car loan almost PIF.
This is directly from Equifax. Wanted to see what their actual report said....
I called Navy Fed this morning to find out what is going on & I was assured that they did not send out any negative information to Equifax. He told me that I should try doing the dispute through EQ because it is quicker. (but like I said, since EQ does not show this as a negative, I cannot dispuite through them)
If the EQ dispute had issues, I can either send my info to the Navy Fed dispute folks, or take this to a branch.
This whole thing has me SO upset!!!!