Why did my score drop

[creditquestions-jb]

Hello!  My score has dropped by 21 points after I recently paid off a car loan. 

Is there any explanation why this would occur?

I have approximately 20,000 or so in available credit and only have a balance of around 1500 total used credit. 

My car loan amount that was paid went from me owning $26,000 to $0.00.  I started receiving alerts that my score dropped once the payoff was reported. 

I had no late payments or anything negative on the paid off account.  But i did only have the loan for 1 year before it was paid off.

Again, I'm just curious, why my scores dropped after the payoff.

Thanks

[Anonymous]

If you don't have any other installment loans you lost credit mix points.

[gdale6]

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@Anonymous wrote:

If you don't have any other installment loans you lost credit mix points.

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+1, your last installment loan closing is typically a Fico score drop.

[MarineVietVet]

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@gdale6 wrote:

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@Anonymous wrote:

If you don't have any other installment loans you lost credit mix points.

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+1, your last installment loan closing is typically a Fico score drop.

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All this is true but there is also one less debt owed and to me that always outweighs a few lost points.