Credit Score dropped after paying car off

[Anonymous]

I was thinking of buying a car for my birthday at the end of the month. Well long story short, I paid Capital One auto loan off in March with an outstanding payment history. I checked my fico scores last night and my score dropped 28 points after Capital One reported; though I still have an open loan with Ford and Student loans in good standing. I'm beyond frustrated. I have a credit card with 74% utilization that I have scheduled to pay off 5/14. Any ideas on how to increase my credit score fast. My scores with the 28 point drop are EX: 644, EQ: 673 and Trans: 680.

[gatorlover]

The same thing just happened to me -- my FICO8 Experian dropped 21 points and TransUnion dropped 12 points, even though I have student loans as well. In my case, I was paying a charged-off repo that had been reporting monthly, so it's not like paying it made the account recent, it was already updating monthly. The only changes are the account updated to $0 owed and settled for less. 

[Anonymous]

Hate to see you got the boot for acting right.

Pay that 74% utilization down to below 49% if possible and get a lot of those points back. 

Point gains at 69% ,49%, 29%, 9%

[Anonymous]

Whoa, I missed where you were paying off cc somehow, do not let it report zero, charge something today if you need to and hope it reports in time. Leave a small balance less than $100 on cc or you"ll get another hit.

You'll get a bunch of points as you cross 4 scoring thresholds.

[Anonymous]

@Anonymous I'm leaving a balance of $48 on the card. The statement cuts on the 19th and my scores are supposed to update on the 21st so I'm trying to time everything just right. I'm keeping my fingers crossed.

[Anonymous]

Seems as if you had the right plan all along. Should have good results.

Good Luck!