Omg 24 score drop! UPDATE!! UPDATE! 5/22/2012,UPDATE!

[golo]

I just got this alert that my crediti has dropped 24 points! Omg after working so hard,I just paid off my car after 6 long years,for this? Sighs,I feel so overwhelmed and frustrated,this is what the alert says:Your FICO® score went down on a day when there were no credit alerts on your Equifax Credit Report™. This can happen if:
There was a change on your credit report that lowered your score but did not trigger an alert. For example, the balance on an account might have increased enough to lower your score, but not enough to trigger a balance increase alert.
You moved from one category of credit users to another as time passed. For example, you may have transitioned from the category "consumers with a new credit history" to the category "consumers with a two- to five-year credit history". As a result, your credit report is evaluated differently, causing a slight change in your score. The good news is that moving between categories like this usually offers you the potential to reach a higher FICO® score in the future.

[DaveSignal]

seems like that installment loan was helping your score.  Maybe you should get another loan?

[AZHeather]

Did you get a copy of your report so that you can compare it to your previous one (provided you have a previous one)?

[Booner72]

Get another loan to get 24 points back?   Not me.   THINK:  Phew!  No more car payments.  Relish in that joy!   Congratulations!!!

[llecs]

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@AZHeather wrote:

Did you get a copy of your report so that you can compare it to your previous one (provided you have a previous one)?

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+1. I don't think the loan did that, especially on EQ.

[golo]

llecs,and what could've done it? The only things that i can think of is that i paid an old charge off on april 30th,but i received an alert for that and the score was the same,didn't move,the alert was on may 7th,and 10 days later this,sighs  it's so dissapointing,i feel you get penalized for do the right thing

[golo]

Score Watch alert/Changes to your FICO® Score

Your FICO® score decreased to 584 on May 17, 2012.

Target score alert:

Your FICO® score has dropped past your target score of 608.

This score decrease may be caused by these 4 new reasons:

• You have a public record or collection in addition to a serious delinquency on your credit report.
• You have multiple accounts showing missed payments or derogatory descriptions.
• You’ve recently missed a payment or the date of your most recent missed payment is unknown.
• You have a short credit history.

[Rain77]

Sorry to hear that.  But you should be able to bounce back! 

I was crying about a 3 point drop - a card was reporting $6, and now $0.  I need all the points I can get so those were painful!  But the plus side is, I no longer have to pay that account, and it's in good standing (Chase line of credit, so it's been closed)

But, I wouldn't give a rats tail if my score dropped, you paid off you car loan!  That will free up some money for savings, or to pay down/pay off stuff, and get your score soaring! 

[FrugalRican]

The payment of the car and the drop might be mutually exclusive.

[Anonymous]

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golo wrote:

You moved from one category of credit users to another as time passed. For example, you may have transitioned from the category "consumers with a new credit history" to the category "consumers with a two- to five-year credit history". As a result, your credit report is evaluated differently, causing a slight change in your score. The good news is that moving between categories like this usually offers you the potential to reach a higher FICO® score in the future.

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Sounds like you've been re-bucketed.