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Senior Contributor
Posts: 6,402
Registered: ‎04-11-2016
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Re: What would cause a 60 point drop in 1 month?

First, don't ever listen to a "Score Predictor" as they are all junk.

 

Second, always pay off any loans (if you can) that you are paying interest on.  As suggested in the other thread you started, employ the SSL technique a month or so prior to paying off your auto loan and your score will remain unchanged when you pay off the auto loan.

Regular Contributor
Posts: 203
Registered: ‎12-27-2015
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Re: What would cause a 60 point drop in 1 month?


BrutalBodyShots wrote:

First, don't ever listen to a "Score Predictor" as they are all junk.

 

Second, always pay off any loans (if you can) that you are paying interest on.  As suggested in the other thread you started, employ the SSL technique a month or so prior to paying off your auto loan and your score will remain unchanged when you pay off the auto loan.


It turns out I am NOT  a good candidate for the SSL technique - I have numerous Paid Satisfactory TLs in my credit file, so one more will have little effect. It's the scoring of FICO - one "aw **bleep**" wipes out all "attaboys".

FICO 8 Scores
2/14/17,EFX - 614, 4 Derogs,TU - 621, 6 Derogs, EXP - 603, 3 Derogs
3/7/17, EFX - 579, TU - 595, EXP - 588, same Derogs
4/8/2017 EFX - 683, TU - 791, EXP - 605 All Chargeoffs removed from TU
5/8/17 EFX 750, TU 796, EXP 625 All chargeoffs removed from EFX
5/15/17 EFX 743; TU 794; EXP 715
6/1/17 EFX 762; TU 794; EXP715
8/15/17 EFX 762; TU 777; EXP 760
Senior Contributor
Posts: 6,402
Registered: ‎04-11-2016

Re: What would cause a 60 point drop in 1 month?


Flyingifr wrote:



It turns out I am NOT  a good candidate for the SSL technique - I have numerous Paid Satisfactory TLs in my credit file, so one more will have little effect. It's the scoring of FICO - one "aw **bleep**" wipes out all "attaboys".


Paid Satisfactory TLs have nothing to do with the purpose of the SSL technique. 

 

In order to maximize your score, you need to have an open but significantly paid down installment loan on your credit reports.  If one is about to pay off their only installment loan, getting the SSL in place prior is a smart move as it will already be in place and reported at the time your older loan is paid off.  This prevents the typical 25-30 point drop that so many experience when paying off their final installment loan.   

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