Sorry to hear.
Do you not have any other installment loans on your reports?
But I'll take no car payments over being bummed about losing points I'll eventually get back anyway all day.
20 pts isnt too bad. Just about normal. Some get even worse. If it was your only loan this is why. If you do have other loans then util % was part of it. FICO likes credit mix revolving and loans reporting. But as @collics said. No payments!!! Congrats on the payoff.
@Mad12345 This happens to all of us when our installment loans get closed. I have recovered from the hits in about 4-6mo but I also had another installment in place with less than 50%uti
@Mad12345 wrote:Paid my car off and my score dropped 21 points on Equifax and 24 points on Experian. File hasn't updated on Transunion yet.That's really depressing. At least I won't have a car payment for a while.
Congrats on paying off the car loan. I just traded out of one lease into another, I lost 31 points on EQ, 24 points on TU and 21 on EXP. They used EX Auto Score 8. It's all good. You don't have to worry about a car payment anymore, in time your scores will improve. I knew I would experience a point loss but by this time next year I will recover. You will too!
