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Big score decrease after car loan paid off and opened a few account

DSTforlife
Regular Contributor

Re: Big score decrease after car loan paid off and opened a few account

you can get a free trial subscription at credit.com and see all FICO scores from all 3 bureaus.  just make sure to cancel the subscription before the trial period ends.

 

MyFICO requires subscribers to scan their ID's now??  Smiley Surprised

Message 11 of 13
KLEXH25
Valued Contributor

Re: Big score decrease after car loan paid off and opened a few account

Paying off the auto loan will usually drop your scores for a few months, but it will rebound. The thing about credit scores is they are only most important when you're applying for something. You've already applied for several cards and paid off a loan (congrats, btw), so as long as you have no plans to apply for anything else in the immediate future, you're golden. Let everything settle for a while and those scores will come right back up. Just keep paying everything on time and you'll be fine.



Message 12 of 13
wingennis
Valued Contributor

Re: Big score decrease after car loan paid off and opened a few account

A good credit score isn't the important thing in itself.  The purpose of maintaining a good credit score is to get you credit on more favorable terms when you need it.  That is what you did here.  You also got your son a computer for school and off to college, took care of a potential safety hazard by getting new tires, and can sleep in peace on your new mattress.  Utilization has no memory and your new accounts will age.  You used your credit score for its purpose.  No need to worry or obsess about scores (especially Vantage scores).  Enjoy!

 

I realize now that I said pretty much what KLEXH25 said. 

Message 13 of 13
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