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Just Paid Off My Auto Loan, Took A 50 Point Hit!

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Regular Contributor

Re: Just Paid Off My Auto Loan, Took A 50 Point Hit!


@Ron93 wrote:

Well here I am 14 months after I started this thread so I mind as well update. My credit circumstances are exactly the same as when I started this thread (no new loans, 1 new card, no new debt ) and it seems like my score has topped out at 810, which I hit in Sept. So I went from 830 to 780 and crept up to 810 in 8 months. BTW I am on a new computer and somehow I had to create a new account because I couldn't remember my password, but I am the thread starter.


Thanks for sharing back - it's always good to see the before and after. Your scores are of the gods :-), so while I don't have experience with life in the 800's, I personally am puzzled why you didn't bounce back fully and more quickly. 



Current Scores Dec 2018 – FICO 8
Message 11 of 13
New Member

Re: Just Paid Off My Auto Loan, Took A 50 Point Hit!

I am sure my original score of 830 was due to having that installment auto loan on my report. Now with no installment loans on my report I don't think I can go any higher than the 810 I achieved. I just don't have the proper credit mix any more to sustain really high scores. I have always had  auto loans for the last 11 years keeping my scores propped up. But my Corvette is now paid for, and for the forseeable future, no more new cars for me. My 2000 Caddy Deville is my everyday driver and the Corvette comes out when I need it. So it looks like my score of 810 is here to stay with out going higher. Pretty **bleep** good anyway! Thanks for reading this thread guys and hope it helped some one. Ron

Message 12 of 13
Regular Contributor

Re: Just Paid Off My Auto Loan, Took A 50 Point Hit!


Thanks for sharing back - it's always good to see the before and after. Your scores are of the gods :-), so while I don't have experience with life in the 800's, I personally am puzzled why you didn't bounce back fully and more quickly. 

 

Credit Mix is worth about 10% of the score, and in most FICO models is composed primarily of two basic categories: revolving and installment.  An installment account with low utilization such as a mortgage, auto loan, or SSL would probably add 20-30 points to a persons score, when compared to just having a few revolving accounts.



Message 13 of 13