I should have researched this first and now I am worried I have shot myself in the foot. I recently took out a personal loan with NFCU which reported today and my score dropped 11 points. I used those funds to pay off higher interest credit cards and totally payoff 2 other installment loans with One Main and Upgrade. Am I going to see a further drop since I completely paid off One Main and Upgrade? Would it have been better to leave a small balance? I thought that only mattered for revolving credit but reading some other threads it looks like it is a factor on installment loans as well. I also have an auto lease loan which is 90% paid.
You should probably see a decrease from closing those other loans since your average age of credit will go down...It probably went down due to the new inquiry and the addition of new credit (reducing your age of credit). However, depending on where your credit card balances were, those increases will probably offset credit score drop.
That said, are you trying to buy a house or use credit for anything else right now? If not, I wouldn't worry about it since you will need to pay off those installment loans someday. And you should recover most of your points over some time anyway. Its hard to tell how long it will take to recover or how much points you will lose, since that depends on your entire credit profile.
I am hoping to apply for a mortgage soon. My CC utilization was very high and I paid them down significantly with this loan and some of my own funds. Hopefully I will see a large increase once those balances update. Thanks for the response.