PAID OFF REPO AND MY SCORE DROPPED

[Anonymous]

my wife paid off a ford motor credit repo for $3,811. Here we are thinking the score would shoot up at least 50 points and equifax dropped the score 5 points. What is going on here?

[M_Smart007]

Hi @Anonymous ,

Is this a "FICO" score, or is it coming from  Equifax / Credit Karma?

If you can clarify? .. the FICO scoring Guru's could better assist you

ETA: Two possible scenario's have happened

1) They updated the date of charge off.

2) The trade line was removed.

The above ^^^ is just a guess.

[NoMoreE46]

That sucks.  You may need to provide more DPs for more insight.

[NoMoreE46]

@Anonymous 

Was this her only installment type loan?

[FireMedic1]

Loan util %'s isnt the same as revolving util %'s. If it wasnt a repo. Then you'd see a change. The CO status is still causing the ding in your score. Now if it was a card. Then some points may have been gained.

[Anonymous]

Straight from equifax website. Is that best to use? 

[Anonymous]

I'm sorry, it was on myfico app. I do not understand why scores are different between the main source and myfico. 

[Anonymous]

Ahe had another repo with carmax and also paid that off. Paid off both within 2 months. Both very old. Currently has 2 auto loans paid on time

[Anonymous]

So basically lots of money was just waistedp