topic Re: EQ drops 41 points in Understanding FICO® Scoring

EQ drops 41 points

Sbrooks1 — Sat, 29 Oct 2016 21:31:26 GMT

Paid off auto loan and replaced with new auto, score drop 41 !!also , when further examining,old auto report as personal finance??

Re: EQ drops 41 points

Anonymous — Sat, 29 Oct 2016 23:03:28 GMT

@Sbrooks1 wrote:
Paid off auto loan and replaced with new auto, score drop 41 !!also , when further examining,old auto report as personal finance??

The old auto reporting as a personal finance isn't the reason your score dropped. How much was your old auto loan and how much is the new one? Did you increase debt?

Re: EQ drops 41 points

Sbrooks1 — Sat, 29 Oct 2016 23:07:13 GMT

Old auto owed 19888, new auto 22450. But , already paid down to 20 as it took 3 months for paid auto to report . Sure there is something else I am not seeing yet . Other scores TU dropped 9 and EX not changed

Re: EQ drops 41 points

Anonymous — Sat, 29 Oct 2016 23:13:29 GMT

@Sbrooks1 wrote:
Old auto owed 19888, new auto 22450. But , already paid down to 20 as it took 3 months for paid auto to report . Sure there is something else I am not seeing yet . Other scores TU dropped 9 and EX not changed

Ok. Yes, definately something else reporting for such a score drop. Update the thread once you know what it is...

Re: EQ drops 41 points

Anonymous — Sun, 30 Oct 2016 01:25:25 GMT

Assuming the auto loan you paid off was nearly paid off prior (very low utilization) you basically exchanged extremely low installment loan utilization with maxed out installment loan utilization as your new loan is likely at 100% of it's original balance, or pretty darn close. Considering the difference in your installment loan utilization, it's not absurd to see a pretty hearty score drop.

Re: EQ drops 41 points

Sbrooks1 — Sun, 30 Oct 2016 01:50:30 GMT

The old auto loan was not nearly paid off still 19000/22000, so that's definitely not the problem . It was still at 90% !

Re: EQ drops 41 points

newhis — Sun, 30 Oct 2016 13:24:23 GMT

@Sbrooks1 wrote:
The old auto loan was not nearly paid off still 19000/22000, so that's definitely not the problem . It was still at 90% !

HP(s), lower AAoA, other issue? Hope you can find the problem.