Credit Karma Faco scores

[micvite]

---

@Horseshoez wrote:

---

@OmarGB9 wrote:

---

@micvite wrote:

---

@rostrow416 wrote:

Don't get too hung up on the Faco scores.  Mine just dropped 66 points for paying a card down from 31% utilization to 8%.  

---

Alright... riddle me this: my experian just dropped 22 points after this loan got reported as paid off... where is the logic the fairness? Should I have just left like a nominal balance on there?🤣🤣. I was 755 now I'm 734🥲🥲🥲

---

If it was your only installment loan, you lost the installment loan bonus from having it. You can easily gain those points back if you open another loan, though initially you'll take a small hit for the new account and HP.

---

Funny thing, I opened up an SSL with PenFed last month, this week it showed up on my reports and whadday know; they are all showing a modest bump in scores (like between 4 and 9 points).

---

Its not my only installment I think I figured it out though... it was a 30k loan with a 5k balance, my others are all basically at 80-100% of the loan value still owed, so my overall loan util sky rocketed...