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48 point score drop from auto loan

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Frequent Contributor

48 point score drop from auto loan

Is it normal to see a score drop when an auto loan tl reports? I just dropped 48 points on EQ and 35 on TU not sure about EX yet. This seems drastic to me. When can I expect to see my scores go back up. 

Message 1 of 5
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Established Contributor

Re: 48 point score drop from auto loan

Its normal, plenty of other members have reported the same thing. However, I don't know when you can expect the scores to recover. I'll let someone else chime in on that.

Message 2 of 5
Frequent Contributor

Re: 48 point score drop from auto loan

Sorry for the duplicate thread. I do see now another similar thread. I finally got both of my scores into the 700 range and now back to the low 600's I have no other choice, but to garden now. 

Message 3 of 5
Frequent Contributor

Re: 48 point score drop from auto loan


@rovergirl81 wrote:

Is it normal to see a score drop when an auto loan tl reports? I just dropped 48 points on EQ and 35 on TU not sure about EX yet. This seems drastic to me. When can I expect to see my scores go back up. 


I just went through the same thing this week. My EX dropped 27 points and TU dropped 3 points. Apparently, it's normal for your scores to drop a fair amount. I think I remember reading that some have dropped a good 80 points so we should count ourselves lucky.

Current as of 03/27/16:
-myFICO scores: EX: 783 | EQ: 775 | TU: 748
-inquiries: EX: 6 | EQ: 2 | TU: 3
-accounts: BofA Secured Rewards Visa ($3k) | AMEX Everyday ($15k) | BofA Auto Loan ($15k), Eddie Bauer ($1300) | PenFed Visa Rewards ($7.5k) | PenFed PLOC ($10k) | CareCredit ($6k) | Amazon ($6k) | PayPal Credit ($7.5k) | Discover ($17k) | Marriott ($7.5k)
-AAoA: 2y5m
Message 4 of 5
Senior Contributor

Re: 48 point score drop from auto loan

I had a 16k loan report a payoff and a $44k loan report as new this week.

 

EQ dropped 4 points.

 

EX gained 6 points.

 

No word yet from TU.

 

This is my 3rd auto loan in 10 years... EQ enhanced was 707 at purchase.

Gardening since: 3-25-15
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