Huge score drop???

[mere2368]

I have been working on my credit for the past couple of years now, and was almost to the 700s until yesterday.  I refinanced my vehicle to pay it off quicker with a lower rate.  Yesterday, my old loan was reported as paid.  Experian dropped 27 points, Equifax dropped 23 points, and Transunion dropped 16 points.  Then today, a DELINQUENCY/PAST DUE ACCOUNT was removed and my Transunion dropped 38 more points!?!  That's 54 points for just Transunion for things that I thought would be good???  I don't understand.  Is this normal?  My new loan was added to my Equifax a few days ago, and only gave a 2 point boost.  I don't understand.  I thought I was doing good.

[Anonymous]

What’s the source of your TU score? Sounds like Credit Karma or another VantageScore site. I removed an old derog last week from TU. My FICO score went up 6 points. My VantageScore fell 71 points. Where’d you get your score?

[Girlzilla88]

Give it a few months to switch I would say 2-3 sometimes what happens is it doesn't know about the new loan yet and sometimes losing a type of account can hurt your score as well by making your file thinner especially if that was one of your older accounts as well?!      But see what it says in 2-3 months once your new one posts and shows the old one as paid off and they shouldn't have ANY lates reporting if your previous vehicle company switched reported within 30 days or less of the new loan.

[mere2368]

Its myfico.  I don't use the other ones.

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@Anonymous wrote:
What’s the source of your TU score? Sounds like Credit Karma or another VantageScore site. I removed an old derog last week from TU. My FICO score went up 6 points. My VantageScore fell 71 points. Where’d you get your score?

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[Anonymous]

One possible explantion is that the newly refinanced loan is reporting to the credit bureaus at 100 percent utilization; i.e. no payments have been made against the principal amount while the old loan would have had some payments made that reduced the amount owed/outstanding. A new loan at 100 percent utilization would cause your scores to fall temporarily until a record of payments on the loan is created.

[mere2368]

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@Anonymous wrote:

One possible explantion is that the newly refinanced loan is reporting to the credit bureaus at 100 percent utilization; i.e. no payments have been made against the principal amount while the old loan would have had some payments made that reduced the amount owed/outstanding. A new loan at 100 percent utilization would cause your scores to fall temporarily until a record of payments on the loan is created.

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The new loan is only showing on Equifax, which caused it to increase.  I am still perplexed at the fact a delinquent account (seperate from prior loan) came off and my score went down 38 points for that. 

[AllZero]

For Transunion or the other bureaus, did you see a change in
AAoA Average Age of Accounts
AoOA Age of Oldest Account
AoYA Age of Youngest Account

[hikenc]

If that was your only derog you could have been "re-bucketed".  I had a CO taken off through EE last week and lost 14 points!  I have a very thick file with no other derogs.  

[FireMedic1]

Give it some time for TU to do their updates. They are screwy on MyFICO updates and then fix what was screwed up. My score dropped 6 pts for no reason at all. Not 1 change. 10 days later it right back up where it was before. #HeadScratcher

[Anonymous]

It happens when you pay off your car loan or any installment loan if you don’t another one.
Your score will be back and even up in a month or two.
If I choose between higher score vs better profile I would choose better and cleaner profile.