cancel
Showing results for 
Search instead for 
Did you mean: 

Paid off Auto Loan - Score dropped 23 points !? Will it recover?

tag
urluckypenny1
Established Member

Paid off Auto Loan - Score dropped 23 points !? Will it recover?

I'm so let down.... I finished out my 4 year auto loan with my credit union last week. My credit score dropped 23 points, it hurts to see it after such hard work. I understand that's it's a closed installment loan and I'm loosing the age. How long will it take to regain those points.

i currently have 4 credit cards with very low utilization. Should I ask for credit limit increase to make up for the lost amount of the car loan?? I know that'll be a hard inquiry so I'm not sure what to do. 

Message 1 of 6
5 REPLIES 5
Jnbmom
Credit Mentor

Re: Paid off Auto Loan - Score dropped 23 points !? Will it recover?

Was that your only open installment loan? If so that is why you took a score drop . You can open a SSL, you can do a search for SSL most popular is NFCU if you have an in for membership .

 

 

EXP 780 EQ 791TU 795
Message 2 of 6
urluckypenny1
Established Member

Re: Paid off Auto Loan - Score dropped 23 points !? Will it recover?

Thanks for the reply!! Yes it was my only installment loan.  I'm a member of PenFed and was going to do a SSL with them. Is there a certain amount that's necessary or length of time that's sufficient.?? I've heard $250-$500 for 6 months. 
thanks for any suggestions, I've currently two credit cards with them as well that's 100% in good standing.

Message 3 of 6
urluckypenny1
Established Member

Re: Paid off Auto Loan - Score dropped 23 points !? Will it recover?

It's just disheartening to see the score drops after perfect payment history on auto loan.

Message 4 of 6
Jnbmom
Credit Mentor

Re: Paid off Auto Loan - Score dropped 23 points !? Will it recover?

Message 5 of 6
kh_jenn
Administrator

Re: Paid off Auto Loan - Score dropped 23 points !? Will it recover?

Hi, @urluckypenny1. Thank you for reaching out to the community. This thread is closed to new replies to help avoid any confusion. Please continue the conversation in your thread here.

Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.