unsecured personal loan - how much will score drop once paid off?
08-19-2013 05:39 PM
Hello! I have a 36mo P2P loan that will be completely paid off next month (yay!). I noticed that my original amount (credit limit?) of $5000 is reported on my credit report. I have some credit cards with balances, so my utilization is unfortunately high. Will my score drop significantly once this loan is paid off? I have no other items on my credit report besides credit cards and one other P2P loan that was paid off/closed 2 years ago. My average age of accounts is around 8 years.
Starting Score: 557 (2005)
Current Score: 796
Goal Score: 800
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