Score drop w loan payoff

[TrapLine]

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@Jessie wrote:

Just give it a little time. It should bounce right back...

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Mine never completly returned as I did not have an installment or mortgage loan. Remember, the credit reporting is looking for some debt not a clean slate. For a long time I had no debt and my scores never hit the maximum. As soon as I took on a mortgage I reached Fico 08 850 and sat there for five years. It is a game!

[MarkintheHV]

My scores are still recovering when I paid off my pickup back in April.  TU and EQ recovered for the post part, but EX is still way down. 

[AndrewF]

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@TrapLine wrote:

Welcome to the real world of credit. There are many of us that have experienced similar credit point reductions when a mortgage or installment loan is paid off.

In my case it was 22 point reduction on an installment loan. When I paid off the mortgage it was a much larger amount (can not remember how much). 

The whole world of credit reminds me of a pinball game!

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It rewards owing banks a lot of money. Be proud you own your home and there are no more payments and you don't have to be paranoid about your FICO score when your lease is coming up and you might need a new landlord.

My FICO score is only 700 tops right now and that's EQ. I'd give up 100 points to own a house and not have to ever pass a credit check for somewhere to live again. I'd give up the whole thing for that. They could make my score 350 and that would be a good trade.