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auto loan

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auto loan

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.

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Established Contributor

Re: auto loan

You might try posting this to rebuilding credit also. They might be more experienced in actual credit reporting and credit scores.

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