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New Member
charisma2
Posts: 4
Registered: ‎06-02-2007
0

Score decrease after payoff

I recently paid off my automobile, just two months earlier than determined.  This caused my score to decrease by points, nothing major, but not good since I was hoping that less debt was best.  This was not the case.  As I pay off debt, I am not seeing the increase I thought I should.  Of my cc debt, I am only using 21% of what is available from open accounts.  My oldest account is 27 y/o, 1-2 delinquencies from 2002.
 
Is this just a short term response, or could the effect be longer?  How can I increase this score?
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Score decrease after payoff

Auto loans have little effect in terms of util. Getting that 21% under 10% will help you the most. Can we get more info on your delinqs?
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Score decrease after payoff



charisma2 wrote:
I recently paid off my automobile, just two months earlier than determined. This caused my score to decrease by points, nothing major, but not good since I was hoping that less debt was best. This was not the case. As I pay off debt, I am not seeing the increase I thought I should. Of my cc debt, I am only using 21% of what is available from open accounts. My oldest account is 27 y/o, 1-2 delinquencies from 2002.
Is this just a short term response, or could the effect be longer? How can I increase this score?





Probably a short term loss. Get your UTL under 10%!!!!
New Member
charisma2
Posts: 4
Registered: ‎06-02-2007
0

Re: Score decrease after payoff

Both delinquencies were only 30 days, never more.  I say 1-2, as delq are listed differently on the two reports I have, EQ and TU.  One was a small retail acct that had been reactivated.  Since was not a normal acct for me, I missed the first payment.  Once I realized it, I paid the acct off in 3 months.  I cannot remember the specifics of the other acct, but the report indicates the I was delq in Jan '05, but the date of the last paymt was 10/04.  This has to be disputable, yes??? 
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Score decrease after payoff



charisma2 wrote:
Both delinquencies were only 30 days, never more.  I say 1-2, as delq are listed differently on the two reports I have, EQ and TU.  One was a small retail acct that had been reactivated.  Since was not a normal acct for me, I missed the first payment.  Once I realized it, I paid the acct off in 3 months.  I cannot remember the specifics of the other acct, but the report indicates the I was delq in Jan '05, but the date of the last paymt was 10/04.  This has to be disputable, yes??? 


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