@Thomas_Thumb wrote:
@AutoBot wrote:Citimortgage - original balance $100,000, current balance $47,000, credit report now shows $0 balance, FICO8 dropped 26 points [47% B/L prior to close]
Wells Fargo - original balance $210,000, current balance $200,000, credit report not updated to $0 balance yet [95% B/L prior to close]
My only other installment loan is a student loan that has a $32,000 balance that is getting paid monthly. [unknown B/L]
Fico 08 looks at open installment loans in aggregate for scoring purposes. Since we don't know the original balance on your student loan I'll use a placeholder of $64,000. Perhaps you can provide us that number to more accurately calculate balance to loan ratios
1) Aggregate B/L all loans reporting = (47+200+32)/(100+210+64) = 74.6%
2) Aggregate B/L Citi paid & closed = (200+32)/(210+64) = 84.7%
3) Ag B/L Citi & WF paid off = 32/64 = 50%
Since you still have open installment loans on file, your score did not drop due to the classic "no open installment loan" syndrome associated with Fico 08. I suspect it dropped due open loan aggregate B/L crossing back above a threshold.
Unless as you and Oilcan have suggested mortgage tradelines are counted somewhat differently.
I'm really surprised at the magnitude of the change score wise, I gained and lost a smaller number that that throughout my testing at a higher absolute score when talking FICO 8.
Interesting at any rate, looking forward to that other datapoint on the unknown installment line (on the assumption it's reporting as installment).
