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@cascade159 wrote:I thought that anytime you close an account (paying off a car loan for example) then you would see a slight drop in your score. This is exactly the behavior that I see when using the FICO SIMULATOR.
I think it takes a bit of time. DH paid off his only installment loan and didn't see a drop. Perhaps you see a drop if there's no installment reporting in the last six months or so. Maybe others have had a different experience. And maybe, as usual, the impact varies with the bucket.
@cascade159 wrote:I thought that anytime you close an account (paying off a car loan for example) then you would see a slight drop in your score. This is exactly the behavior that I see when using the FICO SIMULATOR.
That's why it's called a "Simulator".
It can't tell you exactly what will actually happen in the real world.
From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772
You can do the same thing with hard work
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I have two installment loans reporting on my CRs. I have been pulling EX & TU almost daily and tracking every balance change lately. NO other changes during this time.
One, my business vehicle, paid the last payment 5/1 by autopay and reported to the CRAs. This did leave one installment loan still reporting, my personal vehicle.
My EQ FICO went down from 705 to 702.
My EX Plus went up from 766 to 774.
Quite a difference in direction and amount. FWIW, EX noted the change on 5/2. EQ and TU showed it on 5/7 but show the change was updated on 5/1. Shame on both of them for being so slow.
Edited to fix typo
I had an 8 pt drop when my credit report
showed 3 accts with balances. When I brought it
down to 2 accounts showing balances it went back up
plus. It seems that this affects your score alot. But its only 3 pts for you
and you'll get that back in no time.
PS: I once paid all balances to 0 balances and my score
went down.