topic Re: PAID OFF REPO AND MY SCORE DROPPED in General Credit Topics

PAID OFF REPO AND MY SCORE DROPPED

Anonymous — Thu, 23 Dec 2021 15:22:51 GMT

my wife paid off a ford motor credit repo for $3,811. Here we are thinking the score would shoot up at least 50 points and equifax dropped the score 5 points. What is going on here?

Re: PAID OFF REPO AND MY SCORE DROPPED

M_Smart007 — Thu, 23 Dec 2021 15:29:24 GMT

Hi @Anonymous ,

Is this a "FICO" score, or is it coming from Equifax / Credit Karma?

If you can clarify? .. the FICO scoring Guru's could better assist you

ETA: Two possible scenario's have happened

1) They updated the date of charge off.

2) The trade line was removed.

The above ^^^ is just a guess.

Re: PAID OFF REPO AND MY SCORE DROPPED

NoMoreE46 — Fri, 24 Dec 2021 03:14:17 GMT

That sucks. You may need to provide more DPs for more insight.

Re: PAID OFF REPO AND MY SCORE DROPPED

NoMoreE46 — Fri, 24 Dec 2021 03:30:44 GMT

@Anonymous

Was this her only installment type loan?

Re: PAID OFF REPO AND MY SCORE DROPPED

FireMedic1 — Fri, 24 Dec 2021 09:48:27 GMT

Loan util %'s isnt the same as revolving util %'s. If it wasnt a repo. Then you'd see a change. The CO status is still causing the ding in your score. Now if it was a card. Then some points may have been gained.

Re: PAID OFF REPO AND MY SCORE DROPPED

Anonymous — Fri, 24 Dec 2021 12:51:43 GMT

Straight from equifax website. Is that best to use?

Re: PAID OFF REPO AND MY SCORE DROPPED

Anonymous — Fri, 24 Dec 2021 12:55:53 GMT

I'm sorry, it was on myfico app. I do not understand why scores are different between the main source and myfico.

Re: PAID OFF REPO AND MY SCORE DROPPED

Anonymous — Fri, 24 Dec 2021 12:57:35 GMT

Ahe had another repo with carmax and also paid that off. Paid off both within 2 months. Both very old. Currently has 2 auto loans paid on time

Re: PAID OFF REPO AND MY SCORE DROPPED

Anonymous — Fri, 24 Dec 2021 12:59:53 GMT

So basically lots of money was just waistedp