I recently paid off an auto loan about 7 mo early. I read that my score could drop if I paid it off early, but my Equifax score dropped 45 points. I paid off the auto loan because I want to take out a loan for a car. (this was my husbands car but in my name, due to his students loans, we got a better rate putting it in my name). If I would have known my score was going to drop this much, I would have used the money for a down payment of a car for me and recieved a decent interest rate.
Does anyone know if my auto enhanced score would go up, since I paid it off early?
We have had several issues in the past and I have 2 cc that went to collection company. 2011- I think. My mortgage is also in modification- I have paperwork regarding that. The mortgage is a very long story and is actually in litigation, but we are the plantiff. I didn't pay off the collection CCs because I read that it doesn't help my score.
Also my Equifax alert states that I have a 0 balance on all of my personal finance accounts??? I still have a mortgage. I can not get any additional information- does anyone know if "personal finance accounts includes my mortgage? I am wondering if my mortgage bank has done something and it has effected my credit score.
My Transunion dropped 31 points, Experian 27 points????
Thanks for any imput.
