EX F-08 6 point drop Auto PIF

[Anonymous]

Finally paid off the car on a 60 month note.  Score dropped 6 points.  That's all.  Return to regular programming.

[kxkxkxx]

Great info...mine will fall off in a year, so I was also wondering what type of hit I might get...appreciate the insight.

[Anonymous]

It's a limited thing that happens since most auto loans take awhile to get paid off.  Mind you I still have a mortgage that counts as an installment loan.  I couldn't find much leading up to the payoff though as to the score change you see when it finally reports as closed and thought I would throw my score change out there as a DP.

[Trudy]

Hi Obscure-Expert,

Since you still have an installment loan the score drop is likely due to changing the % of your remaining installment balance.  With the original loan amounts combined for both your auto and mtg, the % still owed was probably much lower than it is now since the auto original loan amount is no longer a part of the equation. 

[Anonymous]

I'm not getting into the semantics of this + that = xyz as I don't really care. 

My scores hover around 800 +/- 20 points depending on the model.   I just wanted to throw out the DP and leave it be.

[Trudy]

I'd also be curious to know what the % was before PIF for both loans combined and what it is now.  It seems there's not much specific data thresholds for installment loans other than below 9%.

[Anonymous]

Well, the auto had 1 payment left on it before being paid off but, I've had new accounts popping up gradually since adding 5 of them between March / May... The latest ones though were delays from the approval time.  The mortgage is at 4% paid down from original amount but, from an equity standpoint I'm at ~25%.

So, like I said before... don't care... there's too many variables in play to precisely calculate anything that's going on with scores in my profile.

The only static thing was the PIF and it was 6 points.

[Anonymous]

Here's some further data if you want to crunch it.

[Revelate]

Well if you are contributing an installment utilization datapoint at all, I would ask for both balance and original amount of the auto and mortgage loans before payoff of the auto one.

I am happy to crunch numbers, I care at least .