https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Debt-to-Income-Ratios/m-p/6147130#M177682 <P>I recently paid off a car (which is one of 2 auto loans on my report). I know when your car loan falls off your report, your score generally goes down a bit. But what happens when you have multiple auto loans and just one of them falls off? Shouldn't my score go up since I still have a good mixture of account types which would include an auto loan, while bringing by DTI down?</P> Sun, 27 Sep 2020 20:29:12 GMT Anonymous 2020-09-27T20:29:12Z https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Debt-to-Income-Ratios/m-p/6147130#M177682 <P>I recently paid off a car (which is one of 2 auto loans on my report). I know when your car loan falls off your report, your score generally goes down a bit. But what happens when you have multiple auto loans and just one of them falls off? Shouldn't my score go up since I still have a good mixture of account types which would include an auto loan, while bringing by DTI down?</P> Sun, 27 Sep 2020 20:29:12 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Debt-to-Income-Ratios/m-p/6147130#M177682 Anonymous 2020-09-27T20:29:12Z https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Debt-to-Income-Ratios/m-p/6147133#M177683 <P>My credit report didn't update yet hence why I'm asking what generally happens in these situations. But I'll know soon enough regardless.</P> Sun, 27 Sep 2020 20:33:46 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Debt-to-Income-Ratios/m-p/6147133#M177683 Anonymous 2020-09-27T20:33:46Z https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Debt-to-Income-Ratios/m-p/6147163#M177685 <P>Its unlikely that your score will go up because the auto loan was closed, because you're likely losing the bonus points you get having an installment loan at a very small % owed, unless your other auto loan is at very low utilization as well.</P> Sun, 27 Sep 2020 20:59:51 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Debt-to-Income-Ratios/m-p/6147163#M177685 ChemE_Bear 2020-09-27T20:59:51Z https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Debt-to-Income-Ratios/m-p/6147167#M177686 Depends on what level each loan is at. From my understanding, there is a bonus for aggregate loan utilization being at certain levels. So if you had one at $1k/40k and the other at $39k/40k your total level would be 50%. Once you pay off the one, you're back to 97.5% which would drop points.<BR /><BR />If they are both below 9%, you're golden and should only see points go up. Sun, 27 Sep 2020 21:08:20 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Debt-to-Income-Ratios/m-p/6147167#M177686 ccquest 2020-09-27T21:08:20Z https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Debt-to-Income-Ratios/m-p/6147176#M177687 <P>DTI isn't used in scoring, only to see if you can afford credit you applied for.</P> Sun, 27 Sep 2020 21:22:24 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Debt-to-Income-Ratios/m-p/6147176#M177687 Brian_Earl_Spilner 2020-09-27T21:22:24Z https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Debt-to-Income-Ratios/m-p/6147412#M177727 <BLOCKQUOTE><HR />@Anonymous&nbsp;wrote:<BR /><P>I recently paid off a car (which is one of 2 auto loans on my report). I know when your car loan falls off your report, your score generally goes down a bit. But what happens when you have multiple auto loans and just one of them falls off? Shouldn't my score go up since I still have a good mixture of account types which would include an auto loan, while bringing by DTI down?</P><HR /></BLOCKQUOTE><P>Keep in mind that closing a loan doesn't cause it to fall off of your report.&nbsp; Any closed account will typically remain present on your CR for ~10 years following closure.</P> Mon, 28 Sep 2020 04:31:55 GMT https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Debt-to-Income-Ratios/m-p/6147412#M177727 Anonymous 2020-09-28T04:31:55Z