Scores

Anonymous — Thu, 18 Jun 2015 13:36:39 GMT

Hi everyone, I'm a little confused ok I had a car loan that opened in Sept of 13, and I paid it off in full in may and I just got a alert from fico when I checked my scores had went down tremendously for EX, and ED please help me understand all this .

Re: Scores

Revelate — Thu, 18 Jun 2015 16:30:50 GMT

@Anonymous wrote:
Hi everyone, I'm a little confused ok I had a car loan that opened in Sept of 13, and I paid it off in full in may and I just got a alert from fico when I checked my scores had went down tremendously for EX, and ED please help me understand all this .

It's incredibly common to see this under the most modern FICO 8 models (and FWIW might affect some of the older scores too, we're still uncertain on the full details as more testing is needed). FWIW I've taken a drop for both loans that I've paid off within the last year but my mortgage scores were much higher than expected so I didn't worry about it much.

Have a thread running on this but may be two fold:

1) Are any additional installment lines open?

2) If so, what's their current vs original balance?

That's working theory at the moment, here for gory details:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Installment-tradeline-utilization-thread/m-p/4055989#U4055989

topic Re: Scores in Understanding FICO® Scoring

Scores

Re: Scores