topic Re: Score penalty for paying off PLoan, TF!!! in Understanding FICO® Scoring

Score penalty for paying off PLoan, TF!!!

Yasselife — Thu, 06 Jan 2022 16:51:54 GMT

Just sharing my personal exp. for future analysis. 7 months ago, I open a personal loan for credit card debt consolidation; I thought that since it's only been a couple of months my Fico scores were still being negative impacted [+harm than help]...wrong!

Anyway, my goal was to start the year debt free except for my car lease, by achieving that I've got a penalty of 19 points!
By the way, those wondering if I have other loans in the mix; my car lease has been paid down to 85% [25% utilization], AZEO on my cards. 19 points doesn't seem right for paying off a loan of 7mo history. So glad I took that heavy 11% interest off my shoulders though.

054D56E7-7345-40C9-ACA1-39D218E1791C.jpeg

6DFC2984-AF8C-429E-AB14-6F56F7042B59.jpeg

Happy new year everyone!
Finances > Fico scores

Re: Score penalty for paying off PLoan, TF!!!

SouthJamaica — Thu, 06 Jan 2022 17:19:21 GMT

@Yasselife wrote:
Just sharing my personal exp. for future analysis. 7 months ago, I open a personal loan for credit card debt consolidation; I thought that since it's only been a couple of months my Fico scores were still being negative impacted [+harm than help]...wrong!
Anyway, my goal was to start the year debt free except for my car lease, by achieving that I've got a penalty of 19 points!
By the way, those wondering if I have other loans in the mix; my car lease has been paid down to 85% [25% utilization], AZEO on my cards. 19 points doesn't seem right for paying off a loan of 7mo history. So glad I took that heavy 11% interest off my shoulders though.
054D56E7-7345-40C9-ACA1-39D218E1791C.jpeg

6DFC2984-AF8C-429E-AB14-6F56F7042B59.jpeg
Happy new year everyone!
Finances > Fico scores

When your car loan is paid down to 9% you'll probably get those points back.

Re: Score penalty for paying off PLoan, TF!!!

Yasselife — Thu, 06 Jan 2022 23:13:28 GMT

@SouthJamaica

I was about to ask that question, thanks for giving me hope.

Re: Score penalty for paying off PLoan, TF!!!

Yasselife — Fri, 07 Jan 2022 05:20:50 GMT

@SouthJamaica

I found out the hit came from having all my cards at 0 balance [only Experian]. I forgot Chase reports when you pay the total balance, not just when statement closes... rookie's mistake.

Re: Score penalty for paying off PLoan, TF!!!

FireMedic1 — Fri, 07 Jan 2022 11:25:09 GMT

@Yasselife wrote:
@SouthJamaica
I found out the hit came from having all my cards at 0 balance [only Experian]. I forgot Chase reports when you pay the total balance, not just when statement closes... rookie's mistake.

BINGO!!!!!

Re: Score penalty for paying off PLoan, TF!!!

Yasselife — Fri, 07 Jan 2022 16:11:34 GMT

This morning I checked and see Chase finally posted on EX, regained 15 points out of the 19. Also, stress level has come down

Re: Score penalty for paying off PLoan, TF!!!

805orbust — Sat, 08 Jan 2022 03:31:44 GMT

@Yasselife only here would a 741 be a point of stress! The bureaus LOVE when we're in debt... but nit too much. Nicey-nice.